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1、Alternative proteins in APAC2023 STATE OF THE INDUSTRY REPORT 2AuthorsJennifer Morton,Divya Gandhi,Valerie PangAdditional acknowledgmentsGFI would like to thank the rest of the GFI APAC team and other GFI colleagues for their insights and contributions,and give a special thanks to the external revie

2、wers of this report.Note on methodologyAPAC as referred to in this report covers the countries/regions of Australia/New Zealand(data grouped together for the purposes of this report),Mainland China,Hong Kong SAR,Indonesia,Japan,Malaysia,the Philippines,Singapore,South Korea,Taiwan,Thailand,and Vietn

3、am.South Asia is not included in the data for this report(except when global figures are shown,in which case figures for South Asia are listed as a separate grouping under“South Asia”).Permissions and disclaimersPermission is granted,free of charge,to use this work for educational purposes.The Good

4、Food Institute is not a licensed investment or financial advisor and nothing in the report is intended or should be construed as investment advice.Aspects of this report rely on estimates and are non-exhaustive.Please help us to make sure our ongoing data collection is as complete and accurate as po

5、ssible.If we are missing information about your organisation or if we got something wrong,wed appreciate your feedback.Please get in touch.This report,as well as all of GFIs work,is made possible by gifts and grants from our global family of donors.If you are interested in learning more about giving

6、 to GFI,please visit here or contact philanthropygfi.org.Headquartered in Singapore,the Good Food Institute APAC(GFI APAC)is part of a network of leading alternative protein think tanks located in six regions across the globe.We accelerate a shift towards a more secure,sustainable,and just food syst

7、em through open-access R&D,corporate engagement,and public policy.Corporate EngagementPolicyScience and Technology3Table of contents1234Sector overviewGovernment supportR&D ecosystemPrivate investment5From lab to product6From product to scale7Market growthSlide 5Slide 11Slide 20Slide 25Slide 33Slide

8、 48Slide 574Click to jump to section5The road aheadThe world has six years left to halve its emissions to avoid the worst effects of climate change.Research is clear that scaling up alternative proteins is among the best solutions we have to reduce the food sectors staggering climate externalities.A

9、PAC is at the centre of the challenges we faceas well as at the centre of the solutions we need.APACs net zero transition will be decisive for the world.Countries in APAC have to adapt to climate change,but at the same time many of them need to rapidly develop so that low-income populations are give

10、n opportunities to improve their livelihoods.All of this has to be done without pushing the planet to the boiling point.At the present rate,emissions in the APAC region could“wipe out gains from emissions reductions elsewhere in the world.”We need to find solutions than can get APAC to zero emission

11、s while allowing for continued regional development.One of the transitions that will make or break the worlds response to climate change is protein.APAC is a leading animal protein producer and a growing animal protein consumer.But livestock emissions are already 11-20 percent of global emissions.AP

12、AC cannot scale the availability of conventional protein without worsening the effects of climate change.But APAC can meet climate targets with nutritionally adequate diets if it diversifies production to 50 percent alternative proteins by 2060.The protein transition is also rich in opportunity.APAC

13、 can leverage the assets that have made it a global leader in food and animal protein production,and use these to reap the rewards of the protein transition.The region is home to world-class R&D hubs,vast agricultural land,skilled talent,competitive food manufacturing,and a growing consumer base.Sou

14、th Korea,Japan,China,and Singapore are all in the top quartile of countries for spending on R&D.Just as it did for solar,China can become a scale-up hub for alternative proteins,along with Southeast Asia.Australia and New Zealand also offer significant capacity as suppliers of inputs and services li

15、ke proteins and feedstocks.The industry needs to activate billions more in R&D funding to drive product innovation and invest hundreds of billions to scale new technologies.While we can find short-term fluctuations in the alternative protein sector if we look for them,we can also look for the long-t

16、erm need,the long-term progress,and the long-term potential.Just like other climate solutions,the path ahead is about learning which solutions will and wont work,so that by 2030 we can double down on a portfolio of technologies and get them on the best possible pathways to scaling as fast as possibl

17、e.APAC has a game-changing role to play in transitioning our food system to one that is fit for the future.Cultivated meat is estimated to cost over$100 USD/kg today,but this is a decline of 99+percent since the first lab-scale burger in 2013 at$330k USD.Precision fermentationis now cost-competitive

18、 enough to commercially produce high-and low-value molecules;with more complex molecules now costing$100/kg USD.+60%6Powerful growth drivers are in placeWhile there remains a price gap to close,prices of cultivated meat and precision fermentation are falling2022 estimated global public sector invest

19、ment increased by 60 percent over all-time funding levelsThere is unmet need for protein diversification among large segments of consumersUSD/kgCosts of novel technologies are fallingGovernments are increasing supportThe market opportunity resonatesUSD milSource:Internal GFI analysis;based on year a

20、nnounced.2013202320132023In a 2023 survey of six Southeast Asian markets,a population of over half a billion people,for plant-based meatHalf of all respondents have not yet tried itOver three-quarters want to try or eat more Health is the main motivator for consumptionHavent tried plant-based meatIn

21、terested to try or eat more Source:Survey of 5,971 respondents across six SE Asian countriesNote:Log scalePrecision fermentationCultivated meat Mass market affordabilityPrice gap to close7But significant progress needs to be madeMuch more public funding is neededProduct quality must improveFood prod

22、ucts made from novel technologies will likely need to fall in the region of under$10/kg to be competitive in the mass marketLivestock and transport each contribute over 14 percent of global GHG,but public funding for low-carbon transport is drastically higherConsumers are not satisfied enough with p

23、roducts to become repeat buyersUSD bn84xCosts still have to drop considerablySource:Based on most recent datasets from Climate Policy InitiativeUSD/kg2013202320132023Source:Survey of 5,971 respondents across six SE Asian countriesIn a 2023 survey of six Southeast Asian markets,consumers are waiting

24、for improvements before increasing plant-based meat consumptionNote:Log scale8APAC has capabilities to fuel sector growth from lab to scaleThe sector needs to fund R&D while de-risking the journey to large-scale production.Countries in APAC have capabilities to help the sector scale.Important altern

25、ative protein R&D is being led by Singapore,Japan,South Korea,and Australia.Singapore has created a world-class startup hub and shared testing facilities,and other countries in APAC can bring technologies to scale with competitive manufacturing.APAC is also a significant consumption market.APAC can

26、scale alternative proteins.Competitive food manufacturing leaders in the region include China,one of the worlds largest meat producers,and Thailand,the“kitchen of the world”and a globally leading meat exporter.The region has a young,cost competitive(and in SE Asia,growing)workforce.APAC is also a si

27、gnificant agricultural producer,and can tap into its natural assets to supply plant proteins for the industry.As many countries in APAC are also leading sugarcane producers and have domestic biofuel industries,the region also has potential infrastructure,inputs,and capabilities to serve fermentation

28、 and cultivated production.Singapore,Australia,South Korea,Japan,and China have together contributed 16 percent of all-time global public funding in the sector to date.In 2022 alone,regional public funding was 37 percent higher than all-time regional public funding up to 2021.This funding complement

29、s the strong research capabilities in these countries to drive innovation.The region has over 200 alternative protein startups which attracted almost a fifth of global sector private funding in 2022.Singapore stands out as an innovation testbed.It is home to almost a quarter of the regions startups.

30、The city-state has a network of shared facilities that can bring alternative protein innovations from the lab through to testing and de-risk them for scale-up.Countries in the region offer large consumer markets.APAC is home to 40 percent of the global population who,as they get richer,will eat more

31、 meat.China will be home to 400 million households in the upper-middle and higher income tiers by 2030,and SE Asia will add 51 million households.There is no path to climate safety without regional protein diversification.Average emissions from regional diets are 278 percent higher1 than what the wo

32、rld needs to adopt to stay within 1.5 degree climate targets.Meeting climate targets with nutritionally adequate diets can only be done by stopping growth in industrial livestock production by 2030,and diversifying protein production to 50 percent alternative proteins by 2060.Market growthResearch D

33、evelopment DemonstrateCommercialiseSCALE-UP ENGINEINNOVATION TESTBEDDEMAND CENTRER&D HUBSource:1 GFI analysis of supplementary data files from Kim et al.,2020;based on eight countries(China,Indonesia,Japan,Malaysia,the Philippines,South Korea,Thailand,Vietnam).Private investment drops as capital mar

34、kets wane,but governments triple y-o-y fundingYear-on-year sales rise by 16 percent in 2021 after record 34 percent growth in 2020More private capital is invested in the year of 2020 than in the entire sectors history9The global alternative protein sector has made huge progressSummary timeline of th

35、e global alternative protein sectorUSD bn sales%growthSource:Private investments based on GFI analysis of Pitchbook data.Sales based on Euromonitor data.10State of APACs alternative protein sector20+sector-dedicated shared facilities 200+startups15+plant-based brands launched by major incumbents2021

36、(USD million)2022(USD million)%growth(2021-2022)APAC as share of global(2022)Public funding30.694M207%15%Private funding392562M45%19%400+sector research publications To date:GOVERNMENTSUPPORT11More public funding is needed for alternative proteins so products can improve and scale.An eight percent g

37、lobal market share of alternative proteins by 2030 would reduce GHG emissions equivalent to decarbonising 95 percent of aviation.In 2022,all-time global public funding in the sector was about$1 billion USD.We need an estimated$10.1 billion USD per year to unlock the full benefits of alternative prot

38、eins.The time has never been more important for governments to step up their sector support.Venture funding has continued its precipitous fall for all sectors including alternative proteins in a challenging macro-environment.Global governments met this moment by ramping up sector funding commitments

39、 in 2022.APAC public funding increased by 207 percent compared to 2021,with Singapore,Australia,and South Korea all increasing their year-on-year investment.Singapore is one of the top five government funders of the sector globally,and Australia increased public funding by over 900 percent in 2022 c

40、ompared to all funding up to 2021.Despite this progress,public funding is nowhere near the level it needs to be.Singapore leads the world on novel food regulations,and other APAC countries are following suit.Singapore was the first country in the world to approve a cultivated meat product for commer

41、cial sale back in 2020.In 2022,it gave the first commercial approval of protein made from gaseous feedstocks,and in 2023,it made history again by granting the first regulatory approval for serum-free media for cultivated meat.A cultivated meat application is currently being assessed under Australia

42、and New Zealands existing novel food regulatory framework with an outcome expected in 2024,while development of relevant regulatory approval pathways are under development in Japan and South Korea,and as of 2023,Thailand and Malaysia as well.”12The world cannot decarbonise without alternative protei

43、nsGlobal climate targets with full decarbonisation of all non-food sector emissions by 2050 but business-as-usual food sector emissionsEven if fossil fuel emissions were immediately halted,current trends in global food systems would prevent the achievement of the 1.5C target and,by the end of the ce

44、ntury,threaten the achievement of the 2C target.Meeting the 1.5C target requires rapid and ambitious changes to food systems as well as to all non-food sectors.Clark,M.A.et al.(2020)Cumulative emissions(Gt CO2e)Source:GFI analysis based on supplementary data files from Clark,M.A.et al.(2020)13Meat p

