Efko, a major Russian agroindustrial group, is investing 100 million rubles (around $1.3 million at the current exchange rate) to produce meat substitutes, reports Kommersant.
Efko’s soya oil-based product will be used as an ingredient for hamburgers. The group will launch a pilot with a monthly output of 500 kg, which may be commercialized as early as next month. Mass production could start in 2021.
Aiming for leadership on the domestic market, Efko will have to measure itself against Beyond Meat. The US pioneer in meat substitutes already sells in Russia via retail chains Azbuka Vkusa and Perekrestok.; however, Efko plans to price its products five to seven times cheaper than Beyond Meat.
Another difference between Efko and Beyond Meat is that the latter does not use soya to manufacture its protein-based food products.
Founded in 1994 in the Belgorod region, Efko generated 122 billion rubles (around $2 billion) in turnover last year.
In September 2019 the group announced a $50 million corporate venture fund, ‘Fuel for Growth,’ to invest in early-stage foodtech startups.
