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… 768w, https://console.kr-asia.com/wp-content/uploads/2022/10/Factory.jpeg 1280w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-141512" class="wp-caption-text">A part of the manufacturing facility. Image courtesy of SGProtein.</figcaption></figure>
KR: There’s the belief that Western cuisine is much more readily adaptable to plant-based meat because of its presentation, compared to Asian cuisine, which presents its meat dishes differently. Would you agree with that? 
DK: In general, I do agree with that. As I mentioned earlier, patties and ground beef were the first versions to be in the market, mostly because those were coming from the West. We now see more development in the Asian market as more local players come into the industry. New technologies, like the ones SGProtein is using, are able to make full-muscle meat like chicken chunks that are much more suited to the cuisine we have here. We can use it in wok frying, in curries, and in sauces. So while it’s true that the first versions of plant-based meat were more suited to Western dishes, the next wave of products will be much more adaptable to <a href="https://kr-asia.com/the-future-of-agrifood-tech-in-southeast-asia-novel-foods-set-to-be-the-new-normal">Asian cuisine</a>.
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One thing to note is that there’s already a big population in Asia, especially the Chinese, that eats mock meat. But when you look at the nutritional profile of mock meat, it has very little protein and almost no dietary fiber. So we see an opportunity to introduce plant-based meat as an alternative, which can be customized to fulfill nutritional needs, to the customer base here in Asia.
KR: What are your expansion plans for the next couple of years?
DK: Our belief is that the plant-based meat alternative market only just beginning to develop in Asia, compared to other markets such as Europe. So with that in mind, we designed our facility for production at a large scale—in fact, it is capable of producing four times its current capacity. That makes it the biggest capacity in Southeast Asia. Once that capacity is fully utilized, we will start looking at growing together with our customers in certain countries where our services are needed and build plants there.

A growing appetite for plant-based meat: Q&A with SGProtein co-founder and CEO Dominique Kull

Food Tech

Deep Tech

Q&amp;A

… relatively lower price of traditional meat. Many felt that artificial meat did not live up to its claims of lower calories and similar taste, and that the actual product differed too much from the advertisements.
Artificial meat is also quite expensive. For example, in <a href="https://kr-asia.com/alibabas-grocery-retail-chain-freshippo-joins-ele-me-to-expand-its-services">Freshippo</a> in Hangzhou, a 230g box of new plant-based "braised beef" is priced at about RMB 30, the same price for 500 g of fresh beef. On Tmall, a 226g box of Beyond Meat beef burgers is about RMB 26, while elsewhere in the same app one can buy an entire kilogram of beef patties for RMB 99. According to market statistics, the average price of artificial meat is 40% higher than that of real meat.
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<h3>The acclimatization of artificial meat in China</h3>
Despite the decline, artificial meat is still finding its way into our diets. Over the past couple of years, it’s been served at Starbucks, KFC, and several other popular restaurant chains. <a href="https://kr-asia.com/new-pea-protein-based-meat-mooncakes-sell-out-instantly-in-china">Mooncakes</a>, rice dumplings, and spring rolls with artificial meat as an ingredient have also started to appear. But at present, compared with European and American markets, artificial meat still has a long way to go in the Chinese market.
The East Asian palate is arguably very different from its European and American counterparts. Attitudes to meat differ significantly—according to data from the Spectator Index, the average American consumes 120 kg of meat per year, while the average Australian eats 111 kg, and Italians eat 90 kg. In comparison, the average Chinese person consumes 58 kg of meat per year, and Japanese people eat even less at 45 kg.
The cut and appearance of the meat matter as well. One of the reasons plant-based meat has done relatively well in Europe and America is due to its easy substitution for ground meat, which accounts for about 60% of the meat consumed in dishes such as hamburgers, sandwiches, hot dogs, and pasta.
Artificial meat is less adaptable for Chinese cuisine, which features different cooking techniques and requires different forms and cuts of meat. At present, artificial meat is still relatively unsuited to cooking techniques that involve cubing, dicing, mincing, and slicing.
One such company is aiming to tackle this issue—GrainMeat, a Chinese artificial meat brand established in 2019, focuses on plant-based meat R&amp;D and is committed to creating artificial meat that meets <a href="https://kr-asia.com/chinas-answer-to-beyond-meat-predilects-local-cuisine-inside-chinas-startups">local food needs</a>, such as artificial pickled fish slices, artificial beef slices for hotpot dishes, and artificial chicken for braised chicken rice. However, it’s clear there’s still a long way to go for R&amp;D.
<h3>All hail the soybean</h3>
As well as having to compete with real meat, artificial meat has another strong competitor that’s been around for far longer in the Chinese market—soybean products.
At present, there are two kinds of artificial meat: plant-based meat made of soybean protein and lab-grown meat made using stem cells (these come from plants rather than captive or slaughtered animals). The former is more mainstream in the Chinese market.
Technically speaking, nearly every Chinese has eaten artificial meat if we go by the former definition—we’re just used to calling it tofu. From upscale vegetarian restaurants to street food, tofu has appeared on countless menus and taken on different forms. Fried tofu puffs, dried tofu, smoked tofu, you name it.
In terms of flavor variety and value for money, tofu and other soy-based products are unbeatable. It’s also much more readily accepted by the masses as a familiar ingredient in many common dishes.
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It seems to be an uphill battle for artificial meat in China, as exemplified by reactions to Beyond Meat’s latest attempt to launch a plant-based minced pork product in China. As columnist <a href="https://www.bloomberg.com/opinion/articles/2020-11-22/beyond-meat-s-fake-pork-faces-competition-from-tofu-in-china">David Fickling comments in Bloomberg Opinion</a>: "You wouldn’t try to sell coal to Newcastle. So how would you rate your chances of peddling meat substitutes to the country that invented tofu?"
There’s a significant gap between what companies can currently create and Chinese consumers’ preferences—a gap that needs to be bridged before artificial meat can go mainstream. Whether that’s possible remains to be seen.
This article was adapted based on a <a href="https://36kr.com/p/1855151085850497">feature</a> originally written by Yuan Guo Bao and published on YuanGuoBao (WeChat ID: yuanguobao1982). KrASIA is authorized to translate, adapt, and publish its contents.