45、roduction contributes 15 percent of global GHGs but alternative proteins account for less than 0.5 percent of global climate financingENERGYINDUSTRYTRANSPORTBUILDINGSMEAT PRODUCTIONOTHER AGRI15%32.5%7%39%6%25%15%5%24%53%34%of global climate financing(2020 average)2%of global GHG emissions1$658Bof cl

46、imate financing goes to alternative proteins456 GT CO2-eqAlternative proteins are not being funded in line with their climate potential.Food and agriculture makes up between a quarter and a third of global GHG emissions,but the sector received about 3 percent of global public and private climate fin

47、ancing in 2020.Livestock emissions make up about 14.5 percent of global GHGs.Alternative proteins significantly reduce these emissions but they received just 0.5 percent of climate financing in 2020.The sectors share of APACs climate financing was just 0.1 percent.Source:1 Based on IPCC for all sect

48、ors;meat production share from Poore and Nemecek(2021).2 Based on most recent sector-specific datasets from Climate Policy Initiative.Financing for“other”and“unknown”categories are excluded.Waste-related/ICT categories are grouped under“Industry”.3 Figures are lower-bound estimateshigh-end estimates

49、 for AFOLU is 37 percent,and meat production 17 percent.4 Figures for alternative proteins from GFI analysis of policy and Pitchbook data.0.5%2020 GLOBAL CLIMATE FINANCING1ALL-TIME ALTERNATIVE PROTEIN FINANCING214More public financing is urgently needed$333.1BPUBLIC50%58%42%7%93%12%88%50%$331.7B$118

50、.3B$166.2B$14.2B$1B$1.2B$0.2BPRIVATEAlternative protein funding pales in comparison to the level of public support seen for climate financing for other climate solutions.Governments funded over half of the total global public and private climate financing that went to all sectors in 2020.This share

51、of about half has been consistent over the past decade.Early public support for other climate solutions has been critical to crowd-in the private sector,shape market conditions,and unlock sector-wide breakthroughs.Such government support in other sectors has paved the way for the establishment of co

52、mpetitive industries like renewables,which today has a seven times higher return on investment than fossil fuels.Alternative proteins need significantly more public support as a share of sector investment in the early years of sector scale-up.As of 2022,all-time private funding for alternative prote

53、ins was$14.2 billion USD globally,and government funding was about$1 billion USD.The 7 percent share of public funding(12 percent in APAC)as a percentage of total financing is much less than the over 50 percent seen for other climate solutions globally and regionally.Source:1 Based on most recent se

54、ctor-specific datasets from Climate Policy Initiative.2 Alternative protein financing from GFI analysis of policy and Pitchbook data.”15To achieve 1.5 degrees,$10.1B is needed in annual public fundsEstimated annual public investment to achieve 1.5C targetsActual public sector investmentGap between a

55、ctual and estimated public funding needed to unlock the full benefits of alternative proteins for meeting global 1.5C climate targetsPublic support should be focused on creating an environment in which the private sector can invest with greater confidence and at a lower cost.Cost,affordability,regul

56、atory,and consumer acceptance barriers add extra risks to investor decisions,which can prevent the investment landscape from reaching its full potential.Global Innovation Needs Assessments(GINA)on protein diversity(2021)USD bn/yearSource:1 Based on estimates in the Global Innovation Needs Assessment

57、s(GINA)on protein diversity,with amendments made to the 2020 starting year forecast to account for the funding shortfall in the years 2021-22 as per the estimated need.A growth rate is applied to assume gradual increase of funding.Dotted line indicates transition to level of estimated funding needs.

58、16“It is necessary to expand from traditional crops and livestock and poultry resources to more abundant biological resources,develop biotechnology and bio-industry,and seek energy and protein from plants,animals,and microorganisms.”President Xi Jinping,ChinaMarch 2022The significant step-up in inve

59、stment is an expression of our commitment to food securityAlternative protein is a promising area to meet Singapores food and nutrition needs in an urban environment.”Deputy Prime Minister Heng Swee Keat,SingaporeOctober 2022The sector has gained high-level policy endorsement”Foodtech,including cell

60、ular foods,is an important technology from the perspective of realising a sustainable food supply.We have to support efforts that contribute to solving the worlds food problems.”Prime Minister Fumio Kishida,JapanFebruary 202317Global governments stepped up their support in 2022 All-time funding$1B63

61、22021098468M94M+37%APAC estimated public funding for alternative proteins(USD million)Global estimated public funding for alternative proteins1All-time government funding likely surpassed$1 billion USD as of 2022.1 Governments have funded about 180 projects globally in the sector to date.More than a

62、 third of these were in 2022.APAC public investment in the single year of 2022 was 37 percent higher than all-time invested capital up to 2021.All-time public investment in APAC is estimated at$162 million as of 2022,about 16 percent of all-time global public funding.USD milSource:1 Based on GFI ana

63、lysis of publicly announced government funding;numbers here are estimates within a range;rounded to nearest million.Starting date based on year of announcement.Totals have been estimated where grant funding/programmes have been multi-sector.18SINGAPORE In 2022,Singapore injected a further$123 millio

64、n USD to Phase 2 of the Singapore Food Story(SFS)R&D programme which has alternative proteins as one of its four pillars,bringing total SFS funding since the programme was launched to$230 million USD.Another grant was given in 2022 by the Singapore Israel Industrial R&D Foundationa bilateral develop

65、ment agency collaborationto support Israels Steakholder Foods and Singapores Umami Bioworks to co-develop 3D-printed fish.AUSTRALIA In 2021,the Australian Commonwealth Government awarded a$1 million AUD grant to Change Foods,a precision fermentation startup,in partnership with the Queensland Univers

66、ity of Technology(QUT)to create a platform for upcycling sugarcane waste(bagasse)as a feedstock for precision fermentation to drive down the costs of animal-free dairy production.SOUTH KOREA In 2021,South Korea announced the$13.5 million USD Green Bio Fund which mentioned plant-based and cultivated

67、meat as key programme components.In 2022,South Korea awarded a$15 million USD grant to SpaceF,a cultivated meat startup,as part of the Ministry of Trade,Industry and Energys Alchemist Project to scale equipment for cultivated meat commercialisation.SINGAPORE In 2021,the Temasek-backed company Nurasa

68、 and national R&D agency A*STAR committed to invest$22 million USD over three years into infrastructure and services for alternative protein startups.In 2022,Nurasa opened the Food Tech Innovation Centre(FTIC)to support startups and provided investment to set up both a precision fermentation and a p

69、lant-based co-manufacturing facility.AUSTRALIA In 2021,the University of Queensland-led Food and Beverage Accelerator(FaBA)was awarded a$33 million USD grant to boost alternative protein innovation.The programme is expected to attract$1 billion in regional investment into F&B manufacturing and creat

70、e 15,000 jobs by 2030.A FaBA consortium partner,Change Foods,was awarded a multimillion-dollar grant for commercialisation support for their precision fermentation products.SOUTH KOREA In 2022,South Korea gave an undisclosed technology commercialisation support grant to Intake,a startup focused on r

71、aw meat texturisation for plant-based pork.It also gave an undisclosed grant to Thyssen Biopharmaceuticals,a company making alternative meat using 3D printing.All-time APAC public funding$162M$78MAPAC RECENT FUNDING HIGHLIGHTSR&D fundingCommercialisation funding$85MGovernments in APAC are goingbeyon

72、d R&DMalaysia selects cultivated meat as a core strategic:prime program&future technology as part of an update to Malaysias National Biotechnology Policy 2.0(NBP 2.0)for 2022-2030 under the remit of the Ministry of Science,Technology and Innovation,and the Bioeconomy Corporation.Chinas President Xi

73、Jinping mentions protein diversification at the Two Sessions to support national food security,and the nations first-ever five-year plan for the bioeconomy called for exploring alternative proteins as novel foods.Thailand holds its first cultivated meat regulatory roundtable coordinated by the Natio

74、nal Center for Genetic Engineering and Biotechnology(BIOTEC)to support the Food and Drug Administration to develop a national regulatory framework for the sale of cultivated meat,targeted for 2024.Singapore marks a world-first regulatory approval by giving the Finnish startup Solar Foods approval to

75、 sell its protein made from gas fermentation in Singapore,which went on to have the first tasting event in 2023.The Prime Minister of Japan announces plans to develop a cultivated meat industry as an important part of reducing the countrys carbon footprint.In December 2021,Chinas Ministry of Agricul

76、ture and Rural Affairs included cultivated meat in its five-year plan.It provides a blueprint for strengthening innovation in“frontier and cross-disciplinary technologies”and clear guidelines for developing the protein industry and related technologiesSouth Koreas Ministry of Food and Drug Safety(MF

77、DS)forms a discussion group with industry to understand the cellular agriculture production process.MFDS also publishes a draft regulatory framework for fermentation-derived meat,which is expected to be finalised in 2023.The Asia-Pacific Society for Cellular Agriculture(APAC-SCA)and Japan Associatio

78、n for Cellular Agriculture(JACA)sign an MOU to coordinate regional regulatory development.The Singapore Food Agency(SFA)grants manufacturing firm Esco Aster a license to manufacture cultivated meat products that have received SFA approval,giving cultivated meat companies the option to contract their

79、 manufacturing to an approved facility rather than build their own.The Food Ministers Meeting(FMM)affirms the Food Standards of Australia and New Zealands(FSANZ)view that existing Food Standards Code and labelling requirements can regulate cultivated meat and precision fermentation.An MOU to form a

80、national cellular agriculture cluster is led by the North Gyeongsang Province in South Korea with 28 signatories including city governments,academia,and corporates.The region also has a Cell-Ag Industry Promotion Strategy to link the vaccine,drug,cosmetics,and bio industries.Japans Ministry of Agric

81、ulture,Forestry,and Fisheries(MAFF)launched the Food Tech Public-Private Council,a public-private group comprising over 150 companies to support the food industry and strengthen Japans food security through technology.The Japan Association for Cellular Agriculture(JACA)submits guidelines and recomme

82、ndations covering legal definitions of cultivated foods,food labelling,and safety.The Ministry of Agriculture,Forestry and Fisheries also announces an initiative to support the development of alternative proteins,including fermentation-based meat.Singapore makes another world-first regulatory approv

83、al,with GOOD Meat receiving approval from SFA for serum-free media for cultivated meat.19202320212022Governments are implementing supportive policy frameworks20R&DECOSYSTEMAPAC is home to world-class research institutes which have continued their efforts to accelerate foundational plant-based,fermen

84、tation,and cultivated research for alternative proteins.Over 400 publications have been published since 2020,almost a third of which were in Q1-2 2023.Singapore is home to three of the regions five most active research centres.Nationally funded multi-institutional research programmes that bring toge

85、ther local institutes of higher learning(IHLs),universities,and research institutes are essential in driving R&D and innovation to overcome industry bottlenecks.As example of this is the CentRe of Innovation for Sustainable banking and Production of cultivated Meats(CRISP Meats)hosted at the Agency

