Gen.T spoke to founders and executives of companies producing alternative protein sources in Asia to find out how market demand has grown for their products, and why alt-protein businesses are flocking to the region
In the 16 months since we held our first Cloud Talk on alternative protein, so much has happened in the sector in Asia.
Between 2019 and 2020, the number of investment increased six-fold, with Asia becoming the fastest-growing region in the world.
In Hong Kong, Green Monday is leading the way among Asia's plant-based companies after raising US$70 million last September. Shiok Meats, run by 2020 Gen.T honouree Ling Kayi, also secured US$12.6 million in Series A funding that same month—the largest amount of funding received by any cultured meat company in Asia to date. In December 2020, Singapore also became the first country in the world to approve the sale of cultured meat, when it approved a product made by Eat Just's Good Meat brand.
See also: In Pictures: A World-First Tasting Of "Lab-Grown" Chicken With Eat Just
At the August 25 edition of our Cloud Talk series, Gen.T spoke with several key players to better understand the speed of growth of Asia's alternative protein sector, which markets are growing fastest and what's next on the menu. The session was organised in partnership with HSBC Global Private Banking.
The Speakers
In her opening remarks, Fan Cheuk Wan—chief investment officer, Asia, HSBC Global Private Banking and Wealth Management—set the scene for the discussion, highlighting the need for sustainable efforts to be prioritised. “In addition to the challenges of climate change and extreme weather, the world is facing greater difficulties to meet our long-term food demand. It is a critical time to make food production more sustainable to avoid further damaging and wasting natural resources,” she said.
Following her speech, Gen.T's regional editorial director Lee Williamson moderated a panel discussion with three leaders of companies in the space to discuss how Asia is leading in alternative protein.
See also: How Singapore’s Appetite For Alternative Protein Is Growing