Does artificial meat have a future in China?

Singapore state investor Temasek is considering opening more factories in Southeast Asia to produce plant-based food after it launched its first in the city-state through its joint venture Cremer Sustainable Foods on Wednesday.
Thailand, Vietnam, Malaysia, and Indonesia are potential markets in the ten-member Association of Southeast Asian Nations where it could set up new factories as demand for meat substitutes grows in the region, said Mathys Boeren, CEO of Temasek's wholly owned Asia Sustainable Foods Platform, at the opening of the Singapore plant.
Cremer Sustainable Foods is a joint venture between the Temasek entity and German manufacturer CREMER. The Singapore facility is the lone ASEAN plant now, built at a cost of SGD 6 million (USD 4.3 million). The German partner already has a factory in China's Zhaoyuan City.
"We aim to offer safe and reliable plant-based protein contract manufacturing services in Asia," Boeren said. "Cremer Sustainable Foods endeavors to grow with our customers in scale and expand to the rest of Asia."
The Singapore factory is 11,000 square feet in size and can make up to 1,300 tons of plant-based protein per annum, equivalent to some 4.3 million chicken breasts. The factory can operate 24 hours a day, making plant-based food by mixing soy protein and water which is then processed into burger patties, nuggets, and meatballs that taste like chicken.
The factory is also able to make fish and beef substitutes.
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Reporters were given a taste of those items cooked on site. While they tasted similar to chicken, some of the samples were noticeably softer than chicken.
Without disclosing its name, Boeren said the site is already producing 75% of its capacity for one client, and the joint venture partners are talking to more.
Cremer Sustainable Foods is selling itself as a one-stop platform for alternative protein companies that may not have the scale to invest in their own factories. These companies are able to tap the Singapore plant for operations, or rent its machines for short-term projects.
"As a global company we strive to be locally relevant and integrate ourselves into the ecosystem by adding value to clients," said Cremer chairman Claus-Georg Nette on Wednesday. "We are looking beyond Singapore in the years to come, together with our partners and the demand for our plant is considerable."
Singapore wants to capture the lucrative alternative protein market in Asia, as environmental concerns over traditional farming prompt more consumers to consider plant-based food substitutes.
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"The plant-based food market is expected to make up 7.7% of the global protein market by 2030, with a value of over USD 162 billion, more than a fivefold increase from 2020," noted Minister of State for Trade and Industry Low Yen Ling at the plant's launch on Wednesday.
"In 2021, the sector saw a 40% increase globally in the number of investors," she said. "Global sales of plant-based meat passed the USD 5 billion mark last year, reflecting strong consumer demand."
This article first appeared on <a href="https://asia.nikkei.com/Business/Food-Beverage/Temasek-weighs-more-ASEAN-plant-based-food-factories" target="_blank" rel="nofollow noopener noreferrer" data-type="external">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing <a href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/" target="_blank" rel="nofollow noopener noreferrer" data-type="external">partnership with Nikkei</a>.

