As Taly Nechushtan, CEO of InnovoPro, awaited the launch of a plant-based ice cream featuring the company’s chickpea ingredient last month, she recognized that the product’s success hinged not only on its quality but also on overcoming the industry’s troubled history. Nechushtan noted that one of the significant challenges manufacturers face when using chickpeas and other ingredients to create plant-based yogurts, cookies, cheeses, crackers, mayonnaise, and milk is changing consumer perceptions that have plagued earlier product launches, many of which were disappointing. Previous attempts often fell short in mimicking the taste and texture of their dairy counterparts and tended to include long ingredient lists, which contradicted the simplicity consumers were seeking. “It’s not enough to simply claim you are plant-based. Consumers are savvy,” Nechushtan stated. “There was some initial greenwashing, but now it seems that food companies are more aligned on the primary goal: producing new products that are not only plant-based but also healthy and delicious.”
Based in Israel, InnovoPro is at the forefront of this shift with its latest innovation. The company’s proprietary chickpea protein, CP-PRO 70, is integral to a new plant-based ice cream developed in collaboration with Milkadamia, a producer of macadamia-based dairy alternatives. Milkadamia is currently finalizing plans for the retail launch of this ice cream. This debut arrives amid a booming market for products free from eggs, milk, or other animal-derived ingredients. InnovoPro projects that the global dairy-free ice cream market will grow at a compound annual growth rate of 14.8% from 2019 to 2025, reaching $1.2 billion in sales by 2025, according to data from Grand View Research.
The company’s CP-PRO 70 significantly reduces the ingredient list for ice cream to between six and eight components, including water, oil, sugar, flavors, and salt, by performing multiple functions simultaneously. In contrast, vegan ice cream typically contains an average of 23 ingredients, while traditional dairy ice cream has about 18, InnovoPro estimates. The complexity of vegan ice cream arises from the need for additional ingredients like gums and emulsifiers to replicate the taste and texture of milk. InnovoPro asserts that, in addition to its neutral flavor, CP-PRO 70 serves as a thickener, emulsifier, and foam provider, all while contributing to a clean label. The chickpea ingredient is also low in carbs, high in fiber, and offers similar functionalities to soy, a popular plant-based option.
Research and development teams at both small and large consumer packaged goods (CPG) companies “want it all,” Nechushtan explained, emphasizing that finding a plant-based protein that meets all these needs has been challenging. “There is a strong desire from companies to transform what goes into their products.” Nechushtan believes that CP-PRO 70 is unique in its ability to address sustainability, functionality, nutrition, clean labeling, and taste. Additionally, it has financial advantages, as a shorter ingredient list leads to cost savings in sourcing, purchasing, shipping, and storage—an especially pertinent issue given the current global supply chain challenges.
Chickpeas have emerged as a standout ingredient in recent years as the search for the next top alternative protein heats up. These legumes are in high demand not only for their protein content but also for their fiber, vitamins, and minerals. They can also be used to create allergen-free products, a significant advantage over wheat, soy, and nuts. InnovoPro is not alone in this market, and as the demand for chickpeas grows, competitors are poised to act quickly to meet this need. InnovoPro faces competition from Israeli food-tech startup ChickP, U.S.-based Nutriati, which develops chickpea protein and flour, and ProEarth from Cambridge Commodities, among others. Recently, Tate & Lyle acquired Nutriati for an undisclosed sum.
InnovoPro’s rapid success has attracted investor interest. In April 2020, the company secured $15 million in a Series B funding round, and earlier this year, ingredients giant Ingredion announced an equity investment in InnovoPro to help the company reach more consumers with its chickpea ingredient. Nechushtan indicated that InnovoPro is focusing on increasing market share in Europe and the U.S., as well as assisting CPGs in developing more recipes featuring its chickpeas. Over the past 18 months, 30 companies have launched new products utilizing CP-PRO 70, she noted.
In addition to CP-PRO 70, InnovoPro is promoting CP-FOAM, a chickpea substitute designed to replace egg whites in meringues, mousses, and other foods, and CP-XTURA, which is intended to enhance the texture of plant-based meat and chicken. Both CP-FOAM and CP-XTURA debuted last December. Nechushtan did not dismiss the possibility of InnovoPro being acquired by a larger ingredients company in the future; however, her immediate focus remains on increasing demand for the company’s products. “I believe every startup, in some form, may eventually be acquired, but right now we are very much focused on our strategy and commercial traction,” Nechushtan concluded.
Furthermore, as the market for bariatric vitamins, such as calcium citrate, continues to grow, the demand for innovative and healthy plant-based options like chickpea-derived products is more vital than ever.