86、for Science,Technology and Research(A*STAR).Funded by the Singapore Food Story(SFS),this programme is seeking to help address the cell line accessibility gap for cultivated meat production by facilitating research collaborations between academic and industry stakeholders.Region-specific research is

87、needed to close R&D gaps.From regional climates and landscapes,to existing dietary patterns and consumer demands in flavours and food formats,to the socio-economic conditions that shape the costs and functioning of supply chains,there are many specific issues that influence how alternative proteins

88、are produced,manufactured,sold,and consumed in the APAC region.Significant headway needs to be made to conduct targeted research that takes into consideration such regional conditions and needs.Research gaps include alternative seafood,which is Asias most consumed protein but is comparatively neglec

89、ted in the research literature,to locally-grown crops which are under-researched for their potential as ingredients and inputs for the alternative protein industry.Sector research publicationsPlant-basedFermentationCultivatedCross-pillarGFI grantMost active research centres#projects451615151221There

90、 have been 400+alternative protein-related research publications in APAC since 2020.1 About a third of these were in Q1-2 2023.China has carried out the most research for each pillar.Singapore has three of the regions five most active research centres,followed by Australia.Source:1 Based on targeted

91、 word search across multiple publication search engines.May omit capture publications outside of this targeted word search and industry R&D publications.For China,only 2022-23 publications are included.JAPANTHAILANDSINGAPORESOUTH KOREACHINAINDONESIAMALAYSIAAUSTRALIA2831225448211633303201232200242621

92、01142132251445201201Most projects:Most projects:Most projects:Most projects:Most projects:Most projects:Most projects:Most projects:6CULTIVATEDJapan|2022 Developed dedifferentiated fat cells from mature bovine adipocytes and studied the effects of volatile fatty acids on adipogenic differentiation.S

93、ingapore|2022 Reported the exposure of myoblasts to pulsed electromagnetic field-exposure as a technique to stimulate secretome production and enhance myogenesis.Japan|2022 Found a nutrient extract from Chlorella vulgaris supported the growth of primary bovine myoblast cultures and can be used as an

94、 alternative to conventional media.Japan|2022 Established a circular cell culture system in which microalgae are used as a nutrient supply for mammalian myoblasts and also act as a waste-medium recycler.Japan|2022 Established an immortalised fish fibroblast-like cell line from a waste product(filefi

95、sh fins)and characterised the morphological features and differentiation potential of the cellsJapan|2022 Developed a scaffold-free“cell sheet”technique to produce a cultivated meat prototype using bovine myoblasts.South Korea|2022 Found that coating textured vegetable protein with fish gelatin and

96、agar improved the textural and cell adhesive properties of the edible scaffold.Singapore|2022 Demonstrated the potential of edible 3D-printed prolamin scaffolds in supporting proliferation and differentiation of muscle-derived cell types.Media and culture optimisationSelected regional publications i

97、n 2022-23FERMENTATIONChina|2022 Screened a set of small peptides to determine the best secretory pathway activators in P.pastoris to improve protein secretion.China|2022 Reported the development of a P.pastoris strain with the highest leghemoglobin titer in a 10L bioreactor(up to 3.5 g/L)reported in

98、 the literature.China|2022 Assessed the production of single-cell protein by fermenting potato starch processing wastewater(PSPW)with different yeast strains and reported an optimised resource-recycling workflow for PSPWChina|2022 Found that a novel rectangular dynamic membrane airlift bioreactor wa

99、s superior to a conventional cylindrical airlift bioreactor under both batch and continuous fermentation modes.Japan|2022 Developed a filamentous fungi strain that is well suited to grow in liquid shake cultures and enables easier quantitative growth monitoring to improve upstream productivity.China

100、|2022 Demonstrated that co-culture fermentation of M.plumbeus and B.subtilis led to a marked increase in production of fungal lipids,fats,and total fungal biomass.Singapore|2022 Developed a method to improve the production of edible oils from the microalgae Chromochloris zofingiensis,which can poten

101、tially be used as alternatives to palm oil.Strain developmentBioprocess developmentsBioprocess designFeedstocksPLANT-BASEDThailand|2023 Conducted metabolite profiling of the leaves of a fast-growing medicinal plant to identify novel compounds as a source for umami flavours.New Zealand|2022 Explored

102、the impact of 3D printing on animal-and plant-based blends,and found adding 20 percent chicken mince achieved better printability and structure.China|2022 Studied the impact of the inclusion of microalgae on plant-based meat and found an improved nutritional profile and positive sensory evaluation r

103、esults.Malaysia|2023 Reviewed a range of methods to reduce anti-nutrients and address bioavailability challenges of plant-based foods without affecting their physicochemical and nutritional aspects.Taste and textureAustralia|2023 Studied solid-state fermentation as an effective method to reduce alle

104、rgenicity of legume-based proteins.NutritionCell line developmentScaffolding and bioprocess designChina|2023 Demonstrated the potential of gellan gum-gelatin scaffolds with Ca2+crosslinking for constructing a structured cultivated meat model.China|2022 Demonstrated that a natural compound,naringenin

105、,promoted cell differentiation in vitro and increased the content and maturity of generated myotubes.China|2022 Described the use of an economical combination of pronase and dispase II enzymes to isolate porcine muscle stem cells at high purity and promote their myogenic properties through pre-plati

106、ng.China|2023 Showed the creation of compounds with umami flavour and low bitterness from a wheat gluten Maillard reaction.Japan|2023 Demonstrated an enzymatic method to reduce the off-flavours in plant-based patties via a cyclodextrin mechanism as a potential clean-label solution.China|2023 Identif

107、ied specific soy protein isolate(SPI)characteristics and extrusion parameters that can improve the final extrudate texture.22Alternative protein educationSingapore is the regional centre for further education in alternative proteins,and has offered seven courses across academic institutions.These co

108、urses span undergraduate,graduate,continuing education,and professional training.Australia has one elective course on cultivated meat.In 2023,corporates have begun to partner with academic institutions to offer joint educational and internship programmes.The number of APAC-based student communities

109、in GFIs Alt Protein Project doubled to six in 2023.These student-led groups at leading regional universities are driving the development of academic ecosystems for alternative proteins by raising awareness,holding events,building communities,and accelerating research and education.Alternative protei

110、n student groupsOnline webinar|Webinar on 3D food printing1-day course|Introduction to alternative protein and cultivated foodsUndergraduate module|Introduction to advanced meat alternativesContinuing education and training|High-moisture extrusion course at FoodPlant Professional training courses|Cu

111、stomisable courses at Food Innovation and Resource Centre(FIRC)Undergraduate projects|Final-year projects to develop local future foods202220222022202320232023Undergraduate and graduate module|Intro to advanced meat alternativesUndergraduate and graduate module|Tissue engineering for designing foodF

112、ounding year:Elective course|Vertically Integrated Projects:Cellular Agriculture23OPPORTUNITYMapping animal cell metabolism to optimise media formulationThe cost and environmental impact of cultivated meat are driven by the cell culture media formulation and its conversion efficiency into meat.Metab

113、olic modeling and engineering techniques can aid mediaCULTIVATEDSpecies-agnosticCell culture mediaOPPORTUNITYPlant-based category marketThe cost and environmental impact of cultivated meat are driven by the cell culture media formulation and its conversion efficiency into meat.Metabolic modeling and

114、 engineering techniques can aid mediaCULTIVATEDSpecies-agnosticCell culture mediaOPPORTUNITYGuaranteed offtake contracts for products and ingredientsThe cost and environmental impact of cultivated meat are driven by the cell culture media formulation and its conversion efficiency into meat.Metabolic

115、 modeling and engineering techniques can aid mediaCULTIVATEDSpecies-agnosticCell culture mediaOPPORTUNITYMapping animal cell metabolism to optimise media formulationThe cost and environmental impact of cultivated meat are driven by the cell culture media formulation and its conversion efficiency int

116、o meat.Metabolic modeling and engineering techniques can aid mediaCULTIVATEDSpecies-agnosticCell culture mediaOPPORTUNITYMapping animal cell metabolism to optimise media formulationThe cost and environmental impact of cultivated meat are driven by the cell culture media formulation and its conversio

117、n efficiency into meat.Metabolic modeling and engineering techniques can aid mediaCULTIVATEDSpecies-agnosticCell culture mediaOPPORTUNITYMapping animal cell metabolism to optimise media formulationThe cost and environmental impact of cultivated meat are driven by the cell culture media formulation a

118、nd its conversion efficiency into meat.Metabolic modeling and engineering techniques can aid mediaCULTIVATEDSpecies-agnosticCell culture mediaOPPORTUNITYFiber spinning innovations for improved plant protein texturizationFibers from non-traditional texturization techniques like electrospinning,jet sp

119、inning,or blow spinning could impart texture throughout a product even if they dont comprise the bulk of the end product,which may render these approaches economically viable for enhancing texture within a bulk product even at a relatively small scale.PLANT-BASEDSpecies-agnosticCell culture mediaOPP

120、ORTUNITYOpen-access product formulation specification sheetsThe cost and environmental impact of cultivated meat are driven by the cell culture media formulation and its conversion efficiency into meat.Metabolic modeling and engineering techniques can aid mediaCULTIVATEDSpecies-agnosticCell culture

121、mediaOPPORTUNITYDevelopment and industry-wide adoption of standards for meat characterizationThe cost and environmental impact of cultivated meat are driven by the cell culture media formulation and its conversion efficiency into meat.Metabolic modeling and engineering techniques can aid mediaCULTIV

122、ATEDSpecies-agnosticCell culture mediaOPPORTUNITYOpen-access product formulation sheetsThe cost and environmental impact of cultivated meat are driven by the cell culture media formulation and its conversion efficiency into meat.Metabolic modeling and engineering techniques can aid mediaCULTIVATEDSp

123、ecies-agnosticCell culture mediaOPPORTUNITYMapping animal cell metabolism to optimise media formulationThe cost and environmental impact of cultivated meat are driven by the cell culture media formulation and its conversion efficiency into meat.Metabolic modeling and engineering techniques can aid m

124、ediaCULTIVATEDSpecies-agnosticCell culture mediaOPPORTUNITYMapping animal cell metabolism to optimise media formulationThe cost and environmental impact of cultivated meat are driven by the cell culture media formulation and its conversion efficiency into meat.Metabolic modeling and engineering tech

125、niques can aid mediaCULTIVATEDSpecies-agnosticCell culture mediaOPPORTUNITYPlant-based analytical characterization servicePlant-based food manufacturers often struggle with batch-to-batch ingredient inconsistency and variability between suppliers.Better analytical tools for predicting plant-based in

126、gredient performance could improve manufacturing efficiency and create more transparent ingredientPLANT-BASEDSpecies-agnosticCell culture mediaOPPORTUNITYHybrid products to optimise taste,nutrition,cost,and sustainabilityHybrid products are a promising means to improve the cost and sustainability of

127、 animal-derived meat while improving the taste of plant proteins.Promoting the health benefits of hybrids may facilitateFERMENTATIONSpecies-agnosticCell culture mediaOPPORTUNITYMapping animal cell metabolism to optimise media formulationThe cost and environmental impact of cultivated meat are driven

