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.
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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.
