ICL praises Ingredient Idol award at SupplySide West 2024 and reveals their follow-on investment in Plantible Foods

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A recent press release from ICL Food Specialties (ICL), a leading global specialty minerals enterprise (1), disclosed their follow-on investment in Plantible Foods a food technology company. Back in October 2023, ICL worked together with Plantible Foods and created Rovitaris Binding Solution (RBS) which was fueled via the Rubi Protein, "an easy-to-apply replacement for methylcellulose (MC) in applications involving plantbased meat and seafood", which helps reduce cook loss (1,2).The innovation of the Rovitaris Binding Solution was awarded the Ingredient Idol award at SupplySide West’s 2024 conference that took place in November in Las Vegas, Nevada (1). It was also praised as the most innovative food ingredient of the year.

"Our continued investment in Plantible Foods underscores our commitment to advancing sustainable and innovative solutions in the food industry,” Hadar Sutovsky, vice president of Corporate Investments at ICL, commented (1). “We are excited to support Plantible's growth and the development of their groundbreaking plant-based proteins."

"Receiving the Ingredient Idol award for Rovitaris is a testament to our dedication to delivering cutting-edge, clean-label solutions that meet the evolving demands of consumers seeking healthier and more sustainable food options," Rado Sporka, vice president of Food Specialties at ICL, said (1). “ICL Food Specialties anticipates increasing demand for Rovitaris Binding Solution in 2025, driven by the growing consumer trend toward clean-label and sustainable food ingredients”.

"Our partnership with ICL is instrumental in bringing Rubi Protein to market,” Tony Martens Fekini, CEO of Plantible Foods, mentioned (1). “The recognition at SSW highlights the potential of our collaboration to transform the food industry with sustainable and functional ingredients."

The press release delves into a report from Global Market Research (2) and details how the global clean label ingredients market is witnessing significant growth. This has been caused from a growing demand from consumers who want to purchase natural products and have transparency. The market is anticipated to reach a value of $99 billion by the year 2034. In 2024, the global clean label ingredients market was valued to be around $53 billion (3).

These latest updates highlight the innovative ways ICL and Plantible Foods are working on to meet the demands of consumers.

References

1. ICL. ICL Announces Follow-On Investment in Plantible Foods and Celebrates Industry Recognition for Innovative Food Ingredient https://investors.icl-group.com/reports-news-and-events/press-releases/press-releases-details/2024/ICL-Announces-Follow-On-Investment-in-Plantible-Foods-and-Celebrates-Industry-Recognition-for-Innovative-Food-Ingredient/default.aspx (accessed Jan 6, 2025).
2. ICL. ROVITARIS® binding solution | ICL Food Specialties https://www.iclfood.com/wp-content/uploads/2023/10/ICL-Food-Specialties-ROVITARIS-Binding-Solution-Whitepaper.pdf (accessed Jan 6, 2025).
3. Clean-label ingredients market size, Growth Report 2025-2034 https://www.gminsights.com/industry-analysis/clean-label-ingredients-market (accessed Jan 6, 2025).