Malaysia, the world’s second-largest palm oil producer, plans to reduce the export tax on palm oil, according to the country’s Minister for Plantation Industries and Commodities. The move aims to ease the global shortage of edible oil and increase Malaysia’s share of the edible oil market.
Italian coffee giant Lavazza is introducing its ready-to-drink product tailored to the needs of on-the-go consumers in the United States. The company’s CEO noted that the new offering is a result of two years of studying the ready-to-drink market.
Voyage Foods, the California-based food startup reverse-engineering chocolate and peanut butter, has secured $36 million in funding to facilitate the launch of its ethical pantry staples. The funding series co-led by UBS O’Connor and Level One Fund brings the company’s total funding to $41.7 million.
The Irish Times
Kerry Group has opened a €38 million tasting facility in Kwazulu-Natal, South Africa, to produce sustainable food in Africa. The 10,000 sq m facility will produce seasonings, liquid flavors, and other key ingredients.
Cargill has expanded the processing capacity of its sweetener plant in Indonesia to meet consumer demands for label-friendly ingredients. The expansion more than doubles the company’s production capacity for organic, non-GMO tapioca syrup.
Melt&Marble, a Swedish synthetic biology startup, has bagged €5 million in seed financing to aid its development of a fermented fat ingredient that imitates the complex properties of beef fat.
Food Business News
Brightseed, a biotechnology startup using AI to analyze and discover helpful and healthy substances in plants, has announced a $68 million Series B funding. Brightseed plans to use the funding to support the launch of its first ingredient and accelerate natural compound discovery and clinical validation.
Kraft Heinz is teaming up with Pulpex to develop a paper-based, renewable and recyclable bottle for packaging its condiment. The partnership is in line with Kraft Heinz’s goal to make all its packaging globally recyclable, compostable or reusable by 2025.
The Business Journals
General Mills announced that it had reached an agreement to acquire TNT Crust from Peak Rock Capital. The frozen crust manufacturer had an estimated annual sales of $100 million in 2021.
New York Post
A nationwide shortage of baby formula has left parents across the United States desperate to feed their babies. The shortage caused by a combination of supply chain issues, inflation, safety concerns, and labor shortages has caused a 30% drop in the availability of certain brands.
The Washington Post
The growing price of fertilizer has forced farmers to resort to using organic waste. In recent months, the demand for manure in major agricultural states like Nebraska and Iowa has doubled as the cost of commercial fertilizer tripled.
US biofertilizer company Anuvia aims to have its slow-release fertilizer on 20 million farm acres by 2025 after raising $66 million in its Series D fundraise. The series co-led by Piva Capital and Riverstone Holdings follows the company’s $103 million Series C funding in 2021.
UK-based WNWN Food Labs will release its “ethical” dark chocolate this month. The cacao and palm oil-free chocolate is part of WNWN’s plan to reduce the environmental impact of traditional chocolate production.
Complied by Ibrahim O