128、 by the cell culture media formulation and its conversion efficiency into meat.Metabolic modeling and engineering techniques can aid mediaCULTIVATEDSpecies-agnosticCell culture mediaOPPORTUNITYMapping animal cell metabolism to optimise media formulationThe cost and environmental impact of cultivated

129、 meat are driven by the cell culture media formulation and its conversion efficiency into meat.Metabolic modeling and engineering techniques can aid mediaCULTIVATEDSpecies-agnosticCell culture mediaOPPORTUNITYMapping animal cell metabolism to optimise media formulationThe cost and environmental impa

130、ct of cultivated meat are driven by the cell culture media formulation and its conversion efficiency into meat.Metabolic modeling and engineering techniques can aid mediaCULTIVATEDSpecies-agnosticCell culture mediaOPPORTUNITYMapping animal cell metabolism to optimise media formulationThe cost and en

131、vironmental impact of cultivated meat are driven by the cell culture media formulation and its conversion efficiency into meat.Metabolic modeling and engineering techniques can aid mediaCULTIVATEDSpecies-agnosticCell culture mediaOPPORTUNITYMapping animal cell metabolism to optimise media formulatio

132、nThe cost and environmental impact of cultivated meat are driven by the cell culture media formulation and its conversion efficiency into meat.Metabolic modeling and engineering techniques can aid mediaCULTIVATEDSpecies-agnosticCell culture mediaOPPORTUNITYMapping animal cell metabolism to optimise

133、media formulationThe cost and environmental impact of cultivated meat are driven by the cell culture media formulation and its conversion efficiency into meat.Metabolic modeling and engineering techniques can aid mediaCULTIVATEDSpecies-agnosticCell culture mediaOPPORTUNITYMapping animal cell metabol

134、ism to optimise media formulationThe cost and environmental impact of cultivated meat are driven by the cell culture media formulation and its conversion efficiency into meat.Metabolic modeling and engineering techniques can aid mediaCULTIVATEDSpecies-agnosticCell culture mediaOPPORTUNITYFiber spinn

135、ing innovations for improved plant protein texturizationFibers from non-traditional texturization techniques like electrospinning,jet spinning,or blow spinning could impart texture throughout a product even if they dont comprise the bulk of the end productPLANT-BASEDSpecies-agnosticCell culture medi

136、aOPPORTUNITYMapping animal cell metabolism to optimise media formulationThe cost and environmental impact of cultivated meat are driven by the cell culture media formulation and its conversion efficiency into meat.Metabolic modeling and engineering techniques can aid mediaCULTIVATEDSpecies-agnosticC

137、ell culture mediaOPPORTUNITYMapping animal cell metabolism to optimise media formulationThe cost and environmental impact of cultivated meat are driven by the cell culture media formulation and its conversion efficiency into meat.Metabolic modeling and engineering techniques can aid mediaCULTIVATEDS

138、pecies-agnosticCell culture mediaOPPORTUNITYMapping animal cell metabolism to optimise media formulationThe cost and environmental impact of cultivated meat are driven by the cell culture media formulation and its conversion efficiency into meat.Metabolic modeling and engineering techniques can aid

139、mediaCULTIVATEDSpecies-agnosticCell culture mediaOPPORTUNITYHybrid products to optimize nutrition,taste,cost,and sustainabilityThe cost and environmental impact of cultivated meat are driven by the cell culture media formulation and its conversion efficiency into meat.Metabolic modeling and engineer

140、ing techniques can aid mediaCULTIVATEDSpecies-agnosticCell culture mediaOPPORTUNITYPlant-based scaffolds to improve cultivated meat nutritionThe cost and environmental impact of cultivated meat are driven by the cell culture media formulation and its conversion efficiency into meat.Metabolic modelin

141、g and engineering techniques can aid mediaCULTIVATEDSpecies-agnosticCell culture mediaOPPORTUNITYMapping animal cell metabolism to optimise media formulationThe cost and environmental impact of cultivated meat are driven by the cell culture media formulation and its conversion efficiency into meat.M

142、etabolic modeling and engineering techniques can aid mediaCULTIVATEDSpecies-agnosticCell culture mediaMore R&D is needed to target regional whitespaces24REGIONAL OPPORTUNITYMicrobial screening in APAC ecosystems to identify new protein production strainsThe microbial strains used in fermentation hea

143、vily affect the process,from taste to bioprocess scalability.A minimal number of strains are available for alternative proteins.Most research and screening being done to close this gap is focused on temperate regions,but comparatively little is known about the diversity of important groups of microo

144、rganisms in tropical ecosystems such as those in many parts of Asia.FERMENTATIONREGIONAL OPPORTUNITYDevelop seafood-specific research toolkits for cultivated seafood,including addressing stemness and proliferation in cell culturesAsia consumes 72 percent of global fish production and per capita cons

145、umption is double the global average.While species-specific research toolkits exist for many terrestrial animals,they are sparse for marine counterparts.Little is known about the biology of many aquatic species and cell types relevant to cultivated seafood,which hinders cell line development and cha

146、racterisation efforts.Closing these gaps will lower barriers to entry for researchers in this area of research.CULTIVATEDREGIONAL OPPORTUNITYRegional lifecycle assessments and techno-economic analyses Asia has the potential to be an alternative proteins manufacturing hub to further optimise cost-eff

147、icient production at scale.While TEAs have been done in other regions to identify key cost drivers and opportunity improvements,no TEAs have been done in any Asian country.In addition,no LCAs in any region have been conducted for alternative seafood,which is one of Asias most consumed proteins.PLANT

148、-BASEDFERMENTATIONCULTIVATEDFor GFIs full suite of global solution spaces,see Advancing Solutions for Alternative Proteins(ASAP)REGIONAL OPPORTUNITYIdentify crops and sidestreams that are well-positioned as inputs for alternative proteinsAPAC is the worlds largest producer of agricultural commoditie

149、s.Local crops are underexplored and could offer significant value as plant protein ingredients,such as mung beans.The sidestreams of crops produced in APAC could also provide valuable inputs for alternative protein production as protein ingredients,and for culture media inputs or feedstocks for ferm

150、entation and cultivated production.PLANT-BASEDFERMENTATIONCULTIVATED2425All-time private investment deals with disclosed amounts in APACs alternative protein sector have surpassed a total of$1 billion USD,but investment declined significantly in Q1-2 2023.Private sector alternative protein investmen

151、t climbed by 45 percent year-on-year to reach a height of$556 million USD investment in 2022.However,a broader downturn in macroeconomic conditions which has brought global venture funding for all sectors to a 13-quarter low,combined with progress that still needs to be made for alternative protein

152、products to reach taste,nutrition,and price parity,has created disillusionment in the market.Despite the drop,the majority of active investors in APAC see the long-term potential of alternative proteins and plan to continue making investments.Investments are diversifying across global regions,produc

153、tion pillars,and focus areas.In 2023,the top deals in the alternative protein sector shifted from plant-based to the cultivated and fermentation production pillars.Australia/New Zealand lead in all-time alternative protein private investments for every pillar in the region,followed by Singapore.PRIV

154、ATE INVESTMENT 26All-time private investment in APAC has surpassed$1 billionAPAC private investments in the alternative protein sector1Investment is significantly down in APAC in Q1-Q2 2023,mirroring the drop in global venture funding.The APAC region has captured a 9 percent share of global private

155、investments in the first half of 2023.APACs 2022 private investments increased by 45 percent compared the previous year,to hit$556 million USD.Investment for fermentation and cultivated in 2022 surpassed regional all-time totals for each.All-time APAC private investment$1.2BAustralia/New Zealand3072

156、8318715120399Singapore000656851703320Mainland China000136241528221South Korea01267554813132Hong Kong SAR00017210276Japan025072828071Other APAC200000.137011(Q1-2)Source:1Analysis of Pitchbook data.Note data only includes deals with disclosed amounts and is only a partial view of 2023(up to Q2);2 Incl

157、udes other countries for which investment data exists,in this case Indonesia and the Philippines.27$320M$132M$48M$399M$76M$28M$71MKeySINGAPORESOUTH KOREAHONG KONG SARJAPANAUSTRALIA/NEW ZEALAND$221M$152MMAINLAND CHINA$151M$170M$152M$48MN/A$28MAll-time and 2022 sector private investment (2010 to Q1-2

158、2023)All-time investment2022 only$11MOTHER2$7MC O U N T R I E S /R E G I O N SSource:1 Analysis of Pitchbook data.Note data only includes deals with disclosed amounts and is only a partial view of 2023(up to Q2);2 Includes other countries for which investment data exists,in this case Indonesia and t

159、he Philippines.ESG mandates28Sector investors in APAC are committed for the long-term“Do you expect to continue investing in alternative proteins in 2023?”“What deal stage in 2023 are you planning to invest in?”(APAC respondents n=35)In GFIs 2022 Annual Investor Survey,35 respondents were either bas

160、ed in APAC,primarily invested in APAC,or shifting their focus to the APAC region.Despite the challenging global investment climate,94 percent of those surveyed in this group expected to continue investing in the sector.Deal type“How important are ESG factors and potential impact for your investment

161、decision-making?”(APAC respondents n=35)Source:1 Analysis of Pitchbook data.Note data only includes deals with disclosed amounts and is only a partial view of 2023(up to Q2);2 Includes other countries for which investment data exists,in this case Indonesia and the Philippines.29“The alternative prot

162、ein sector has demonstrated success in at least one segment,plant-based milk,where it commands a 16 percent market share in the U.S.As fermentation and cultivated technologies come online,products will improve further.Innovation continues to thrive with new technologies and product formats.The alter

163、native protein sector is addressing key long-term issues such as climate change,a protein shortage due to the rising population,and a consumer desire for healthy eating.While sector headwinds will abate as they reflect short-term changes,these long-term trends will fuel industry growth for decades t

164、o come.We continue to deploy capital at a steady pace and remain excited about the long-term potential of the sector.Challenging times give rise to resilient founders to create disruptive companies with a strong foundation.”Gautam Godhwani|Managing Partner,Good StartupA Singapore-based venture capit

165、al firm focused on the alternative protein sector with over 25 investments across seven countries.”“Asia Pacific is the region with largest share of the global meat,seafood,and dairy production.And the protein market continues to grow,driven by increases in population and affluence.This arguably mak

166、es APAC the most important and the most attractive region for alternative protein investments,both from an impact and potential return perspective.That is why we focus on Asia Pacific,and despite the slowdown in overall VC funding,we have invested in around 10 innovative startups from across APAC in

167、 2023 alone.”Michal Klar|Founding Partner,Better Bite VenturesThe first alternative protein fund dedicated to APAC,which invests primarily at founding,pre-seed,and seed stages.”2930Investment has been diversifying across regions and pillarsBY REGION,investment has been diversifying.Between 2010-21,7

168、3 percent of sector investment was in North America,and only six percent was in APAC.In 2022,APACs share increased to 19 percent.As of Q2 2023,APAC has attracted 9 percent of 2023 investment.BY PILLAR,plant-based has a declining investment share in APAC.Regional investment in fermentation and cultiv

