Alternative protein companies in Asia-Pacific received $205.61 million in investments last year, over six times the $33.8 million they raised in 2019 and nearly 21 times 2018’s $9.86 million sum, according to figures released by The Good Food Institute on Thursday.
Source: The Good Food Institute Asia-Pacific
Alternative proteins, which can range from plant-based proteins to cellular meat, or meat grown in laboratories using animal cells have gained ground in recent years as a solution to climate change and animal cruelty.
A 2019 report by Barclays predicted that the global alternative meat market, currently valued at $14 billion, or 1% of the $1.4 trillion meat industry, could be worth 10 times more at about $140 billion by 2029.
Hong-Kong-based Green Monday clinched the largest deal made in the plant-based space in the region last year, raising $70 million. The company is known for its alt-pork OmniMeat products.
Among fermentation players, Singapore-based Sophie’s Bionutrients raised the largest amount at $1.2 million. And among lab-grown meat developers, Singapore’s Shiok Meats, which is developing cultivated seafood, was the top fundraiser, pulling in $12.6 million in its Series A round.
“After years of international brands expanding their product rollouts into Asia, the tables are turning, and now it’s Asia-based companies that will be increasingly exporting their products around the globe,” said The Good Food Institute’s Asia-Pacific acting managing director Mirte Gosker.
Global ecosystem hits new highs
Worldwide, alternative protein startups received a record amount of funds, the organisation said.
A total of $3.1 billion was invested in alternative proteins, thrice the $1 billion invested in 2019 and four and a half times the $694 million raised in 2018.
The amount raised and deals closed by alt-protein companies globally annually. Source: The Good Food Institute
A breakdown of how much each category of alt-protein companies worldwide raised. Source: The Good Food Institute
Alternative protein companies have raised almost $6 billion in invested capital in the past decade between 2010 and 2020, more than half of which was raised last year, the group added.
Some notable deals include the $700 million that Impossible Foods raised in 2020 through a $500 million Series F in March and a $200 million Series G in August, and the $186 million Temasek-backed cultivated meat maker Memphis Meats got in its Series B round.