Temasek weighs more ASEAN plant-based food factories

Temasek

SEA Tech

… noreferrer">have not been widely accepted</a> among consumers in Asia, even in some Southeast Asian countries, where insects are considered traditional foods. Consumer attitudes on insect-based food products <a href="https://www.foodnavigator-asia.com/Article/2020/04/10/Yucky-or-yummy-Experts-clash-over-APAC-s-insect-based-food-potential" target="_blank" rel="noopener noreferrer">vary widely</a> between rural and urban populations.
Insects can also be a sustainable source of agricultural materials and biomaterials. Singapore-based <a href="https://www.insectta.com/" target="_blank" rel="noopener noreferrer">Insectta</a> rears black soldier flies through a zero-waste method. They utilize food waste as feed for the black soldier fly maggots, which can be turned into animal feed. Excrement from the maggots can be converted into agricultural fertilizer. Insectta has also found a way to process the exoskeletons of black soldier flies into a sustainable source of biomaterials that are used in a variety of pharmaceutical and cosmetic products.
<h3>Designing the same food, but better </h3>
In the foodtech industry, 3D food printing is another emerging field that deserves some attention. A 3D printer can be used to produce food materials in a paste or gel form. Through this technology, food can be personalized to the nutritional needs and preferences of consumers.
For example, Singaporean startup <a href="https://www.anrich3d.com/" target="_blank" rel="noopener noreferrer">Anrich3D</a> is looking to provide consumers with pre-packaged, ready-to-eat meals that can be tailored to the consumer’s profile.
3D printing can also be used to customize the nutritional value of food. For example, researchers have found a way to 3D-print chocolate to <a href="https://www.foodnavigator-asia.com/Article/2021/11/03/Layering-technique-How-3D-printed-reduced-sugar-chocolate-tastes-as-sweet-as-the-real-thing" target="_blank" rel="noopener noreferrer">reduce its sugar content</a>. This technology's ability to customize the flavor of food and its nutritional content can revolutionize the way people, particularly the elderly and frail hospital patients, consume food.
Researchers from the Singapore University of Technology and Design have been working with Khoo Teck Puat Hospital to <a href="https://www.channelnewsasia.com/cna-insider/how-3d-food-printing-can-help-elderly-780761" target="_blank" rel="noopener noreferrer">create nutritious and visually appealing 3D-printed purée meals</a> for the elderly and hospital patients who have trouble swallowing food. As Asia's population ages rapidly, 3D food printing could become an invaluable tool for older generations.
<h3>Challenges to overcome</h3>
The market for plant-based meat in the Asia Pacific region is expected to <a href="https://www.dupontnutritionandbiosciences.com/news/nutrition-biosciences/2020/plant-based-meat-alternatives-set-to-thrive-in-the-next-five-years.html" target="_blank" rel="noopener noreferrer">swell by 25% from 2020 to 2025</a>, with increases of up to 200% in China and Thailand. In all, <a href="https://www.dupontnutritionandbiosciences.com/news/nutrition-biosciences/2020/plant-based-meat-alternatives-set-to-thrive-in-the-next-five-years.html" target="_blank" rel="noopener noreferrer">75% of Asia Pacific consumers</a> are willing to pay for plant-based meat if the price is similar to that of regular meat. Despite their market potential, Asia’s foodtech companies are facing challenges such as high costs, scalability, and government regulations.
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Mainstream consumer acceptance of plant-based proteins primarily comes down to <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9102955/" target="_blank" rel="noopener noreferrer">taste and texture</a>. On top of the cost factor, most consumers would typically only consider switching to plant-based meats if the <a href="https://the-ken.com/story/how-next-gen-growthwell-and-co-can-become-asias-impossible-foods/" target="_blank" rel="noopener noreferrer">flavor profile is on point</a>. This is due to <a href="https://www.temasek.com.sg/content/dam/temasek-corporate/news-and-views/resources/reports/afc-report-2021.pdf" target="_blank" rel="noopener noreferrer">changing demographics in Asia</a>, where there is a growing middle class of younger and educated consumers who expect high-quality food.
The alternative proteins industry also faces <a href="https://impact.economist.com/perspectives/sites/default/files/food_4.0_report_final_2.pdf" target="_blank" rel="noopener noreferrer">many regulatory barriers and long approval processes</a> in many countries. Although Singapore has launched a few manufacturing platforms, there is still a <a href="https://www.gfi-apac.org/blog/the-staggering-production-scale-of-plant-based-meats-future/" target="_blank" rel="noopener noreferrer">considerable lack of infrastructure</a> in Southeast Asia for alternative proteins to be produced at scale. Many of the commercially available alternative protein products have to be priced higher than regular meat to cover the higher costs of production.
While higher consumer demand can <a href="https://the-ken.com/story/how-next-gen-growthwell-and-co-can-become-asias-impossible-foods/" target="_blank" rel="noopener noreferrer">improve the economies of scale</a> for alternative protein production, there has to be adequate infrastructure in order to meet the increased demand. This issue needs to be resolved for alternative proteins to become a truly viable food alternative in the region.
The foodtech industry has created, and continues to churn out, new and innovative methods of producing food. Despite the recent advances, there is still some way to go before these novel foods can feed the world.
This article is co-authored by Richard Mackender, Tan Shuo Yan, and Teo Zhixin.
Richard Mackender leads the Deloitte Southeast Asia Innovation team, a cross-function, cross-country unit dedicated to driving innovation as a long-term value creator across Deloitte’s Southeast Asia operations. Tan Shuo Yan and Teo Zhixin are members of the team.

