Better Bioeconomy Weekly - Jul 31st 2023
The first European country to begin the cultivated meat approval process 🇨🇭
BIO BUZZ
🇨🇭 Switzerland becomes the first European country to begin the cultivated meat approval process with Aleph Farms' application
Swiss regulatory framework for novel foods, similar to the EU, requires a comprehensive safety dossier and rigorous evaluation before allowing commercialization of cultivated meat, taking a minimum of 12 months.
Switzerland's standardized template for the application process could serve as an example for the EU's European Food Safety Authority to enhance transparency and support producers in bringing their products to market.
“…it’s striking that Europe’s first-ever cultivated meat application has arrived in Switzerland rather than Brussels. With Italy trying to ban cultivated meat while countries like the Netherlands invest, Europe is sending mixed messages to companies who need certainty to be able to deliver on their potential. The EU must develop a coherent strategy to support the sustainable protein sector and ensure regulatory processes are clear...” - Seth Roberts, Policy Manager at the Good Food Institute Europe
Read full article - vegconomist
🇹🇼 Taiwan's Ministry of Economic Affairs (MOEA) is launching a startup that will produce plant-based whole cuts using a novel technology
The Department of Industrial Technology (DoIT)’s breakthrough process uses a multi-directional fibre structure to replicate meat texture without additives or artificial ingredients. It relies on soy and wheat protein for a nutritionally complete product.
The tested and commercially viable process provides Taiwan with a competitive advantage in the global plant-meat market, and the new spin-off company will further develop the technology to introduce new products.
Taiwan has successfully established itself in the global plant-based meat industry, with ~80% of its plant-based meat products being exported. Early this year, Taiwan passed a climate bill mandating the promotion of plant-based foods.
Read full article - vegconomist
🇸🇦 Saudi officials signed agreements with local companies to promote plant-based alternatives and advance the food tech industry in the country
The initiative aims to encourage healthy plant-based diets, develop meat and dairy alternatives, and support local production while reducing the reliance on animal agriculture.
The establishment of a research centre will focus on advancing agricultural product development to create alternative proteins using food technology.
The vegan meat market in Saudi Arabia is projected to grow at a CAGR of 19.4% between 2022 and 2028, driven by consumer awareness of healthy eating, environmental concerns, and livestock production issues.
Read full article - vegconomist
🌽 IngredientWerks produce high levels of bovine myoglobin, a protein found in cows' muscle tissue, using corn
Bovine myoglobin enhances the meaty taste, colour, and aroma of meat alternatives. Its potential market extends beyond ground beef to include gravies, sauces, and more.
IngredientWerks claims its molecular farming approach can scale at a fraction of the cost of precision fermentation used by companies like Motif FoodWorks and Impossible Foods to produce myoglobin and soy leghemoglobin.
IngredientWerks has filed patents covering the expression of myoglobin, leghemoglobin, and casein in genetically engineered corn crops and is raising funds to further develop its technology.
Read full article - AgFunder
🗺 Report: Exploring fermentation-derived protein manufacturing and scaling approaches by GFI and Integration Consulting
The report examines the current landscape of fermentation-derived protein manufacturing capacity and emphasizes the need for scaling to ensure long-term category growth.
Europe (47%) and North America (34%) possess the majority of the capacity, with a noticeable lack of capacity in other regions, especially the APAC region.
The report suggests several strategies for scaling manufacturing capacity, including partnering with contract manufacturing organizations, retrofitting existing facilities and equipment, and maximizing output through improved strains and bioprocesses.
Prefer watching the webinar instead? Scroll down to the ‘VISUAL DELIGHT’ section of this newsletter!
Read full report - GFI
🌱 University of Alberta researchers developed a plant-based gelatin substitute using pea protein
The product's unique 'thermal reversibility' feature allows it to transition effortlessly between liquid and gel forms, setting it apart from other gelatin substitutes. Also, it boasts higher protein content than alternatives like pectin.
This has significant industrial applications and can be used as a thickening agent in various food products. It caters to the demand for plant-based alternatives, including vegans, vegetarians, and the Muslim population seeking Halal options.
Dr. Chen's team collaborates with a multinational leader, using Canadian peas, to develop a plant-based gelatin substitute with $78,430 from Natural Products Canada (NPC) for real-food application testing and scalability.
