October 15, 2019 / 9:40 AM / 2 months ago

Israel Chem to invest $20 mln to expand in meat-alternative market

TEL AVIV, Oct 15 (Reuters) - Israel Chemicals said on Tuesday it plans to expand its manufacturing capacity and research and development support for its Rovitaris alternative protein technology with an investment of about $20 million.

Rovitaris is a technology developed by ICL that supports the production of allergen free plant-based food. The product can be adapted to virtually any meat, poultry or seafood substitute application to improve taste and texture, ICL said.

The market for plant-based meat alternatives amounted to more than $4 billion in 2018, the company said, adding that it has signed new supply agreements with partners and customers in Europe, North America and South America. (Reporting by Tova Cohen Editing by Steven Scheer)

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