The future of agrifood tech in Southeast Asia: Novel foods set to be the new normal

Agriculture

Deloitte Southeast Asia Innovation Insights

Singapore’s Next Gen Foods recently raised a whopping USD 100 million Series A investment, cementing its status as Southeast Asia’s leading foodtech company. Elsewhere in the region, a crop of Thai startups are also developing plant-based replacements for meat.
These companies serve consumers who are reducing or even eliminating their carnivorous intake. Each person has a different reason for removing meat from their diet—the pursuit of a healthier lifestyle, concerns about carbon emissions and climate change, religious conviction.
The Thai startups that are making alternative food products to replace meat use soy, jackfruit, and a range of other ingredients to mimic the texture and flavors of flesh and fat. This isn’t always a successful endeavor, but demand for faux meat is only growing around the world.
Stephanie sank her teeth into the subject. You can read her report <a href="https://kr-asia.com/thai-food-producers-serve-up-plant-based-meat-to-satiate-growing-appetite" target="_blank" rel="noopener noreferrer">here</a>.
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<h3>Daily Roundup</h3>
<a href="https://kr-asia.com/artificial-intelligence-at-asiaforward-startup-day-2022" target="_blank" rel="noopener noreferrer">Artificial intelligence</a> at AsiaForward Startup Day 2022.
<a href="https://kr-asia.com/robotics-at-asiaforward-startup-day-2022" target="_blank" rel="noopener noreferrer">Robotics</a> at AsiaForward Startup Day 2022.
<a href="https://kr-asia.com/e-commerce-at-asiaforward-startup-day-2022" target="_blank" rel="noopener noreferrer">E-commerce</a> at AsiaForward Startup Day 2022.
<a href="https://kr-asia.com/fintech-at-asiaforward-startup-day-2022" target="_blank" rel="noopener noreferrer">Fintech</a> at AsiaForward Startup Day 2022.
Thai <a href="https://kr-asia.com/thai-used-car-market-heats-up-as-foreign-startups-jump-in" target="_blank" rel="noopener noreferrer">used-car market</a> heats up as foreign startups jump in.