Read full article - Green Queen
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BIO BUCKS
🦠 Brevel raised $18.5M in seed funding to develop microalgae-based proteins that are “the most sustainable on Earth”
The Tel Aviv–based company uses a proprietary technology that combines fermentation and light to produce a sustainable protein from microalgae, which is sold as a powder for use in plant-based products.
Brevel claims that its protein is "the most sustainable on earth" and does not alter the taste or appearance of food, allowing the powder to be used in a wide variety of food applications.
The company aims to target the dairy alternative sector and has signed an agreement with a plant-based cheese company, Vgarden, for its protein incorporation.
Read full article - TechCrunch
🇦🇺 Nourish Ingredients has secured A$5.8 million in government funding to produce animal-like fats using precision fermentation
Nourish’s first product, a fat expressed by a strain of oleaginous yeast, offers an authentic animal taste, aroma, and natural cooking reactions. Its claimed to have a high impact at a low inclusion rate (<1% of the meat end product).
The company plans to launch its first product in late 2024 and seeks commercial partners. Nourish won't build its own fermentation facility but plan to establish a downstream and ingredients processing facility in the next round of funding.
Its go-to-market strategy includes prioritising US and Singapore markets and gaining global traction through tasting and demo events. Nourish is working on regulatory submissions to FDA and SFA.
FYI: High impact at a low inclusion rate = A tiny quantity of the product is enough to impart strong and authentic animal flavours to the meat, enhancing its overall taste and culinary experience.
Read full article - AgFunder
🇮🇱 Steakholder Foods partnered with a governmental body based in the Gulf Cooperation Council (GCC) in a multi-million-dollar collaboration
The partnership aims to create healthier, more sustainable hybrid fish products for the Gulf region. The goal is to establish a large-scale production facility in the Persian Gulf, covering GCC territories, including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE.
Steakholder Foods will receive an initial down payment for its 3D printer technologies and will work towards industrial-scale output through milestone-based sales and procurement plans.
The company will offer its expertise in mature Ready-to-Cook (RTC) 3D printer technologies and customized bio-inks for producing diverse species-specific cultivated fish and meat products, as well as vegetable-based alternatives.
Read full article - Green Queen
🇲🇾 GoodMorning Global unveiled new powdered plant-based meat and secured Malaysia’s largest single equity crowdfunding
GoodMorning Global is a nutritional multigrain and biotechnology company and its latest product, WonderMeat, a powdered plant-based meat, promises complete nutrition and is set to launch in Q4 2023.
GoodMorning Global raised a record RM20 million (US$4.4M) in a single equity crowdfunding campaign (ECF) from 1,000+ investors. The funds will accelerate biotech and food tech research and support a prospective IPO listing in the next two years.
The company's goal is to put Malaysia at the forefront of alt protein innovation. Its subsidiary has received Bio-Based Accelerator (BBA) status to speed up product R&D and boost the local "future food and alternative protein" industry for improved regional food security.
Read full article - vegconomist
🤝 Oshi and The Better Meat Co. have been jointly awarded a $1M grant to develop fish-free salmon fillets
The grant from BIRD Foundation aims to promote R&D that benefits both Israel and the US while addressing the ecological crisis caused by overfishing and impacting wild salmon populations.
Human activities have severely impacted wild salmon populations, causing steep declines, even extinction, while consumer demand for salmon grows. In the Atlantic Ocean, ~99.5% of native Atlantic salmon has disappeared from the wild.
The mycoprotein-based salmon fillets will be made by combining Oshi’s 3D technology with The Better Meat’s innovative mycoprotein fermentation technology. The fillet will be a healthy and humane alternative to conventional fish, delivering similar taste and nutrition.
Read full article - vegconomist
💰 Supply Change Capital raised $40 million for its first fund, focusing on investments in the global food industry valued at $10 trillion
Supply Change Capital invests in early-stage startups in deep tech food, agriculture, ingredient, supply chain technology, and enterprise software, with a focus on securing the future food supply.
The fund prioritizes investing in diverse founders and CEOs, with 80% of their portfolio comprised of Latinx, Black, or female entrepreneurs. It also offers a six-month cohort program for founders focusing on leadership, management, and culture.
