Exploring the Future of Alternative Proteins

Tuesday, 26/07/2022 13:34 (GTM +7)

The food technology industry needs sustainable projects that reduce environmental impact, increase public health, and improve animal welfare.

Together with ITI Fund, let’s learn about the promising trend of alternative proteins.

Consumption Trend

According to the “Asian Food Challenge 2021” report by Temasek, PwC, and Rabobank, consumers in Asia may spend $4.4 trillion on food by 2030, which is double the current amount. The report predicts that Southeast Asia will have the highest growth rate, with a CAGR of 4.7%.

This increase is partly due to the trend of consuming meat and seafood. From 1961 to 2021, the amount of animal protein consumed per person in Asia increased by over 600%. The booming population, high living standards, and rapid urbanization are expected to drive a 78% increase in demand for meat and seafood from 2017 to 2050.

ITI FUND_PROTEIN THAY THẾ_SEAFOOD Human consumption of meat and seafood is increasing due to the improvement in living standards

However, traditional farming methods are currently unable to meet the enormous demand for quantity and quality. Additionally, this industry accounts for 14.5% of global greenhouse gas emissions. This opens up opportunities for technology startups to seek innovative solutions to create alternative protein sources – with sustainable and healthier production processes

Some Alternative Protein Types

Businesses have researched and produced various types of alternative protein, such as “plant-based” meat made from soybeans, fruits, or other crops. For example, Karana, the first company in Asia to launch pork made from jackfruit, introduced popular Chinese dishes such as steamed buns, dumplings, and char siu.

ITI FUND_PROTEIN THAY THẾ_KARANA-min Karana – the first company in Asia to launch pork from jackfruit

In addition, some companies are creating meat through cell-based animal cultivation in the laboratory. For instance, Umami Meats has produced heavy metal-free, plastic-free, and antibiotic-free seafood, supporting the long-term replacement of endangered species such as the Japanese eel.

ITI FUND_PROTEIN THAY THẾ_URAMI MEATS Unami Meats launches meat substitute for Japanese eel – an endangered species

Insects are also a high-potential food source rich in fibre and protein. Compared to conventional livestock, they grow and reproduce quickly but consume less and emit less greenhouse gas. Cricket One, a Vietnamese startup, has developed a system for breeding and processing crickets into protein-rich ingredients for food manufacturers.

ITI FUND_PROTEIN THAY THẾ_CRICKET ONE-min Cricket One – Vietnamese startup produces alternative protein from crickets

User-concerning Alternative Protein

Currently, alternative protein still faces many legal barriers, so the infrastructure in Southeast Asia is quite limited and often priced high to offset costs. Overall, artificial meat prices are not yet competitive with traditional beef, but technological advancements are allowing companies to optimize production processes.

ITI FUND_PROTEIN THAY THẾ_KẾT CẤU Besides the price, the taste and texture of protein are also focused on by users

In addition to price, consumers are very concerned about the taste and texture of alternative protein because the standard of living of Asian residents is increasing – they are young, dynamic, educated, and increasingly expect the introduction of quality and unique foods.

ITI FUND_PROTEIN THAY THẾ_MÁY IN 3D 3D food printing technology

3D food printing technology is a new and emerging field that is receiving a lot of attention, allowing companies to personalize food to meet each consumer’s nutritional and taste preferences.