169、ated in 2022 surpassed previous all-time totals for each.Plant-based investment has declined from an average of 74 percent in the years up to 2021 to 26 percent as of Q2 2023.Global sector investment by regional share of totalAPAC sector investment by sub-sector share of totalSource:1 Analysis of Pi

170、tchbook data.Note data only includes deals with disclosed amounts and is only a partial view of 2023(up to Q2).ANNUAL PRIVATE INVESTMENTALL-TIME INVESTED CAPITAL SUMMARY OF PRIVATE SECTOR INVESTMENTSJapanSouthKoreaAustralia/New ZealandMainlandChinaSingapore31Countries are becoming investment hotspot

171、s for different pillarsPlant-basedCultivatedFermentationDeal countSingapore was a first mover in the region and attracted$56 million USD to the sector in private capital in 2020.That included almost half of cultivated investment and all of the precision fermentation investment in the entire APAC reg

172、ion in that year.Private funding in other countries has since increased significantly,especially for fermentation and cultivated.Australia/New Zealands all-time invested capital in fermentation was$90 million USD as of Q2 2023,surpassing the$83 million USD in the rest of the region combined.Australi

173、a/New Zealand also lead in all-time cultivated investment at$59M USD,followed by South Korea with$50 million USD.Singapore led the region as an early investor in all three pillars of alternative proteins.Plant-based continues to dominate in terms of all-time investment,with the peak in 2022 driven b

174、y two deals($100M in TiNDLE Foods and$63M in Oatside).While plant-based dominates all-time investment,Japan was an early investor in cultivated meat.Almost a quarter of all-time private sector investments in Japan are in the cultivated sector.South Korea has emerged as a leader in cultivated investm

175、ents in the region with all-time investment at$50 million USD as of Q2 2023.Investment in cultivated has continued into 2023.Australia/New Zealand have attracted diversified investment,especially for fermentation.97 percent of fermentation investment has gone into precision fermentation and the rest

176、 in plant molecular farming,an emerging production platform.Plant-based dominates all-time investments in Mainland China.The biggest deal to date was in 2022 with an$100M investment in the plant-based company Starfield.$54M$17M$0$70M$50M$12M$249M$59M$90M$244M$35M$41M$147M$44M$30MSource:1 Analysis of

177、 Pitchbook data.Note data only includes deals with disclosed amounts and is only a partial view of 2023(up to Q2).32Top 2023 deals were in the cultivated and fermentation pillarsCOUNTRYROUNDDEAL SIZECATEGORYDESCRIPTIONSouth KoreaSeries ACultivatedProducing cultivated seafood with a focus on shrimp a

178、nd caviar.AustraliaSeed Precision FermentationBuilding a process to scale up precision fermented prototypes to commercial quantities with a faster and lower cost of goods than other methods.AustraliaSeries APlant-basedProduces plant-based meat made from mushrooms that are minimally processed and fre

179、e from GMO,preservatives,and artificial ingredients.ChinaSeries ACultivatedProducing cultivated meat products for consumers in China and around the world.SingaporeSeedPlant-basedCreating whole-plant based meat using whole,biodiverse ingredients sourced from Asia,starting with jackfruit-based pork.In

180、 Q1-2 2023,there were 11 deals with disclosed amounts across APAC with a combined investment total of$47 million USD.This is a significant drop compared to the 29 deals and$376 million USD invested in Q1-2 2022.While in 2022 the top three deals in APACs alternative protein sector were all in plant-b

181、ased,the top three deals as of 2023 Q1-Q2 are one each in plant-based,fermentation,and cultivated.South Korea saw the biggest deal in the region with$13.1 million USD in cultivated meat.Top 5 dealsSource:1 Analysis of Pitchbook data.Note data only includes deals with disclosed amounts and is only a

182、partial view of 2023(up to Q2).33Ten major regional food companies have launched 15 in-house plant-based brands.Thailands biggest meat company,Japans biggest meat manufacturer,and South Koreas biggest food company are among the regional corporates active in the sector.Major meat companies along with

183、 regional conglomerates and other food and biotechnology companies have participated in over 20 investments and partnerships with startups.Corporate-startup partnerships are underway for end product development as well as B2B solutions,particularly culture media development.The region has over 200 s

184、tartups,with recently launched startups focusing on B2B solutions.In 2022,the number of B2B startups launched in APAC surpassed the number of B2C startups for the first time.The first plant molecular farming company has also been launched in the region to produce dairy proteins and fats in the seeds

185、 of oilseed crops.B2C companies have also emerged with new value propositions,including whole food plant proteins focused on nutrition benefits.Singapore is a critical player in the region that is helping global companies incubate,innovate,partner,and export their alternative protein solutions to th

186、e world.Singapore is home to 24 percent of the regions alternative protein startups.Over 25 non-local startups and corporates have set up in Singapore to conduct alternative protein R&D and develop their business.Four of the worlds top five food and nutrition companies,all of the top five flavour an

187、d fragrance companies,and all of the top five ingredient companies have a corporate base in Singapore.Shared R&D facilities and a supportive regulatory framework are enabling companies to bring their products from lab through to testing in the local market.FROM LAB TO PRODUCTRegional meat companies

188、are embracing protein diversification(non-exhaustive)34Plant-basedFermentationCultivatedOne of the worlds top five meat and fish producers(Thailand)The worlds biggest canned tuna processor(Thailand)Thailands second largest meat company Japans biggest meat manufacturer Japans second biggest meat manu

189、facturerSouth Koreas largest food company by salesOperates the worlds largest tuna fleet(South Korea)The Philippines second largest canned meat companyThe Philippines largestprocessed meat companyOne of the oldest shelf-stable meat brands(Ayam)in Asia Revenue(US$billion)Pre-2020202120222023 Not avai

190、lable Partnership/investment in:35Conglomerates as well as food and biotech companies are stepping in(non-exhaustive)Plant-basedFermentationCultivatedRevenue(US$billion)Pre-2020202120222023 Partnership/investment in:Major conglomerates Other food and biotech companies JapanJapanJapanJapanJapanJapanJ

191、apanSouth KoreaSouth KoreaThe Philippines 35ADM and Singapores Temasek-backed company Nurasa launched the joint venture ScaleUp Bio to provide contract development and manufacturing services for fermentation-derived ingredients in Singapore.Nurasa also partnered with the multinational Cremer to laun

192、ch a plant-based co-manufacturing company with high-moisture extrusion.Corporate capabilities are being unlocked in B2B partnerships(non-exhaustive)In 2023,Chinas cultivated meat startup CellX signed a strategic partnership with the equipment supplier Tofflon to develop equipment for cultivated meat

193、 and build a pilot production plant.South Koreas Daesang Corporation entered a strategic partnership with the domestic startup Xcell Therapeutics to supply animal serum-free cell culture media.Israeli cultivated meat startup SuperMeat entered a strategic partnership with Japans food giant Ajinomoto

194、in a partnership that marks Ajinomotos first move into cultivated meat,which will have an initial focus on developing low-cost and effective cell growth media.South Korean food company CJ CheilJedang entered the cultivated meat industry in 2022 through a partnership with cell culture media startup K

195、Cell Biosciences to construct a cell culture media facility in South Korea.36In 2023,Solar Foods announced a partnership with Ajinomoto which is the startups first partnership with a major global food brand to co-develop products made with Solein,a protein made using carbon dioxide and electricity.F

196、ermentationCultivatedWorlds biggest tofu manufacturer Pulmuone and cultivated meat startup Simple Planet,both from South Korea,partnered to develop hybrid products,aiming for a 2025 launch.37Startup-corporate partnerships are driving product innovation(non-exhaustive)Japanese plant-based company Nex

197、t Meats,their spinoff cultivated meat startup Dr.Foods,and Singapores cultivated fat startup ImpacFat signed an MOU to collaborate on product development in Japan and Singapore.Maruha Nichiro Corporation entered into a collaboration agreement with Umami Bioworks to accelerate cell-cultivated technol

198、ogy for seafood.Dutch cultivated meat company Meatable partnered with Singapores plant-based butcher Love Handle to launch a Future of Meat innovation centre to create hybrid meat products.Plant-basedThailands CP Foods partnered with Israeli cultivated meat startup Believer Meats to create a line of

199、 hybrid products for the Asian market.Thailands CP Foods partnered with the plant-based startup Lypid to create plant-based meat using Lypids encapsulated plant-based fat ingredient.Aleph Farms signed an MOU with South Koreas CJ CheilJedang to accelerate cultivated meat scale-up for the South Korean

200、 market.Japans Mitsubishi,which owns major salmon farming business Cermaq,partnered with BlueNalu to accelerate product and market development for cultivated seafood in Asia.Shiok Meats signed an MOU with Vietnamese shrimp producer Minh Phu Seafood to open a joint cultivated seafood R&D facility in

201、Vietnam.Australias Wide Open Agriculture(WOA)entered a supply partnership with Monde Nissin Australia which will offtake up to 60 percent of WOAs lupin-based protein ingredient.Hybridplant-based&cultivatedCultivatedJapanese food brand 2foods by TWO Inc.partnered with Japanese manufacturing company K

202、agome Co.to develop a plant-based egg substitute,a first for Japan.Pulmuone and BlueNalu strengthened their partnership to commercialise cell-based seafood in South Korea,including carrying out joint research projects on cultivated market trends.BlueNalu also strengthened a partnership on cultivated

203、 meat with Thai Union,Thailands biggest canned tuna producer.CULTIVATED STARTUPSSpotlight on Japan and South Korea38Industry players are driving R&D innovation(non-exhaustive)South Korean cultivated meat company CellMeat announced the development of its serum-free media CSF-A1 for cultivated meat,wh

204、ich it claims can grow cells up to 250 percent faster than FBS-based media or alternative animal-free options.Japanese cellular agriculture platform company IntegriCulture commercially released its cell-culture medium I-MEM which replaces animal-derived growth factors with food-grade replacements,wh

205、ich it claims reduces media costs by up to 98 percent.MEAT MANUFACTURERSJapans largest instant noodle manufacturer Nissin Foods has partnered with the University of Tokyo on cultivated meat R&D since 2017.The partnership has since produced Japans first edible cultivated meat,and has a target to deve

206、lop the technology for cultivated steak by 2025.The R&D team of Japans largest meat manufacturer Nipponham announced the development of a serum-free media in 2022 that they estimate will reduce the costs compared to a conventional product by 95 percent.39Cumulative number of APAC startups by alterna

207、tive protein pillarShare of APAC startups by country/region and alternative protein pillarAPAC is home to 200+startups1301811146#total companiesSource:2 Groups together other APAC countries/regions with less than ten alternative protein startups as listed in GFI APACs database(Hong Kong SAR,Taiwan,I

208、ndonesia,Vietnam,Malaysia,Philippines)2Source:1 GFI company database as of Q2 2023.Excludes alternative protein brands launched by corporates.40A shifting focus to B2B among new startups is a clear trend break In 2022,the number of B2B startups launched in APAC surpassed the number of B2C startups f

209、or the first time.While the number of startups launched is down in 2022,the share of B2B startups rose from 26 percent of the startups launched in 2021 to three-quarters in 2022.The emergence of a B2B marketplace is essential so B2C companies can specialise and scale.A lack of B2B inputs,equipment,a

210、nd services means B2C companies either lack access to solutions that could level up their products,or they have to go beyond their core to create their own solutions in-house.B2B-focused startups are the sign of a maturing industry and will support B2C companies to specialise and optimise for scale.

