Australian plant-based meat pioneer ProForm Foods enters voluntary administration

AUSTRALIA – Proform Foods, a trailblazer in Australia’s plant-based meat industry, has entered voluntary administration.

The Sydney-based company appointed administrators from KPMG’s (Klynveld Peat Marwick Goerdeler) local division on May 22.

While the business remains operational, the administrators will evaluate its future.

Proform Foods, known for its brand MEET, produces a range of meat-free products including beefless mince, burgers, and chicken-free tenders.

These items are available at major Australian supermarket chains Woolworths and Coles, as well as through the meal kit service Hello Fresh.

In addition to the MEET brand, Proform Foods also owns Protein Plate and Bad Hunter, supplying various foodservice providers, including burger chains.

Founded in 2005 by Stephen Dunn, Proform Foods originally focused on research and development of protein ingredients before launching the MEET brand in 2008.

The company prides itself on its innovative PHMC (Proform High Moisture Cooking) technology, which it claims produces plant-based meat with exceptional taste and texture.

In a statement to the media, KPMG administrators Gayle Dickerson and James Dampney highlighted Proform’s strong market position and the promising growth prospects of the plant-based sector.

They announced the immediate commencement of a sale process for the company, which employs around 30 people.

“We will collaborate with all stakeholders, including employees, suppliers, and customers, to ensure the best possible outcome for everyone involved,” they stated.

The company faces its current challenges amid a flourishing plant-based meat sector in Australia, which contributed over 45 million Australian dollars (US$29.8M) to the national economy in the 2023 financial year.

This includes a direct value-added of 9.7 million Australian dollars (US$6.4M) and an indirect value-added of 36.1 million Australian dollars (US$23.8M).

Notably, the industry’s direct economic contribution has nearly doubled since the 2019 financial year.

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