SINGAPORE – Plant based meat producer, Next Gen has chosen Singapore as its global headquarter due to its innovation ecosystem and centrality to Asia.
Next Gen aims to tap into Asia’s meat substitute market which according to Technavio will see significant growth in the global market which is estimated to reach a value of US$12.75 billion by 2030.
Mordon Intelligence in a report estimates that Asia-Pacific plant protein market is anticipated to grow at a CAGR of 6.1% in 2020-2025.
The plant-based pork segment seems will be the most lucrative market in the region, accounting for over 15% of the market where the African Swine Fever has disrupted the pork supply.
The foodtech start-up has launched in Singapore after raising US$2.2 million in seed funding.
Here, the start-up aims to build a global consumer brand within the next six months and is eyeing a Series A financing round in 2021 to drive its global expansion, technology and R&D.
The company is planning to venture into China, USA and Europe over the next three years.
The start-up is co-founded by Andre Menezes and Timo Recker, the previous founder and CEO of German plant-based meat company LikeMeat, which was acquired by The Livekindly Co earlier this year.
Meanwhile, Menezes was previously the general manager of Country Foods Singapore, where he was involved in making Impossible Foods a household name in the country.
Recker said, “Our plant protein production and distribution are being built around a network of partners, who bring capacity, expertise and resources that can be scaled quickly.
“For example, we have manufacturing capacity of over 5,000 tons per year in place. Based on current average consumption, that means we expect we could serve 9,000 restaurants.”
For the start-up, Singapore offers a strong infrastructure to support food technology innovations like alternative protein.
“The city offers a fantastic entrepreneurial ecosystem, private equity and venture capital, and an enviable legal and support environment. It also has a vibrant dining scene and some exceptionally talented chefs, who will help us to introduce our brand to the people of Singapore, and from here to those across Asia and around the world,” said co-founder Andre Menezes.
He added, “The two big brands, Impossible and Beyond have done a great job bringing out beef burgers, but globally, the big and unmet opportunity is plant-based chicken.”
The U.S. plant-based meat substitutes producer, Beyond Meat is also investing in the Asia as the company recently signed a deal to build two production facilities in China’s eastern province of Zhejiang.
The Silicon Valley based foodtech startup, Impossible Foods on the other hand raised approximately US$500 million in a Series F funding round to expand its retail presence and its availability in key international markets.
Liked this article? Subscribe to Food Business Africa News, our regular email newsletters with the latest news insights from Africa and the World’s food and agro industry. SUBSCRIBE HERE