In the third episode of our Up to Speed with UBS podcast, Green Queen's Sonalie Figueiras talks about Asia's booming alternative protein market, the need for localised and regionalised cuisine, and the untapped alternative seafood opportunity
The third episode of our podcast, Up to Speed with UBS, features Sonalie Figueiras, who is a thought leader on alternative proteins in Asia and who reigns supreme on all things green in Hong Kong.
Food and agriculture contribute to 24 percent of global greenhouse emissions worldwide, and with the climate emergency hot on our heels (quite literally), we need to innovate our way towards a more robust food system that is better able to withstand climate impacts. Enter alternative proteins. Offering low-carbon, scalable solutions, with high nutritional value. And they’re pretty tasty, too.
From cellular agriculture to precision fermentation and biomass fermentation, the market is already going from strength to strength. But Figueiras thinks it’s got a lot more growing to do.
So what are the different types of alternative proteins? Forget pork and burgers, how come seafood is the biggest untapped opportunity? How do we create climate-friendly food, which doesn’t compromise on taste? And investment-wise, why is the time now to support local players laying future unicorn groundwork?
See also: How A Health Issue Led Sonalie Figueiras To Launch One Of Asia's Biggest Eco-Wellness Platforms
In conversation with Gen.T’s Lee Williamson, Figueiras shares thoughts on Asia’s local cuisine scene, emerging consumer tastes and the need to scale for product affordability. As she aptly puts it, “there has never been a bigger opportunity to rethink the way we eat. We have a climate crisis.”
Here are a few excerpts from the conversation. Click the audio player below to listen to the full episode.
ON ASIA’S RECENT INFLUX OF FUNDING
“According to the non-profit think tank the Good Food Institute (GFI), US$5 billion went into alternative protein funding and investments in 2021, and just over 300 million of that was in APAC, across the region.”
ON A LACK OF CONSUMER UNDERSTANDING
“The biggest challenges are consumer acceptance and understanding; there still needs to be a lot of education work to explain what the products are. And to make them familiar to consumers.”
ON THE ONLY PLACE IN THE WORLD YOU CAN BUY CULTIVATED MEAT PRODUCTS
“When it comes to cellular agriculture and anything cultivated, the biggest challenge is regulation. Only one country in the world has regulated, cultivated products for commercial sale, and that is Singapore, which they've done with Good Meat. That remains the only place in the world where it is possible to sell a cultivated meat product.”
See also: Eat Just's Josh Tetrick On How "Lab-Grown" Meat Could Prevent The Next Pandemic