Daily Digest | Bites of bliss

China Tech

Newsletters

Hi, everyone. Taro here.
As markets start to shake out and share prices turn red, the likes of Grab and Sea Group have also been affected. Their business models and overall strategies have been criticized due to the lack of profitability and unfavorable revenue growth. This goes to show that despite reaching the dizzying heights of an IPO, tech companies still need to have strong fundamentals to ensure they can meet the expectations of shareholders in conditions with much more pressure.
Startup Wire is now a weekly newsletter. By doubling our coverage, we hope to introduce even more startups and exciting developments across Asia—and keep you in the loop whenever there are new developments.
<h3>Open Run</h3>
Startups to watch in Asia. This week, we look at startups working on alternative protein products.
<a href="https://greenrebelfoods.com/" target="_blank" rel="noopener noreferrer">Green Rebel Foods</a>
Location: Indonesia
The Indonesian startup offers a range of products such as steak, satay chicken, and cheese that are made using plant-based ingredients. It is committed to sourcing key ingredients from across Indonesia to help farmers in the country.
<a href="https://nextgenfoods.sg/" target="_blank" rel="noopener noreferrer">Next Gen Foods</a>
Location: Singapore
Its plant-based chicken brand TiNDLE was launched late last year and was released in the US recently. CEO and co-founder Andre Menezes is excited about the growth of the startup in 2022. “Chicken is the most consumed animal protein, but the growth of plant-based chicken has just started. Our USD 100 million Series A round will support our mission to displace birds and develop our category as we expand in the US, UK, and Germany,” he told Startup Wire.
<a href="https://www.wthfoods.ph/" target="_blank" rel="noopener noreferrer">WTH Foods</a>
Location: Philippines
Founded in 2019, WTH Foods uses mung bean-based protein to create an array of products, including set meals, pizza, and sauces. It successfully raised its seed round in July 2021.
<a href="https://www.daiz.inc/en/" target="_blank" rel="noopener noreferrer">DAIZ</a>
Location: Japan
The Japanese startup uses a cultivation process called the Ochiai Germination Method
to process soybeans and peas to create its Miracle Meat products, including dumplings, fried chicken, steak, and tuna.
<a href="https://eatkarana.com/" target="_blank" rel="noopener noreferrer">Karana</a>
Location: Singapore
Using jackfruit as the main ingredient, Karana has created mince and meat shreds as cooking ingredients, as well as dumplings and char siu bao for retail consumers.
<h3>Nothing But Net</h3>
Recent Startup Wins
<ul>
