Mapping Southeast Asia’s alt-meat makers

Taking meat entirely off the menu might not appease Southeast Asia’s insatiable appetite for meat, but a regional boom in alternative proteins could do the trick.

Between 2019 and 2022, funding received by the region’s alternative protein startups surged fivefold. The first quarter of this year alone saw four deals with total funding already exceeding last year’s record high.

Notable deals in Q1 2022 include Temasek-backed Next Gen Foods’ US$100 million series A round and Indonesian alternative protein startup Green Rebel Foods’ US$7 million pre-series A fundraise.

Southeast Asia’s alternative protein scene pales in comparison to regional and worldwide figures. Even as global funding soared 60% from US$3.1 billion in 2020 to US$5 billion in 2021, just US$312 million or 6.2% of that went to industry players based in the Asia-Pacific region.

But there are signs that the region is “primed to capitalize” on the shift to alternative proteins, says Mirte Gosker, acting managing director of Good Food Institute Asia Pacific (GFI APAC).

For one, regional investor interest is picking up. According to Tech in Asia’s data, funding for alternative protein startups in Southeast Asia skyrocketed 92% from 2020 to 2021.

That’s just one part of the equation. “Rich agricultural landscapes, combined with world-renowned innovation hubs, give local producers the ability to source a nearly unlimited range of ingredients, process them in new and innovative ways, and shape the next generation of plant-based meat; all in the same corner of the world,” Gosker tells Tech in Asia.

In its report, GFI APAC categorized alternative proteins into three categories:

• Plant-based, which are “meats” made from processing fruits, vegetables, legumes, grains, nuts, and seeds.
• Fermented, which involves growing microorganisms such as algae or fungi as protein sources or for processing plant ingredients.
• Cultivated, which involves growing meat based on actual animal cells without killing any.

The firm doesn’t include insect-based protein products, which uses protein-rich insects either for cattle or human consumption.

Plant-based firms consistently got most of the money in 2020 and 2021. But while other alt protein types closed the gap on the global scale, plant-based meat continues to dominate the funding scene in Asia. Next Gen Foods, Green Rebel Foods, and Off Foods are all plant-based protein producers.

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