Wide Open Agriculture aims to elevate lupin as a first choice protein

A Western-Australian agribusiness is aiming to elevate lupins as a major source of protein for human consumption, but incentivising farmers to plant the crop is proving a challenge.

A West Australian-based agribusiness wants to turn a food primarily reserved for livestock feed into a dominant form of proteins for humans.

Wide Open Agriculture’s (ASX:WOA) chief executive said while the benefits of the crop have been known by those in South America and Mediterranean countries for some time, “no one’s really been able to crack how it’s used as a human food ingredient… 96 per cent of the world’s lupins goes to livestock feed”.

The global lupin protein industry was estimated to be worth $161m in 2024, and is projected to grow to $261m by 2034, according to market researcher Future Market Insights.

“But this is mainly in the form of lupin flour and lupin concentrate. There are no other lupin protein isolate providers globally,” Mr Skinner said.

“We believe the market can be worth over $1bn if lupin protein adoptions parallels the growth in soy and pea protein over time.”

Farmers in Western Australia’s wheatbelt have been using lupins in rotations for the last 50 years, with the state growing about 500,000 tonnes a year, according to estimates from the Grain Industry Association of WA.

Chief executive Matt Skinner inspecting the lupin production process.

But Mr Skinner said it was a challenge to find an incentive for farmers to grow more of the crop.

“Because it’s only got a market in the livestock area, the pricing is very low. We’ve started to see that lupin production is decreasing because people are planting better canola, which has a much better price point,” he said.

On Monday lupins were selling for $479 per tonne at Kwinana, while canola was trading at $855 a tonne, with canola a much better short-term option for farmers from an economic perspective.

“Ultimately, we’d love to buy the entire lupin crop of WA and turn it into a human food grade protein, because that would allow us to pay a premium and give those farmers a better return,” Mr Skinner said.

The technology inventor Hayder Al-Ali who helped create the lupin protein process WOA uses today.

Currently, WOA’s products include lupin protein isolate and lupin flakes, with lupin kernel fibres and other products in the pipeline, while the company earlier this month announced successful trials of a new lupin oil extraction process.

“When you look at protein sources globally, soy and pea are very cheap because they’re made at scale and the whole of the seed is being utilised for revenue,” he said.

“We have been focusing on the lupin protein because we think it’s a game-changing product, but there’s 60 per cent of the product that we aren’t getting value from. By extracting the oil, we’re able to start selling it as a commercial product in the cosmetics industry.”

Lupin oil has proven antioxidant, skin moisturising and anti-inflammatory properties.

“The other benefit is by taking the oil out, the resulting protein has a much cleaner, more neutral taste, and it actually improves the quality of the protein product,” Mr Skinner said.

While acknowledging the business is still quite small at the moment, WOA is working towards the goal of producing 10,000 tonnes of lupin protein a year, from 40,000 tonnes of input.

“There is a lot of soy and pea protein out there. There is no reason why as the global population grows and the demand for lupin protein grows, we couldn’t be processing 100, 200 or 500,000 tonnes,” he said.

“That’s really where we’re shooting for in 20-50 years time”.

Farmer Stuart McAlpine who provides lupins to WOA, with co-founders Ben Cole and Anthony Maslin.

WOA runs under the ‘4 Returns’ mandate, to deliver financial, natural, social and inspirational returns.

“We’re really focused on WA rural communities. With the advent of industrial ownership of farms, rural communities are being hollowed out … (so) the social side was investing in those communities,” he said.

“The inspiration was really around taking the humble lupin, which farmers love, and seeing it turned into something that can rival any protein source globally, and really showcase the best of what Australian agtech has to offer.”