The fund invests in both technology and consumer companies (75% and 25% respectively) to better understand the challenges faced by their portfolio companies.
Read full article - TechCrunch
📉 Oatly had a tough Q2 with subdued performance in China and slower-than-expected progress in the US
The company has revised its full-year forecast for 2023, reducing the expected constant currency sales growth from 23-28% to 7-12%.
Oatly plans to refocus its strategy, slowing down SKU expansion and eliminating unnecessary SKUs in Asia, while focusing on core business in the Americas.
Despite the weaker outlook, the company aims to achieve positive adjusted EBITDA in 2024 and is working on improving gross margins, targeting 35-40%, while also cutting SG&A costs by $85 million this year.
Read full article - AgFunder
💨 Air-based foods market is projected to reach a value of $100 million by 2032 at a CAGR of 11.7%
Air-based proteins, produced using microbes and air, offer a solution to the environmental challenges caused by traditional animal agriculture.
Five prominent companies are leading the way in air-based protein production: Calysta, Air Protein, Solar Foods, Arkeon Biotechnologies, and Farmless.
These companies produce landless proteins, reducing land use and environmental impact compared to traditional agriculture, with potential to address challenges of species extinction, soil erosion, and pollution.
Read full article - vegconomist
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SOCIAL FEAST
🎢 Alternative protein stocks have performed poorly so far…but HODL
Foodtech companies in this sector are valued more like tech stocks, driven by hype and market peaks during COVID, but they are now returning to more realistic valuations.
Despite the challenges, global demand for plant-based meat (and other alt proteins I must add) is expected to grow significantly by 2030, providing potential opportunities for the industry in the long run.
The industry is likely to see consolidation in the future, with big players waiting to enter once demand for alternative protein truly takes off. These players are currently investing in key technologies while observing the market closely.
Read full post on LinkedIn - Oliver Fuss
🚧 Switzerland's cultivated meat industry sidesteps EU red tape
74% of Swiss consumers are willing to try cultivated meat, with novelty, climate concerns, and animal welfare being the key motivators.
Switzerland's non-membership in the EU allows cultivated meat producers to avoid complex EU regulations, potentially leading to quicker availability in the market.
Singapore and the US are currently the only countries where cultivated meat is approved for consumer sale, but Israel, along with several other countries including Japan, China, Qatar, Saudi Arabia, Australia, and the UAE, are expected to make progress in this area soon.
Read full post on LinkedIn - Jennifer Stojkovic
🎓 Why MBA and business graduates should consider the agri-food tech industry
The agri-food tech industry offers an opportunity for MBA and business graduates to drive positive impact on the environment and address critical challenges in the food system.
Business graduates can play a crucial role in the agri-food tech industry by applying their expertise in sales, finance, supply chain, marketing, and legal fields to scale these technologies, increase consumer acceptance, and influence regulators.
Additionally, marketers can focus on communicating the taste, safety, and health benefits of alternative products to persuade meat-eaters to adopt more sustainable food choices.
Read full article on LinkedIn - Chiara Molena
EAR FOOD
💸 Investing in the future of food with Prince Khaled bin Alwaleed of KBW Ventures
Show: Cultured Meat and Future Food
Guest: Prince Khaled bin Alwaleed, Founder and CEO of KBW Ventures
Prince Khaled is deeply engaged in the green technology sector, particularly in areas related to sustainability, climate change, and food security.
He has made significant investments in the food tech industry, including early investments in companies like Beyond Meat and Upside Foods.
He shares insights on the improved investment landscape in Silicon Valley and provides valuable advice to entrepreneurs and startups.
🔮 What type of food futurist are you?
Show: Red to Green Food Tech
The discussion revolves around modern approaches to food, including the viewpoints of Cornucopians, Malthusians, and egalitarians.
An ecological perspective is considered important in understanding food-related challenges and solutions.
The idea of embracing multiple perspectives and finding a balance among different viewpoints is emphasized to address food issues effectively.
VISUAL DELIGHT
📊 Webinar: Manufacturing capacity for fermentation-derived alternative protein production
That’s all for this week. Take care and have an awesome week! 🙌🏾
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