Better Bioeconomy Weekly - Aug 14th 2023
Reminder: Beyond Meat (BYND) is not the alt protein index
BIO BUZZ
🇨🇳 CellX opens China’s first large-scale cultivated meat pilot factory in partnership with Tofflon Group
The pilot plant named Future Food Factory X (FX) integrates advanced technology, R&D, pilot production, and consumer experiences for cultivated meat.
CellX stands out as the only Chinese company capable of upscaling cultivated meat production to a 1,000-litre scale, leveraging proprietary cell cultivation technology. The company is aiming for regulatory approval in Singapore and the US by 2025.
With significant funding and low production costs, CellX targets the high-end market first and plans to introduce mass-market products, capitalizing on China's meat consumption and potential regulatory approval.
Read full article - Green Queen
🇦🇪 UAE's first plant-based meat facility by Switch Foods in Abu Dhabi, offers vegan kebabs, minced meat, and burgers
Launch aligns with UAE's Year of Sustainability where it pledged to promote plant-based foods, and #COP28 hosting, featuring predominantly plant-based food.
Switch's product range includes allergen-friendly, halal-certified, GMO-, soy-, and gluten-free options. Local retailers and online platforms offer Switch's products at relatively affordable prices compared to imported alternatives.
In recent times, the nation has witnessed several international plant-based companies entering its market. In 2021, Impossible Foods introduced its products at the Dubai World Expo. TiNDLE Foods marked its regional debut by launching in 20 UAE restaurants.
Read full article - Green Queen
🇰🇷 Plant-based meat company Unlimeat is diversifying its product line with three new vegan tuna options
The South Korean company uses upcycled ingredients like grains to create plant-based meat alternatives. The vegan tuna incorporates soy protein, wheat and oat fibre, DHA-rich ingredients and a blend of flavours.
Unlimeat's vegan tuna is nutritionally appealing, containing DHA (omega-3 fatty acid), typically associated with conventional tuna. It's free from trans fats and cholesterol and offers varying protein content across flavours.
Having already established a presence in Hong Kong, Australia, Taiwan, and the UAE, Unlimeat expanded into the US market last year via online platforms. Its product lineup now features vegan pulled pork, jerky, Korean dumplings and more.
Read full article - Green Queen
🧀 Agrocorp International's HerbYvore brand launched Singapore's first locally produced vegan cheese
The HerbY-Cheese products are allergen-friendly, nut- and soy-free, and developed in collaboration with the Singapore Institute of Technology and Enterprise Singapore.
The vegan cheeses are clean-label, minimally processed, high in protein, and priced at S$9.50 per block. They contain >10 ingredients, including water, coconut oil, starches, pea protein, natural flavourings and colours, and vegan cultures.
This initiative aligns with Singapore's goal to produce 30% of its consumed food locally by 2030, and it reflects the growing trend in APAC of increased sales in plant-based cheese.
Read full article - Green Queen
🧭 Navigating the evolution of consumer adoption, multi‑national food companies, and alternative proteins
Early adoption stages require addressing hurdles, either consumer resistance or product inadequacy driven by taste, cost, and convenience. Alternative proteins need advancements in taste, texture, nutrition, and environmental impact.
Supermarket choices are controlled by a few conglomerates, challenging the notion of diverse options. Consumer adoption surveys reflect changing preferences but may not address key decision-makers.
Instead of targeting individual consumers, the industry could focus on enhancing products for larger food conglomerates that drive demand due to cost sensitivity and sustainability concerns.
Read full article - Synthesis Capital
🥚 Rising poultry egg prices in Japan are driving the popularity of egg alternatives
Eggs are a fundamental part of Japanese cuisine, similar to other Asian cultures, and the typical individual consumes about 320 eggs annually. This places Japan second globally in egg consumption (behind Mexico).
Multiple producers, including Kewpie, 2foods' Ever Egg, and Umami United, have introduced plant-based egg alternatives in the market. Price remains a significant factor in the Japanese market, and consumer education about health and sustainability benefits is needed.
Increasing consumer mindfulness, changing attitudes, and concerns about poultry due to bird flu create a favourable environment for the success of plant-based egg products in Japan.
Read full article - vegconomist
🍗 Creator of Burger King’s Impossible Whopper takes on the plant-based chicken industry with his new venture, Recreate Foods
Mike Salem sees potential impact in plant-based launches, highlighting their profitability, creativity, and positive effect on reducing livestock pressure.
