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What is driving the growth of the alternative protein market in Singapore? Three industry players weigh in on the topic
Talking Points is a semi-regular series where we highlight some of the key topics discussed at a Generation T keynote, fireside chat or panel discussion.
In 2019, the average Singaporean was said to have consumed around four kilograms of beef. And they were consuming even more chicken and pork than that.
At the same time, consumers were becoming more aware of the unethical and unsustainable nature of producing and eating meat. Younger generations are also becoming more health-conscious and, as a result, turning to a more plant-based diet to reach their health goals.
This has contributed to the rising interest in alternative proteins, which in 2019 reportedly had a global market value of about US$2.2 billion. In Singapore, the retail sales of “free-from-meat” frozen meat substitutes grew by 26.7 per cent between 2019 and 2020, as compared to traditional meat’s 7.4 per cent growth, according to Euromonitor International.
So how has the Covid-19 outbreak sped up the growth of Singapore’s appetite for alternative proteins? And what are businesses, investors and national agencies doing to support this? Three alternative protein experts answered these questions and more during a virtual discussion organised by Gen.T, Tatler Singapore and HSBC Jade on July 14.
See also: Impossible Foods is Now Available at Supermarkets in Singapore, Plus 5 Recipes to Try
The event's speakers were Bernice Tay, director of food manufacturing at Enterprise Singapore; Justin Chou, executive director of Growthwell Foods and CEO of Glife Technologies; and Christian Cadeo, managing partner of Asia at Big Idea Ventures.
Frances Chen, head of corporate sustainability at HSBC Singapore, also joined to share about HSBC’s climate ambitions. She highlighted the bank’s three-part plan to accelerate the world’s transition to a net-zero economy, which includes becoming a net-zero bank, guiding its clients to focus on more sustainable investments, and supporting new climate innovations and solutions.
Here are some of the highlights from the session.