<li aria-level="1"><a href="https://www.scaleup.my/" target="_blank" rel="noopener noreferrer">ScaleUp Malaysia</a> announced it was investing in 11 startups from its last two cohorts. <a href="https://guruinovatif.id/" target="_blank" rel="noopener noreferrer">GuruInovtif</a>, <a href="https://theopenacademy.org/" target="_blank" rel="noopener noreferrer">OpenAcademy</a>, <a href="https://getmadcash.com/" target="_blank" rel="noopener noreferrer">MADCash</a>, <a href="https://www.sparexhub.com/" target="_blank" rel="noopener noreferrer">SpareXHub</a>, <a href="https://www.vireserve.com/" target="_blank" rel="noopener noreferrer">VireServe</a>, and <a href="https://www.wa-sushi.com/en_MY" target="_blank" rel="noopener noreferrer">WaSushi</a> were selected for co-investment with <a href="https://www.questventures.com/" target="_blank" rel="noopener noreferrer">Quest Ventures</a>. <a href="https://biztech.asia/" target="_blank" rel="noopener noreferrer">Biztech Asia</a> and <a href="https://www.recqa.com/" target="_blank" rel="noopener noreferrer">RECQA</a> will receive direct investment from ScaleUp.</li>
<li aria-level="1"><a href="https://www.zenius.net/" target="_blank" rel="noopener noreferrer">Zenius</a> announced it secured funding from <a href="https://mdi.vc/" target="_blank" rel="noopener noreferrer">MDI Ventures</a>. The amount was not disclosed.</li>
<li aria-level="1"><a href="https://cakedefi.com/" target="_blank" rel="noopener noreferrer">Cake DeFi</a> launched a <a href="https://blog.cakedefi.com/cakedefiventures/" target="_blank" rel="noopener noreferrer">USD 100 million venture arm</a> to invest into Web3, NFT, gaming, and fintech startups.</li>
</ul>
<h3>Pick &amp; Roll</h3>
Interesting Drops From the Week
<ul>
<li aria-level="1">Esquire Philippines released its list of “<a href="https://www.esquiremag.ph/money/movers/esquire-trailblazers-list-most-influential-philippine-startup-ecosystem-a1502-20220309-lfrm8" target="_blank" rel="noopener noreferrer">70+ Most Influential People</a>” in the startup scene, covering founders, investors, and rising stars. [via Esquire Philippines]</li>
<li aria-level="1">Raoul Pal’s Twitter thread on his <a href="https://twitter.com/RaoulGMI/status/1502638097384751119" target="_blank" rel="noopener noreferrer">method on valuing digital assets</a> went viral and sparked a raft of conversations. [via @RaoulGMI]</li>
<li aria-level="1">Tencent’s <a href="https://kr-asia.com/tencent-shares-plunge-on-reports-of-money-laundering-violations-and-new-rules-on-online-usage-caps-for-minors" target="_blank" rel="noopener noreferrer">share price dived 12%</a> after reports that said it may be fined a record-setting amount for breaking Chinese anti-money laundering regulations.</li>
<li aria-level="1">Sri Lanka recently <a href="https://foreignpolicy.com/2022/03/05/sri-lanka-organic-farming-crisis/" target="_blank" rel="noopener noreferrer">dropped its experiment</a> in fostering organic farming after production yields dropped for key crops. [via Foreign Policy]</li>
<li aria-level="1"><a href="https://www.backscoop.com/" target="_blank" rel="noopener noreferrer">BackScoop</a> did a <a href="https://www.backscoop.com/newsletter-posts/ice-breakers-with-dana-de-la-vega" target="_blank" rel="noopener noreferrer">quick fire interview</a> with Dana de la Vega, VP of strategic management at <a href="https://kumu.ph/" target="_blank" rel="noopener noreferrer">Kumu</a>. [via BackScoop]</li>
</ul>
If you are a startup that is raising funds, or have an interesting story or lead, and want us to feature it in this newsletter, please email partnerships@kr-asia.com