Recreate Foods distinguishes itself with 100% plant-based chicken products crafted for taste by chefs, contrasting with competitors focusing on virtue signalling.
Salem acknowledges challenges in the crowded plant-based industry and emphasizes a premium, delicious product as Recreate's differentiator while rejecting a shaming approach to attract carnivores.
Read full article - Food Dive
🐮 Dyadic International has developed animal-free bovine serum albumin that is structurally identical to commercial animal albumin
Bovine serum albumin (BSA) is the main component of fetal bovine serum, an animal-derived and expensive pharmaceutical product used for cell growth in cultivated meat that has been challenging to replace.
Dyadic's recombinant alternative to BSA can revolutionize the cultivated meat industry by making it slaughter-free, lowering production costs, and accelerating its progress.
Dyadic's microbial platform enables scalable and cost-effective production of recombinant proteins for various applications, including pharmaceuticals and alternative proteins.
Read full article - vegconomist
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BIO BUCKS
📉 Beyond Meat's CEO acknowledges “the most difficult period” for the company as Q2 sales decline and projections revised
Beyond Meat's Q2 results show a $53.5m net loss and a 30.5% YoY decline in net revenues.
The company's CEO, Ethan Brown, acknowledges challenges and impact on net revenues due to unexpected consumer and category headwinds.
Despite setbacks, sales increased by 11% quarterly, and the company anticipates a return to top-line growth in Q3 and Q4 of 2023, with reduced cash consumption and improved gross margins.
“The main issue with the category is that it is not bringing in enough new consumers. The overall pie is not growing and that’s what we need to fix together with other companies.” Ethan Brown, cofounder and CEO, Beyond Meat
Read full article - AgFunder
🇳🇱 Meatable raised $35M in funding to scale cultivated pork production and accelerate its commercial launch
Meatable's proprietary technology, Opti-ox, avoids the use of fetal bovine serum (FBS) and employs pluripotent stem cells (PSCs) to rapidly produce muscle and fat cells for cultivated meat.
The funding aims to optimize manufacturing processes, achieving cost-competitiveness with conventional meat and promoting sustainability. The total funding received by the company is now at $95M.
The Dutch startup plans to launch its cultivated pork products in Singapore, expand to the US, and potentially explore other markets based on regulatory processes and expert collaborations.
Read full article - Green Queen
🇮🇱 Wilk, a cell-based milk company, is acquiring Beeio Honey, a developer of bee-free honey
The merger entails Wilk acquiring 100% ownership of Beeio Honey's subsidiary, Beeio Honey Technologies, through a share exchange. This move will make Beeio Honey Technologies a wholly-owned subsidiary of Wilk.
The two Israeli companies, founded in 2018, share a group of founders led by Yaron Kaiser, who holds positions in both Wilk and Beeio Honey. Wilk recently raised NIS 12 million in funding led by Danone.
The merger capitalizes on the distinct yet complementary technologies of the two companies. The merger is a strategic move leveraging their combined knowledge of raising capital and market navigation.
Read full article - Globes
📈 European sustainable food startups secured record funding in 2022, reaching $1.9 billion, a 20% increase from the previous year
The global food system's substantial environmental impact, contributing to 30% of greenhouse gas emissions, is a driving factor for sustainable food companies.
While food tech companies experienced a 30% increase in funding, agritech startups only saw a 5% increase, highlighting an ongoing lack of innovation and capital in agriculture.
Cell-based meat companies in Europe received significant funding despite lacking regulatory approval, driven by positive signals from the US and Israel, signalling optimism about regulatory evolution.
Read full article - Sifted
🥛 European alternative milk sales grew by 49% between 2020-2022, with Germany leading the charge
Germany has the highest turnover and market potential for milk alternatives due to high awareness of animal welfare, health, and the environment, as well as a willingness to try non-traditional foods.
France, Spain, and Italy have tradition-based obstacles to plant-based milk adoption due to strong dairy consumption traditions and scepticism about taste and mouthfeel.
Information plays a crucial role in consumer behaviour, as providing more information about the products increases consumers' willingness to buy plant-based milks.
Read full article - vegconomist
🌱 Global plant-based meat market projected to reach $14.27 billion by 2030 with a CAGR of 13%
The growth is driven by the demand for sustainable alternatives to animal meat and increasing awareness of health benefits.
Challenges include higher costs compared to animal meat, especially in price-sensitive markets like China, India, and South Africa.
Industry revolution sparked by health consciousness and environmental awareness; companies urged to focus on development strategies and market analysis for a competitive edge and meet evolving consumer demands.
