Scaling mycoprotein production has proven to be a challenging endeavor for ENOUGH, a Glasgow-based company, as CEO Jim Laird candidly shared at the Future Food-Tech summit in London. The firm, which produces its ABUNDA mycoprotein using the same fungi strain as industry pioneer Quorn, has faced significant hurdles in achieving production efficiencies at its new plant in the Netherlands over the past year. Despite these challenges, Laird remains optimistic about the future, citing “really stunning interest” from major meat companies eager to incorporate mycoprotein into their offerings.
The backdrop for Laird’s comments is a mixed landscape for the mycoprotein market. Quorn has recently reported disappointing sales figures, while Sweden’s Mycorena filed for bankruptcy in July, only to be acquired shortly thereafter. These developments have led some industry observers to question whether the market can accommodate new production capacities. However, Laird believes that the situation varies significantly depending on the perspective one takes. He pointed out that while some North American companies are feeling pessimistic about the market, ENOUGH has customers forecasting substantial demand—one client alone anticipates generating a billion-euro business within the next decade. “So they alone would take every gram that I can produce, and there’s more than one [such customer],” Laird noted.
The demand for mycoprotein is not just a passing trend; it is driven by the urgent need for sustainable protein sources in an era marked by environmental crises. Laird emphasized that while there may be some signs of softening in the market, the fundamental drivers for a protein transition remain unchanged. The world is projected to require millions of tons of new protein, and the current production landscape has not yet risen to meet this demand. “For me, supply is the absolute constraint in this market right now,” he stated, highlighting the critical need for increased production capacity.
Founded in 2015, ENOUGH has successfully raised over €110 million ($120 million) in funding, with nearly €100 million ($109 million) coming from equity investors such as VC World Fund, CPT Capital, and Cargill. Cargill plays a crucial role in the supply chain, providing the sugary feedstock necessary for ENOUGH’s fermentation processes. Laird acknowledged the tougher fundraising environment compared to previous years, particularly for early-stage companies, but noted that there is still robust support for well-established growth-stage firms.
As ENOUGH ramps up production in Sas van Gent, the company is focused on meeting the needs of the market, particularly in white meat applications, where mycoprotein has shown considerable promise. Laird also mentioned the potential for mycoprotein in non-dairy products, underscoring its versatility. The appeal of mycoprotein lies in its short ingredient lists and simple processing, making it an attractive option for both manufacturers and consumers seeking healthier, more sustainable food choices.
The future of mycoprotein appears to be bright, at least for companies like ENOUGH that are well-positioned to capitalize on the growing interest from the meat industry. As Laird concluded, “Can the market sustain the new mycoprotein capacity? Absolutely…” This sentiment reflects a broader optimism within the sector, suggesting that despite recent challenges, the demand for sustainable protein alternatives is likely to continue its upward trajectory.