Alternative 🥩 startups funding hits high of $312m in APAC: report

Asia Pacific is fast emerging as a hotbed for alternative protein startups, with record investments flowing into the sector, according to a new report from the Good Food Institute. The report, based on an analysis of Pitchbook data, reveals annual capital invested in alternative protein startups in the region grew by 92% to US$312 million in 2021.

Photo credit: Good Food Institute

It also notes some of the top deals in APAC during the year included Singapore-based startup Next Gen Foods scooping up a record-breaking US$30 million in seed funding and Australian V2food raising US$110 million in its series B round.

Photo credit Good Food Institute

Startups in the plant-based category dominated the funding flow, securing nearly 70% of investment in APAC. They also got more money compared to their peers in other regions, which accounted for nearly 39% of the total global investments in 2021.

Meanwhile, startups in the cultivated meat and fermentation categories received 20% and 10% of investments in APAC, respectively. Globally, such companies got 28% and 34% of total funding, respectively.

Photo credit: Good Food Institute

That said, APA may soon overshadow other regions in terms of growth. The report noted that North American companies once accounted for almost 100% of global alternative protein investments. Their share has now been reduced to two-thirds.

Photo credit: Good Food Institute

It also says there is a “distinct possibility” that North America may become a minority player in the global plant-based meat sector this year.

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