The Wide Open Agriculture Ltd (AXS: WOA) share price is shooting higher today following the announcement of its preliminary results.
At the time of writing, the regenerative food and farming company's shares are fetching for 89 cents, up 4%.
What did Wide Open Agriculture announce?
Investors appear pleased with the company's latest release, pushing Wide Open Agriculture shares higher.
According to its release, Wide Open Agriculture advised it has received positive preliminary results confirming its lupin protein has applications for multiple food products. Nutritional analyses showed that the production process retained the nutritional quality of the modified lupin protein concentrate. This paves the way for the company to unlock significant commercial potential using lupin protein to create food and beverage products.
The plant-based protein market is estimated to reach US$15.6 billion by 2026. Most notably, the Asia Pacific region is projected to record the highest growth during this period.
Previous barriers for lupin involved undesired texture and capacity for gelling and thickening across the food sector. However, initial laboratory results indicate the right balance of amino acids with low levels of phytoestrogens and high digestibility. This has led to Wide Open Agriculture developing a lupin that has the correct gelling, dispersibility and wettability. In turn, the lupin can be used to make plant-based meat alternatives such as vegetable burgers, high-protein noodles, protein-enriched plant-based milks, and as an egg white replacer.
Wide Open Agriculture revealed that the preliminary results will provide a future framework for further sensory and taste testing. A concept food or drink product using the modified lupin protein is expected to be created.
Once successful, the company hopes to sign a number of supply agreements with established plant-based protein brands. In addition, Wide Open Agriculture will also launch its own lupin protein products under its 'Dirty Clean Food' brand.
Wide Open Agriculture CEO, Ben Cole hailed the strong outcome, saying:
The laboratory results are extremely encouraging and provide an excellent foundation to continue rapidly working towards proof-of-concept food and drink products with our patented lupin protein.
Wide Open Agriculture share price summary
Wide Open Agriculture shares have accelerated over the past year to provide investors with returns of 550%. Looking at the share price performance over the month, the company's shares have jumped close to 30%.
Based on valuation grounds, Wide Open Agriculture presides a market capitalisation of around $82.7 million.