Startup Wire | Shook Ones

Smith Taweelerdniti is the managing director of Nithi Foods, a Chiang Mai-based family business that manufactures spices and seasoning products. In 2018, he decided to become a vegetarian. Soon after that, he realized there were few options for locally made plant-based meat products in supermarkets.
At the time, most plant-based meat replacements available in Thailand were made by Beyond Meat and Impossible Foods, both of which are US companies. He jokes that he always ended up eating tofu at restaurants, while his wife would bite off mouthfuls of fried chicken.
By March 2019, Smith, who was frustrated by the lack of locally made alt proteins, decided that something had to change. He asked his research team at Nithi Foods to develop a plant-based meat product that caters to Asian palates. One year later, Let’s Plant Meat was established as a subsidiary of Nithi Foods. It sells plant-based versions of several Thai favorites, including burger patties, minced pork, and Japanese katsu, a fried meat cutlet.
Smith shaped the direction of Let’s Plant Meat with price points, ingredients, and flavors that match Thai consumers’ expectations. “If you look at the price and positioning of Beyond Meat, they use pea protein instead of soy, which is more expensive. In the US, they [consumers] do not like soy because the majority of soy products grown in the US are genetically modified. But in Asia, we have been eating soy products for 4,000 years,” Smith told KrASIA.
Genetically modified soy might contain <a href="https://www.healthline.com/nutrition/is-soy-bad-for-you" target="_blank" rel="noopener noreferrer">fewer nutrients and more herbicide residues</a>, so Let’s Plant Meat uses soy that is all natural to maintain the integrity of its products, according to Smith.
“Many people in Thailand do not eat beef, and the beefy flavor turns them off. We eat chicken and pork, and add flavors by using different sauces. Asians want something that goes well with different sauces,” he added.
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Let’s Plant Meat has been exporting its products to destinations across Southeast Asia since March 2021. The products are sold in Singapore, Malaysia, Indonesia, Vietnam, Hong Kong, and the Philippines.
There is growing demand for plant-based products in Thailand. The market for these food items had a valuation of BHT 28 billion (USD 851 million) in 2019, and is expected to grow to BHT 45 billion (USD 1.4 billion) in 2024, according to <a href="https://apps.fas.usda.gov/newgainapi/api/Report/DownloadReportByFileName?fileName=Plant-Based%20Food%20and%20Beverage%20Market%20in%20Thailand_Bangkok_Thailand_08-29-2021.pdf" target="_blank" rel="noopener noreferrer">data</a> from Krungthai Compass, a research arm of Krungthai Bank.
The desire to shift to plant-based proteins is often rooted in wanting to maintain a healthier lifestyle. In Thailand, Buddhist traditions also support this diet. Every year, millions of Thai Buddhists abstain from meat during a nine-day vegetarian festival that often takes place in October. But beyond the religious occasion, general interest in adopting plant-based diets is climbing. In 2019, 8% of Thailand’s population was vegetarian or vegan, and that figure is expected to reach 15% by 2025, according to data on <a href="https://www.statista.com/statistics/1246680/thailand-share-of-non-meat-eaters/" target="_blank" rel="noopener noreferrer">Statista</a>.
“The health benefits and the Buddhist belief to abstain from killing animals are the main drivers for Thais to shift to meat-alternative products. Consumers’ increasing concern for their health and nutritional well-being is encouraging them to replace their consumption of animal-based products with plant-based items,” according to a <a href="https://apps.fas.usda.gov/newgainapi/api/Report/DownloadReportByFileName?fileName=Plant-Based%20Food%20and%20Beverage%20Market%20in%20Thailand_Bangkok_Thailand_08-29-2021.pdf" target="_blank" rel="noopener noreferrer">report</a> published by the United States Department of Agriculture.
An array of notable major food producers have stepped in to claim their corners of the fledgling meat alternatives market, including NR Instant Produce, a Thai food exporter that transforms jackfruit into mock pork.
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In December 2021, NR Instant Produce announced that it was <a href="https://www.bangkokpost.com/business/2236387/new-venture-looks-to-meat-alternatives" target="_blank" rel="noopener noreferrer">partnering</a> with national oil and gas conglomerate PTT and UK-based Plant and Bean to form a joint venture and develop plant-based meat alternatives. That same month, Thailand’s largest meat producer, Charoen Pokphand Foods (CP Foods), <a href="https://www.khaosodenglish.com/sponsored/2021/12/13/cp-foods-co-develops-plant-based-meat-with-the-u-s-startup/#:~:text=Charoen%20Pokphand%20Foods%20Public%20Company,its%20innovative%20%E2%80%9Cvegan%20fat%E2%80%9D." target="_blank" rel="noopener noreferrer">partnered</a> with Lypid, a US-based foodtech startup that develops vegan “fat,” which provides meat-like flavors, according to multiple reports.
Sweet corn producer V Foods, which is owned by former Bangkok governor Apirak Kosayodhin, plans to list on the Market for Alternative Investment (MAI), a stock exchange for SMEs, in 2025 to raise funds to expand its facilities and scale up its business, per <a href="https://www.bangkokpost.com/business/2197495/v-foods-plans-mai-listing-to-fund-plant-based-growth" target="_blank" rel="noopener noreferrer">Bangkok Post</a>.
While major food producers are currently the dominant faux meat producers, Smith remains sanguine about the industry’s development, including the strides made by companies like Nithi Foods.
“The competition will be good for consumers as they have more choices now,” said Smith. “With rising meat prices, the price gap between real meat and faux meat is closing. The entry of major food players also helps educate consumers,” Smith said.

