CHICAGO, May 12, 2023 /PRNewswire/ -- NewFish has entered into a co-development partnership agreement with Chicago-based Socius Ingredients to commercialise microalgae proteins and specialized ingredients targeting the active nutrition market in the USA.
The active and sports nutrition market in the United States is growing at over 8% CAGR and in 2023 accounted for over USD 25 billion sales. Along with some plant-based proteins, the majority of the market is largely animal-derived from dairy, egg and meat. Major product applications are powders, bars, beverages and gummies.
Around the 2023 Annual Dairy Products Industry Conference held recently in Chicago, NewFish and Socius Ingredients inked the protein partnership to co-develop specialized nutrition and related functional ingredients from microalgae. Socius Ingredients is a specialist protein and food solutions company with over 20 years of success in the dairy, food and protein manufacturing industry.
"Global dairy demand is expected to outstrip supply by 2030 and there are new opportunities for craveable nutrition and proteins with a low emissions footprint that don't cost our oceans and lands" says Toby Lane, CEO of NewFish. "Our microalgae technology can complement existing portfolios and allow nutrition companies to meet their expected supply deficit. Socius Ingredients is an excellent partner for us as they are experts in their field of developing protein-based solutions for some of the largest customers across the USA and internationally".
President of Socius Ingredients, Martin O'Donovan, is one of the leaders in tailored protein solutions and is excited about the potential of microalgae. "We're interested to explore partnership with NewFish as we believe the nutrition, non-GMO and environmental profile of certain algae protein concentrates make it comparable to the best proteins from animals. We are looking forward to testing some of the NewFish algae protein concentrates over coming months in our R&D labs and in front of customers".
The co-development agreement bridges protein expertise and microalgae technology from New Zealand to the USA. Pilot trials are underway and both companies expect to have algae protein concentrates at high levels of purity by October 2023.
About Socius Ingredients LLC
Founded in 2000 with a focus on dairy proteins, Socius Ingredients is now an applications focused food ingredients company with expertise in Proteins, Hydrocolloids and Natural Colors. The product range includes unique ingredients and technologies that deliver clear and verifiable value propositions in Cheese, Dairy, Beverages, Dressings and Sauces and Bakery applications.
About NewFish
Founded in 2020 with a focus on microalgae proteins and specialised ingredients, NewFish is a New Zealand biotech nutrition solutions company developing production and processing technology and microalgae nutrition products from New Zealand.