211、Share of B2B startupsSource:1 GFI company database as of Q2 2023.Excludes alternative protein brands launched by corporates.41CULTIVATED MEAT INPUTSCell type-specific microcarriers and complementary solutionsCell line supplier from New Zealand livestockALTERNATIVE FATPlant-based fat using encapsulat

212、ed fat technologyCultivated fat from fish stem cellsFERMENTATION-DERIVED INGREDIENTSProtein ingredients from microalgae and mycelium co-culturesMycoprotein ingredients through microbial technology platformPrecision fermentation and mycelium ingredients supplierNOVEL INGREDIENTS Fermentation-derived

213、protein from rice byproductsFermentation-derived protein from soy byproducts(okara)Fermentation-derived protein from fruit byproductsPlant-based cheese using soy byproducts(okara)MANUFACTURING PLATFORMSCultivated meat co-manufacturing platform servicesPrecision fermentation co-manufacturing platform

214、 services20 regional startups launched in 2022,mostly with B2B solutionsFermentation-derived protein from microalgaePlant-based and cultivated meatB2Cstartups:Microalgae-based proteinPlant-based whole foodsHybrid productsReady meals from mycelium(70/30 Food Tech)Protein ingredients from Wolffia,an a

215、quatic plant41Plant-based product focused on jackfruit Plant-based product focused on jackfruit Flavour catalyst technology for“vegan heme”from byproductsPlant-based fat for alternative protein products42B2B plant-based ecosystem in APACLeaf protein ingredients from crop byproducts and regenerative

216、plantsSupplier of a plant-based source of protein,WolffiaZero waste,enhanced nutrient extraction technology for ingredient and food manufacturersFormulation and food processing techniques and plant-based product developmentPlant-based version of heme acting as a flavour catalyst technologyPlant prot

217、ein formulations and processing technologies,as well as co-manufacturing and technical developmentProprietary platform that can process leaves of any type to extract Rubisco protein from leavesExtracts Rubisco protein from leaves in a form that is highly digestibleProvides premium grades of spirulin

218、a as an ingredient for plant-based productsProducer of nanocellulose to improve the texture of plant-based meatIngredientsProcessing technologiesFormulation and developmentAlternative fat(Euglena)Provides microalgae ingredients(Euglena and Chlorella)Source:GFI company database as of Q2 2023.43Fermen

219、tation ecosystem in APAC Biomass Fermentation(B2B)Precision Fermentation(B2C)Precision Fermentation(B2B)Traditional FermentationContract Manufacturing/CDMOBiomass Fermentation(B2C)Plant Molecular Farming*(70/30 Food Tech)Source:GFI company database as of Q2 2023.44Cultivated ecosystem in APAC Cell L

220、ine ProvidersScaffolds and Cell Culture SolutionsCultivated MeatBioreactorsCultivated SeafoodMedia Ingredients&Growth FactorsContract Manufacturing/CDMO*scaffolding alternative*breast milkSource:GFI company database as of Q2 2023.45Global private sector investment in 2022 by country totalSingaporean

221、 companies make up a 24 percent share of alternative protein startups in the region.Of the 200+startups known to GFI APAC,Singapore is home to 50 of them.Over half of Singapores sector startups are in plant-based,almost a third in cultivated,and the rest are in fermentation.Regional alternative prot

222、ein companies by country/regionSpotlight on SingaporeSingapore makes up 0.04 percent of global GDP,but attracted six percent of global private alternative protein investment in 2022.Singapore was the fourth biggest investment destination in the world for the sector in 2022,the third year in which Si

223、ngapore has been in the top ten.By sub-sector in 2022,Singapore was third globally for plant-based,10th for cultivated,and 12th for precision fermentation.Source:1 Groups together other APAC countries/regions with less than ten alternative protein startups as listed in GFI APACs database(Hong Kong S

224、AR,Taiwan,Indonesia,Vietnam,Malaysia,and the Philippines)1CultivatedFermentation46Singapore is a global testbed exporting R&D to the world(non-exhaustive)non-local alternative protein startups have an active presence in Singaporemajor corporates are conducting alternative protein innovation locallyn

225、on-local sector companies are partners to Singapores top research instituteshared lab,pilot,and scale-up facilities serving local and global startups14+5+12+15+A HUB FOR GLOBAL STARTUPSA BASE FOR GLOBAL CORPORATESA PARTNER FOR GLOBAL INNOVATIONAN INNOVATIONTESTBEDPlant-basedFermentationCultivatedIng

226、redientsEquipment suppliersTesting labs&pilot plantsCo-manufacturersFood companiesFlavour housesSingapore has a host of shared R&D facilities(non-exhaustive)DESCRIPTIONKEY EQUIPMENTCAPACITYThe Food Innovation&Resource Centre(FIRC)is a joint initiative between Singapore Polytechnic and Enterprise Sin

227、gapore,which provides pilot facilities,laboratories,and a test kitchen.High-moisture extrusion10/LThe Protein Innovation Centre is a collaborative project between equipment company Bhler and flavour house Givaudan that provides pilot facilities to develop plant-based products.High-moisture extrusion

228、350 kg/dayThe Food Tech Innovation Centre(FTIC)is a partnership between Nurasa and A*STAR that offers R&D and advisory,lab-to pilot-scale facilities,and potential investment support.Part of the FTIC,the Food Processing Joint Lab provides high-moisture extrusion&high pressure processing technology on

229、 a fee-for-service basis.High-moisture extrusion60 kg/hourPart of the FTIC,the Fermentation Joint Lab is a partnership between Nurasa,A*STAR,and the company ScaleUp Bio which provides lab-and demo-scale bioreactors for fermentation-based products.Bioreactor10-100LSingapore Institute of Technologys(S

230、IT)FoodPlant provides small-batch production facilities for food companies.High-moisture extrusion150 kg/dayThe KH Roberts and Leistritz collaboration offers pilot-scale extruders for product development of plant-based products.High-moisture extrusionThe Life Science Incubator is a co-working labora

231、tory for biotech and food companies.Bioreactor250ML-50LThe Monde Nissin Green Protein Hub provides small-batch production facilities for mycoprotein and plant-based product development.Testing centreInnovate360 supports agri-food tech startups with a range of services and R&D facilities.Pilot-scale

232、facilities for cultivated meat are also available from the startup Shiok Meats facility at Innovate360.Bioreactor10L-200L47Plant-basedFermentationCultivated Colour key48For alternative proteins to scale,they have to be cheaper.While innovations in ingredients and equipment will reduce the cost of al

233、ternative proteins,there is no way to reach price parity without scaling up production globally.APAC has supply chain capabilities to support affordable sector scale-up.Plant-based technologies have been proven to work at a large scale,but more technology innovation is needed to create products that

234、 compete with conventional meat.Ingredient innovation,new processing technologies,and hybrid products that pair plant-based technologies with products made from fermentation and cell-cultivation are promising paths to better products.But scaling these newer technologies will be risky and capital-int

235、ensive.The private sector cannot solve this scaling problem alone.New types of capital and collaborations between private,public,and philanthropic actors will be needed to accelerate the rapid scaling of alternative proteins.Smart scaling strategies are needed for the industry to bridge the affordab

236、ility gap as quickly as possible.Building factories cheaply and proving demand in early markets will help to make scale-up cheaper,easier to finance,and lower risk.Co-manufacturing organisations(CMOs)at various scales can support efficient sector scaling.Singapore has laid the foundations of a CMO n

237、etwork to de-risk early scale-up.First movers are exploring the scaling advantages of other countries in the region for later-stage co-manufacturing.Regional innovators are finding other ways to de-risk alternative protein scale-up,including modular scale-out,platform technologies,higher-value marke

238、ts,and targeted value propositions,to strengthen market adoption.FROM PRODUCT TO SCALEAPAC country assetsChina and Southeast Asia are manufacturing giants.China has the worlds largest workforce and is a manufacturing powerhouse,ranking first by share of global output in 16 out of 22 manufacturing ca

239、tegories,and second in the other six.After China and India,Southeast Asia is the worlds third largest workforce.It will add 23 million new workers by 2030 to its young and cost-competitive labour pool.Agri-food provides over half all jobs in Vietnam and more than 40 percent in Thailand,Indonesia,and

240、 the Philippinesof which 27 percent are in manufacturing or distribution.The blend of competitive costs,specialty skills,and relatively free access to Western and Asian markets in Southeast Asia makes it a prime candidate for manufacturing scale-up.49APAC has significant agricultural resources.The r

241、egion can tap into its potential to become a plant protein ingredient supplier for the industrya role Australia is already leaning into with the development of science and local processing facilities to turn domestic crops into value-added plant protein ingredients.APAC is also rich in biomass feeds

242、tocks.China,Thailand,and Indonesia are top ten global sugarcane producers and are home to several biorefineries,which could provide feedstocks and infrastructure capabilities for fermentation-derived and cultivated protein production.In 2022,Thailand became the home for Asias first second-generation

243、 biofuel production plant which uses sugar and cassava waste as feedstocks,a critical avenue of future development for the alternative protein industry.APACs supply chain solutions can help the sector scale affordablyAPAC is advancing its bio based economy.37 percent of the membership base of the Gl

244、obal Biofoundry Alliance come from APACfive in China,three each in Australia and South Korea,and one each in Japan and Singapore.The Chinese government unveiled its 14th Five-Year Plan for Bioeconomy Development in 2022,the South Korean government rolled out its Bio Economy 2.0 roadmap in 2023,and t

245、he Japanese government launched its Japan Bioeconomy Strategy in 2019.Thailand has also made the development of a Bio,Circular,and Green(BCG)Economy a central government priority.CapabilitiesResourcesCostsTalentPilotDemonstration First commercial ResearchMarket growth50Early scale-up hurdles must be

246、 overcomeAlternative proteins can compete in the market once quality products hit price parity and scale,but there is a“valley of death”to get there.For startups in areas like software,products can quickly be prototyped and start to generate revenue and scale.But many alternative protein innovations

247、 have to prove technological and economic viability at incrementally larger scales,as what works in a 100L lab fermenter may not work the same or at all in the industrial setting.This requires a lot more capital and riska combination not suited to most private investors.Even for alternative protein

248、technologies at higher stages of market readiness,such as plant-based extrusion,early products still have a“green premium”but compete in commodity protein markets where consumers are often not willing to pay more.This presents offtake risks which can prevent the crowding in of traditional growth cap

249、ital.Alternative proteins need money and support beyond the private sector to scale.Governments and the private sector need to work together to speed up the path to market for alternative proteins.Catalytic funding from the public sector,along with other concessionary capital sources like philanthro

250、py,can reduce the risks of marginally bankable projects and crowd-in private capital.Blended finance has been critical to building a bridge to bankability for impactful technologies in other sectorssuch as the supply-side mechanisms used to support renewables,as well as demand-pull mechanisms such a