Thai food producers serve up plant-based meat to satiate growing appetite

Thailand

Hi. Brady here.
It’s fair to say that meat replacements, like plant-based “beef” and “chicken,” are no longer novel menu items that rely on buzz for people to try them. There are pockets of demand around the world, mostly in major cities where people may be more willing to try new forms of food.
That desire to switch from farmed meat to mass-produced, plant-based replacements may be driven by a sense of adventure, or a true belief in the importance of reducing one’s carbon footprint. Either way, meat eaters are experimenting with new options, and it’s created enough demand for Next Gen Foods to land a USD 100 million investment.
The Singapore-based company was founded in 2020. Even though it is still early in its development, Next Gen Foods’ founders draw from past experience of working with plant-based meat, and are quickly placing their product, Tindle plant-based chicken, on the plates of diners all over the world. And they’re unapologetically aggressive in targeting meat eaters as consumers.
Next Gen Foods’ rapid rise and massive raise gives us plenty to unpack as it cements Singapore as a crucial foodtech hub. Khamila had the story. You can read her article <a href="https://kr-asia.com/next-gen-foods-is-redefining-singapores-status-as-a-foodtech-hub?utm_source=uptake&amp;utm_medium=email&amp;utm_campaign=daily" target="_blank" rel="noopener noreferrer" data-saferedirecturl="https://www.google.com/url?q=https://kr-asia.com/next-gen-foods-is-redefining-singapores-status-as-a-foodtech-hub?utm_source%3Duptake%26utm_medium%3Demail%26utm_campaign%3Ddaily&amp;source=gmail&amp;ust=1645212157806000&amp;usg=AOvVaw2YHXypEDxrb-4kX_YI93HK">here</a>.
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<h3>Daily Roundup</h3>
Meet Woay.Vn, <a href="https://kr-asia.com/meet-woay-vn-asia-star-of-the-alibaba-cloud-x-krasia-global-startup-accelerator-joint-vietnam-indonesia-demo-day" target="_blank" rel="noopener noreferrer" data-saferedirecturl="https://www.google.com/url?q=https://kr-asia.com/meet-woay-vn-asia-star-of-the-alibaba-cloud-x-krasia-global-startup-accelerator-joint-vietnam-indonesia-demo-day&amp;source=gmail&amp;ust=1645212157807000&amp;usg=AOvVaw1tFQfXl1Uf6mTOvnb_TIh5">Asia Star</a> of the Alibaba Cloud x KrASIA Global Startup Accelerator joint Vietnam-Indonesia Demo Day.

Daily Digest | Old flavors, new bites

… deal, and chefs have indicated that Tindle “mimics the flavor and texture of chicken,” Ward said—an impressive feat considering its ingredients are texturized soy, wheat gluten, sunflower oil, and oat fiber.
In the US, Tindle is now being offered at restaurants in major cities including San Francisco, Los Angeles, Napa, New York, Miami, and Philadelphia. This will add to the brand’s existing network of over 200 restaurants around the world, located in Singapore, Hong Kong, Dubai, Amsterdam, and more. The startup is also looking to increase its brand distribution to all 50 US states later this year.
“We’re moving into North America now because it is currently the biggest market for alternative protein. Based on research, we estimate the sector to grow by 9% to 10% year-on-year,” Ward said.
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<h3>Next Gen’s next steps</h3>
By any measure, Next Gen Foods’ USD 100 million funding is significant. Beyond Meat managed to raise USD 122 million over 12 funding rounds spread over ten years. Impossible Foods received a USD 500 million check in November 2021, a decade after its founding. Next Gen Foods’ investors have leapt ahead to cut a nine-figure check for a company that has been in operation for less than two years.
The company is likely benefitting from the experience of other brands that came before it, layered on top of the founders’ own experience.
Impossible Foods made its name by focusing on distribution to food and beverage establishments starting in 2016, and only placed its products on supermarket shelves three years later, followed by its own sales portal launching in 2020. For now, Next Gen Foods is following the first step in that trajectory, and Ward didn’t rule out the possibility of selling Tindle in retail settings once plant-based chicken gains sufficient recognition.
To reach that point, Ward pointed to economies of scale to bring down Tindle’s price. “As we scale, production becomes more efficient, and the cost of raw materials will decrease due to higher volume. Hopefully, we can bring the price down to make it more accessible. We believe that in order to make an impact, we have to be available and affordable,” he said.
For now, Next Gen Foods is focusing on its R&amp;D efforts in Singapore. Its new R&amp;D center in the city-state, formulated in partnership with Temasek’s Asia Sustainable Foods Platform, will begin operations later this year and function as a launchpad for new food-related technologies, applications, and products.

Next Gen Foods is redefining Singapore’s status as a foodtech hub