Read full article - vegconomist
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SOCIAL FEAST
😇 Is cultivated meat ethically impeccable?
While efforts to reduce meat consumption are important, making the entire population vegan is deemed impractical, and the majority will likely continue to desire and consume meat.
From the perspective of animal rights, cultivated meat offers a potential solution by providing cruelty-free meat, similar to how inventions like the light bulb and the automobile protected animals from exploitation in the past.
Determining the ethical aspect of cultivated meat requires a case-by-case evaluation of the production process of each company, including how they obtain cells from animals and treat them, to assess their adherence to ethical standards.
Read full post on LinkedIn - Yeonjoo La, Chief Strategy Officer at TissenBioFarm
🕵️♂️ The backlash to plant-based meat has a sneaky explanation
In the early 2020s, plant-based meat products like Beyond Burger gained popularity due to health, environmental, and ethical concerns. Sales surged, plant-based brands flourished, and the media declared them mainstream.
By late 2022-early 2023, the narrative changed. Plant-based meat faced criticism, being labelled a fad and a failure. Beyond Meat's stock dipped, and concerns about health and processing arose.
A well-funded effort led by meat industry lobby groups used tactics to undermine plant-based meat's reputation. They highlighted processing and used cultural narratives, framing plant-based as a threat to masculinity and traditional diets, fueling a culture war.
Read full article - Jessica Scott-Reid on Sentient Media
🤔 Are we really ready for an alternative protein revolution?
Vegan food is still perceived as elite and inaccessible, often leaving consumers hungry and unsatisfied after consumption. This perception contributes to the challenge of mainstream adoption.
The alt-protein industry attracts investment and attention but lacks alignment with consumer preferences. Most industry professionals are scientists without a solid sales strategy. The average consumer is hesitant about lab-grown protein due to the unfamiliarity and grossness factor.
The prevalence of meat-based options, even in California, a supposed leader in healthy eating, highlights the stronghold of the animal agriculture industry. Veganism remains limited to upscale urban areas, highlighting challenges in wider acceptance.
Read full article - Natalia Sokolova
💀 The reports of Beyond Meat’s death are greatly exaggerated
Despite reported woes, Beyond Meat, still achieved a significant profit improvement in Q2 (US$8.4M improvement compared to the same time last year), highlighting its progress compared to meat industry players like Tyson Foods which suffered a net loss of US$417M for the same quarter.
Beyond Meat played a pivotal role in popularizing and paving the way for the plant-based meat market, but internal competition and oversaturation have caused challenges.
Beyond Meat's difficulties stem from factors such as inflexibility to market changes, price parity, competition, and challenges in distribution, but remains a leading international specialist in the plant-based meat industry with its products sold in >75 countries.
Read full article on LinkedIn - Simon Eassom, Executive Director at Food Frontier
🌏 Concentrated clusters in global alternative protein deals
Concentration in Main Clusters: Six main clusters accounted for 71% of total deals: Western Europe, California, Israel, East Asia, Australia-NZ, and East Coast US.
Prominent Locations: Western Europe, particularly the UK, had the highest deal count, followed by California (San Francisco), Israel (Tel Aviv & Rehovot), East Asia (Shanghai, Seoul, Tokyo), Australia-NZ (Sydney & Auckland), and East Coast US (New York & surrounding states).
Emerging Clusters: Six emerging clusters with potential for future growth included Singapore, Scandinavia (Helsinki), India (Bangalore), Central US (Colorado to Chicago), Brazil (São Paulo), and South Africa (Cape Town).
Read full post on LinkedIn - Nicholas Dahl, Founder & CEO at Alternative Proteins Global
EAR FOOD
🍽️ Slaughter-free meat, coming soon to your dinner tables
Show: Moonshots and Mindsets
Guest: Josh Tetrick, CEO of GOOD Meat
The conversation takes a deep dive into GOOD Meat's evolution, tracing its origins from a modest studio apartment to its present-day sprawling headquarters situated in Alameda, California. Tetrick's overarching goal involves reshaping the worldwide food framework, lessening the impact on animals and the planet.
🔮 Inside cultivated meat: Scaling, costs, consumer reception, and future prospects
Show: The Plantbased Business Hour
Guest: Pavle Stojkovic, Chief Strategy Officer at OMeat
Pavle delves into the nitty-gritty aspects of cultivated meat. He explores its potential for expansion, the likelihood of achieving competitive pricing, consumer acceptance, energy consumption concerns, and ultimately, the timing and probability of its success.
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