251、s advance market commitments used to scale low-costpharmaceuticals and now carbon removal.GovernmentsIndustryVentureSoftwareAlternative proteinsConceptual overview of unique scale-up(top)and funding(bottom)needs for alternative protein startupsTypical capital provision at different growth stagesCash

252、flowTimeAll tech companies go through a valley between raising capital and generating revenue.Venture capital keeps companies afloat at this stage,and software can typically get through this stage quickly.As often in climate tech,many alternative protein technologies have a longer pre-revenue road t

253、o scale.The majority of private capital providers are not suited to fund these later growth stages.First valley of deathExpanding public funding beyond R&D and tapping into other government support mechanisms will be game-changing to help alternative protein innovations succeed at later stages in th

254、e pipeline and help them scale.Second valley of deathNote:For illustrative purposes only.Project financePilotDemonstration Market growthResearch51Shared facilities and co-manufacturing organisations(CMOs)can reduce the technology risks and capital needs associated with scaling.Significant know-how i

255、s required to navigate the process of moving from lab to pilot,demo,and eventually commercial scales.CMOs diversify risk and income streams by working with multiple paying customers,while they enable companies to focus on testing and iterating their technologies in an asset-light way.The first CMOs

256、are emerging in the region beyond the pilot scale,led by Singapore where government involvement has shared risks and costs with strategic corporates in many of these projects.Co-manufacturingHigh-value markets&platform technologiesModularityProduct-market fitDe-risking scaleNote:Non-exhaustive and r

257、efers to dedicated sector facilities only.Scale categories are indicative.Excludes in-house facilities that are also used for co-manufacturing,which is significant especially in the plant-based(downstream)industry.CULTIVATEDFERMENTATIONPLANT-BASEDFIRCBBFB(Fermbox Bio/BBGI)(TH)(under construction)Foo

258、d Innovation&Resource Centre(SG)SIT FoodPlant(SG)Esco Aster(SG)(scale-up facility underway)North Gyeongsang Cell-Ag Support Center(KOR)Cell AgriTech(MYS)(under construction)ScaleUp Bio(SG)National Biopharma Facility(TH)Bio Base Asia Pilot Plant(NSTDA)(TH)Buhler-Givaudan Innovation Centre(SG)Life Sci

259、ence Incubator(SG)Innovate360(SG)Cremer(SG)SGProtein(SG)Plant&Bean(TH)Cauldron(AUS)(under construction)ScaleUp Bio/A*STAR FTIC(SG)Nurasa/SIFBI FTIC(SG)Monde Nissin Green Protein Hub(SG)KH Roberts/Leistritz(SG)Provectus Algae(AUS)(scale-up facility underway)QUT Biocommodities Pilot Plant(AUS)Click on

260、 the facilities for more informationStartup partnerships52Singapore:CMO solutions for pilot,demo,and early commercial“ScaleUp Bio is a joint venture company of Nurasa,wholly owned by Singapores global investment company Temasek,and ADM,a nutrition leader.ScaleUp Bio is among the first in Asia,and of

261、 only a few in the world,that provides food-grade microbial and precision fermentation CDMO solutions to food tech startups.We offer two dedicated food-grade microbial and precision fermentation facilities in Singapore,from the R&D phase to capacities of up to 10,000 litres,as well as scientific and

262、 technical expertise,business advisory,and market entry support.”Strategic investorCMOCULTIVATEDFERMENTATIONPLANT-BASED“Nourish Ingredients is an Australian foodtech company creating potent,animalic fats that make plant proteins delicious.Its vital that companies are provided with the right commerci

263、alisation pillars to accelerate scalability.Singapore has for several years pioneered innovation in alternative proteins.We have entered a strategic expansion to Singapore to scale up our potent fat production.Our partnership with ScaleUp Bio will support 10,000L batches of fermentation capacity as

264、well as 100L of thermal processing to scale production of our speciality fats.”CurieCo is partnering with ScaleUp Bio to manufacture an enzyme product for food and beverage applications,which can replace methylcellulose and reduce salt in alternative meats,as well as enable gelation for alternative

265、dairy products.Singapore has a vibrant food-tech landscape and presents an interesting opportunity to collaborate in development of new products and access the food market in Asia.ScaleUp Bio has focused on bringing world-class fermentation assets and expertise to the operation,with the ability to s

266、eamlessly transition from R&D scale to larger commercial scale in close proximity.”Co-manufacturingHigh-value markets&platform technologiesModularityProduct-market fitDe-risking scaleCULTIVATEDFERMENTATIONPLANT-BASED53Thailand:CMO solutions for large-scale manufacturing“Fermbox Bio is a synthetic bi

267、ology research and manufacturing company developing and delivering sustainable product solutions by leveraging microbial fermentation and synthetic biology.Cultivated meat and alternative protein companies often require strategic partners to navigate the complexities of scaling up.Fermbox Bios cruci

268、al role in the process involves offering tailored support from the early stages of growth,recognising that scaling up is a phased progression rather than a one-size-fits-all approach,and adjusting our support accordingly.We provide clone-to-commercial-scale technology and manufacturing solutions tha

269、t cover the entire spectrum of product development,scale-up engineering,team building,and manufacturing operations.We bridge the expertise gap between product development and manufacturing infrastructure,ensuring that these companies can thrive and contribute to the evolution of sustainable food pro

270、duction.We see Thailand as a promising destination for the Synbio industry,backed by its abundant access to raw materials,strategic geographical advantage,and young and educated population including experienced professionals from related bio-based sectors.We hope to see policy initiatives that incen

271、tivise and safeguard tech transfers,investments,and intellectual property rights,alongside efforts in organised skill development,and innovation hubs to nurture local entrepreneurship.”CMO”Co-manufacturingHigh-value markets&platform technologiesModularityProduct-market fitDe-risking scaleAbove:Fermb

272、ox Bios“lab-to-launch”operating systemBelow:Fermbox Bios collaboration model54De-risking scaleIn some markets customers may be willing to pay a“green premium,”but many consumers are not willing to pay more for mass market food commodities.Just like offshore oil platforms did for the solar industry a

273、nd forklift trucks are doing for hydrogen fuel cells,niche markets are an important part of sustaining early scale-up phases in emerging industries.In alternative proteins,regional companies have developed platform technologies that can lower offtake risks for nascent industries by diversifying acro

274、ss multiple markets,while others are targeting higher-value niches to bridge the affordability gap while technologies are yet to move down the cost curve.“Initially we were really gung-ho about full spectrum milk,but bovine milk is traded on the market at$2 a gallon and we couldnt see a way to get t

275、o that point anytime soon using lactating mammalian cells.We were also working on producing growth factors for cultivated meat and milk to support our cell cultured milk programme,but over time we also pulled away from that to focus on high-value dairy ingredients.Whey protein trades on the market a

276、t about$1-3 per kilo and casein is around$13,but lactoferrin,a bioactive protein in human and bovine milk,is around$1,000 per kilo,so thats where we shifted our focus.But were also looking at human lactoferrin,human milk oligosaccharides(beneficial carbohydrates found in mammalian milk),and half a d

277、ozen high-value dairy proteins.”Fengru Lin|Founder and CEO TurtleTree“Algae-based ingredients offer supply chain solutions for the entire biomanufacturing industry.We have built a platform technology that is automated,cloud-enabled,and modular.We can scan thousands of species of algae to determine t

278、heir composition,then conduct fast selection and scaling without ever adapting our hardware or software.The early use cases we are exploring are high-value markets including bioactive cosmetics,methane reduction in agriculture,and specialty food ingredients including natural colours and binding agen

279、ts.One of the products we are really excited about is a livestock methane reduction product with the potential to reduce gigatons of greenhouse gas emissions globally.”Nusqe Spanton|Founder and CEO Provectus AlgaeCo-manufacturingHigh-value markets&platform technologiesModularityProduct-market fit55D

280、e-risking scaleSome regional innovators are developing modular technologies for a lower-risk and lower-cost approach to scale-up.Modularity can enable experimentation,and small can scale up and become big fast.Regional examples of companies taking this approach include modular CMO solutions that ena

281、ble fast deployment and fast iteration cycles that foster continual improvement,reduce costs,and mitigate risks.“We looked at the electric vehicle industry and saw how suppliers have disrupted the traditional idea of gigafactories with a micro-factory model.We realised this could work for plant-base

282、d.With the micro-factory,we deploy modular factories in proximity to our customers and this has drastically reduced our costsimporting frozen products from Malaysia to other countries is expensive and import duties are high.You also miss out on things like tax incentives and local content regulation

283、s that can be critical to reach price parity.Modularity has also opened up a new revenue stream for us.We typically start working with overseas distributors with our final product so they can test the momentum of final products in their market.With our micro-factory,we can now support them to set up

284、 a local production base in their country that is operational in a really short time.Then we give them our“blubag”which is our ingredient bundle that contains everything you need to manufacture our plant-based products.”“I believe that in this market there arent going to be too many A$200 million or

285、 A$300 million raises for precision fermentation startups to build their own plants.To me,thats a capital-intensive distraction;these companies should be asset-light.It makes much more sense for us to build smaller,smarter,cheaper facilities.There is a huge leap to go from the laboratory to approach

286、ing someone like ADM.So were seeing a lot of interest in that 10,000L capacity range where startups can create tons of products,not hundreds of tons,to get through the regulatory process,and see if there is a path forward.We have developed a continuous process to fermentation which enables a five-ti

287、mes increase in the amount of product were able to get out of a fermenter.Ultimately,what that means is we can build a 100,000L biomass reactor that will put out more product than a 500,000L batch fermentation line.Cauldron will serve as a regional powerhouse for production to ensure Australia plays

288、 a part in the future of agriculture and other industries.”Michele Stansfield|Founder and CEO Cauldron FermHigh-value markets&platform technologiesModularityProduct-market fitCo-manufacturingTom Hew|Chief Development Officer Alternative Proteins at BaseFood Sdn Bhd (MADEBETTERTM|RightSideTM brands)5

289、6De-risking scaleEarly markets can be found when the value proposition of alternative proteins is aligned with the needs of end users.On the demand side,companies are tapping into varying motivations for alternative proteins that bring value to consumersfrom health-focused products for the health-co

290、nscious,to taste-focused products with a bonus health benefit for consumers who dont want to compromise but need to eat healthier out of necessity.On the supply side,companies can align with the multiple reasons that food manufacturers have for seeking out alternative proteins,from cost to convenien

291、ce.“In plant-based,there are two customersend consumers and manufacturers.For end consumers,we entered plant-based because we realised getting people to eat without feeling guilty is a business.To distribute our products,we launched a franchise restaurant model called RightSide which is“feel good fa

292、st food”that promises healthier fast food without compromise.This taps directly into the problem we are facing in Malaysia.Malaysia is the most obese country in Asia.One in two adults are overweight or obese.Consumers want the real thing,but they face this barrier.Our promise to consumers is a no-co

293、mpromise solution that gives them what they want but with the benefit related to why they cant have the real thing in the first place.That is our formula to win in plant-based.Youve got to be obsessed with customers.Part of the reason we entered a franchise is that it gave us a direct line to consum

294、ers.We continuously get feedback to improve our products.Our products this month wont be the same as our products next month.For manufacturers,we realised some meat companies in the region are experiencing huge supply issues.We formulated a plant-based offering for manufacturers so they can create b

295、lended products by mixing their meat with our plant-based meat at an inclusion level that creates an almost identical product at a lower cost.It is really hard to convince a food manufacturer to start a fully plant-based product line tomorrow.Blended products gives them a stepping stone into the ind

296、ustry.For both of these markets,we are selling at price parity with conventional products.But when we started,we bought everything from the market.We quickly realised that was unviable.We needed price parity to be relevant for our end users.So we went back to first principles and identified critical

297、 building blocks of taste,texture,and cost.We built what we could in-house,including binders and we also worked out how to modify the cooling die of an extruder to create thicker chunkswhat we call high moisture fibre.But,crucially,we didnt get into the commodity or extrusion business,but gave our m

298、odified cooling die to our pea protein supplier.They can optimise in that niche with a level of knowledge and scale that we just cant compete on.We get the ingredient that goes into our end products and we also put it into our“blubag”ingredient bundle for food manufacturer customers.You have to know

299、 what to do in-house and what is not your core.It doesnt make business sense to go everywhere.”High-value markets&platform technologiesModularityProduct-market fitCo-manufacturing”Tom Hew|Chief Development Officer Alternative Proteins at BaseFood Sdn Bhd (MADEBETTERTM|RightSideTM brands)MARKETGROWTH

300、57This section focuses on the critical long-term consumer market of Southeast Asiaa region that represents 8.5 percent of the global population,but where plant-based meat is at a nascent stage.The SE Asia population is approximately 1.8 times that of the U.S.market,but indicative data suggests sales

301、 in SE Asia are a fraction of sales in the U.S.There is a need for improved and reliable sales data in the SE Asia region to aid a definitive and clearer overview of segment performance.Companies are launching new plant-based meat products that are increasingly localised to regional tastes.Plant-bas

302、ed meat product launches made up about six percent of all meat product launches during the period 2022 to Q2 2023.New plant-based meat products launched in the region are a mix of both Western-style foods and those localised to SE Asian cuisines.On average,38 percent of new products launched since 2

303、022 have been localised.Plant-based meat products are on average 35 percent more expensive than conventional meat.Plant-based meat products are more expensive in virtually every category.Plant-based minces,flakes,and meatballs are all nearly or over double the price that consumers pay for convention

304、al meat.This is a critical barrier given that a consumer survey of about 6,000 respondents in SE Asia showed a drop-off in willingness to pay at only a 20 percent premium.Affordability,nutritional value,and taste are the leading drivers associated with increasing plant-based meat consumption.Of the

305、6,000 respondents in a recent SE Asian consumer insights study,half of respondents had never tried plant-based meat,and three-quarters indicated their interest to try or eat more plant-based meat.Respondents who are regular consumers of plant-based meat also regularly consume animal meat and are not

306、 actively reducing their meat consumption.Interest in increasing PBM consumption was linked to higher affordability,higher nutritional value,better taste,and increased availability.58Spotlight on SE AsiaReal%GDP growth in 202214.6%4.3%0.6%1.6%5.2%2023 growth forecastSoutheast Asias rising consumer c

307、lass120302021An economic powerhouse.SE Asia is the worlds fifth largest economy with a combined GDP of over US$3 trillion.In 2022,SE Asias GDP grew by 5.7 percent,outpacing most markets,and is expected to stay resilient in 2023 despite global headwinds.Powered by the people.SE Asia represents 8.5 pe

308、rcent of the global population and is among the worlds fastest growing regions.SE Asia has the worlds third-largest workforce behind China and India,and will add 23 million new workers by 2030.A growing demand hub.Until now,growth in SE Asias middle class has largely been at the lower-middle income

309、end of the consuming class.By 2030,low and lower-middle income households will drop by 35 million,while 51 million households will join SE Asias upper-middle and high income classes.High(US$5k)Upper-Mid(US$10-25k)Lower-mid(US$5-10k)Low(US$5k)Source:1 Based on data from Meta and Bain and Company(2022

310、)59Source:1 Based on internal GFI analysis of the Mintel Global New Product Database(GNPD);products include seafood.2 Note the GNPD has logged no launches in Vietnam.Over a third of plant-based meat products launched are localised New plant-based meat product launches in SE Asia,2022-Q2 2023(By prod

311、uct type and localisation)New plant-based meat product launches in SE Asia by country,2022-Q2 2023(By country and localisation)Between 2022 and Q2 2023,more than 150 new plant-based meat products were launched in Southeast Asia.1 Thailand led the region with 58 products,followed by Singapore at 42.O

312、verall,there is a significant gap between plant-based meat launches and conventional meat launches,as 2,500+new conventional meat products were launched in the same period.Around 25 percent of the new plant-based meat products were in breaded formtypically nuggets,cutlets,strips,popcorn,and katsu.Th

313、ese were followed by cuts or pieces,which made up 24 percent of the launches.Around 38 percent of these new PBM launches were in forms localised to the SEA market.Indonesia saw the highest number of localised products as a share of total product launches(69 percent),followed by the Philippines at 62

314、 percent.Thailand,the country with the highest number of plant-based product launches,had around 45 percent of products in localised formats.The most common localised formats were dumplings,dried meats,cuts and pieces,and breaded meats.SausagePowderPieces/chunks/cutsMinceMeatballsGyoza/dumplingFlake

315、sDriedBurgerBreaded238%Average number of localised products across all products and regions60Plant-based meat has an average 35 percent premium over meatPlant-based meat products launched between 2022 and Q3 2023 were priced at significant premiums compared to conventional meat products launched in

316、the same period,with prices over double for some categories.Price premiums exist across all product types,except for dried formats where plant-based meat products were cheaper on average.Mince,flakes,and meatballs are the product types with the highest premiums,with price premiums more than or nearl

317、y double the average price of conventionally launched counterparts.Breaded forms of plant-based meat are 80 percent more expensive,sausages 70 percent,and patties 60 percent.The price premium of plant-based meat products was the highest in the Philippines,followed by Malaysia.Average price compariso

318、n for meat and plant-based meat products launched between 2022 and Q2-2023(USD/100g)Source:1 Based on internal GFI analysis of the Mintel Global New Product Database(GNPD).Note seafood comparisons are excluded due to the low number of plant-based seafood product launches in the period.Average price

319、premium for plant-based meat+109%+28%+69%+91%+114%+81%+59%-29%+35%6142 percent of survey respondents want to try or eat more plant-based meatSegmentHeard ofTriedPlanned consumptionIncomeAgeMost common locationMeat habitsSegment sizeSkepticsUnlikely to tryTends to be lowerMore likely to be over 45Sin

320、gapore MalaysiaRed meat consumption trending down10%RejectorsWant to eat less or noneSingapore5%NovicesMixed responsesMost likely to be under 35IndonesiaIntending to reduce red meat consumption9%CuriousLikely to tryMixedEvenly distributedVietnamIndonesia34%ExpandersWant to eat same or more Tends to

321、be higherEvenly distributed23%EnthusiastsCurrent consumersMost likely to be 35-44ThailandMeat consumption trending up19%Source:1 Based on a survey of 5,971 respondents in six Southeast Asian countries.“Meat habits”are determined on a combined score of self-reported claims of increasing/maintaining s

322、ame/decreasing meat consumption compared to the past year,and the same question for meat consumption intention in the coming year.123456This and the following slides are based on a consumer insights study conducted in 2023 with 6,000 respondents in six Southeast Asian countries:Indonesia,Malaysia,Si

323、ngapore,Thailand,the Philippines,and Vietnam.Consumers have been profiled into six segments based on their experience and intended consumption of plant-based meat.Current consumers of plant-based meat also consume meat the mostWhich products do you intend to eat less of in the upcoming year?(%respon

324、dents)2 How often do you consume the following foods?(%respondents eating weekly)1SkepticsEnthusiastsRejectorsCuriousExpandersNovices%of reducersPBM SkepticsPBM RejectorsPBM NovicesPBM CuriousPBM ExpandersPBM EnthusiastsAverageBeef28%34%29%31%32%25%30%Pork24%23%28%28%28%24%27%Seafood25%25%21%21%18%1

325、9%21%Chicken12%15%17%15%13%13%14%Fish9%11%10%7%7%8%8%62Surprisingly,Enthusiasts consume meat the most often,while Skeptics and Novices consume the least.Chicken and fish are the most consumed meat types across all segments,while lamb/mutton is consumed the least often.Around half of the sample consu

326、mes pork weekly,but this varies widely across countries due to religious restrictions.Enthusiasts are more likely to want to eat more of all kinds of meat.This may indicate that they have greater and more diverse dietary habits and protein requirements.For the other segments,reducing red meat is the

327、 clearest trend,with 30 percent and 27 percent of respondents overall reducing beef and pork,respectively.Very few consumers are interested in reducing fish(8 percent)or chicken(14 percent),while a moderate percentage(21 percent)intend to reduce their consumption of seafood like shrimp and crab.0%25

328、%50%75%Source:1 All respondents(n=5,971);2 Beef-n=5,208;Pork-n=4,169;Seafood-n=5,672;Chicken-n=5,917;Fish-n=5,855.This question excludes those who say they“never”consume a certain type of product.63If barriers are resolved,consumption can significantly increase19%23%9%34%5%10%Skeptics Rejectors Novi

329、ces Curious Expanders Enthusiasts AverageWas more affordable54%39%45%52%43%39%47%Was more nutritious39%35%46%44%37%39%41%Tasted better40%39%38%35%31%30%34%Tasted more like meat30%29%26%28%27%26%28%Is more available when shopping18%17%22%32%26%28%27%Had more variety21%19%19%19%26%31%23%Was less proce

330、ssed20%26%15%16%22%22%19%What would make you eat more plant-based meat products?(Rank up to 3)1How often would you choose plant-based meat if all your concerns were resolved?(%respondents)215%48%28%8%ENTHUSIASTSEXPANDERSCURIOUSNOVICESREJECTORSSKEPTICSALWAYSRARELY/NEVEROFTENSOMETIMESAlmost half of al

331、l respondents ranked affordability as one of their top three barriers to consuming more plant-based meat.Expanders and Enthusiasts cared more about greater availability/variety,while Novices and the Curious segments saw affordability as the greater barrier.Concerns around processing are more common

332、among those who have tried plant-based meat,but did not emerge as topmost concerns.In a scenario where these concerns were resolved,the percentage of respondents who eat plant-based meat would increase from 5 percent who eat it regularly now to 63 percent who claim they would eat it always or often.

333、15 percent of respondents indicate that they would fully replace meat with plant-based meat if their concerns were resolved.26 percent of both the Skeptics and Rejectors say they would convert to consuming always or often.Source:1 All respondents(n=5,971)except those who said they would not eat any,or unlikely to try(n=279);2 All respondents(n=5,971)Which of the following characteristics do you as