This photograph on April 21, 2021 shows staff members preparing plant-based food samples during the launch of ADM’s Plant-based Innovation Lab in Singapore. – From faux-chicken satay to imitation beef rendang, a high-tech Singapore laboratory is replicating popular Asian dishes with plant-based meat alternatives to feed the region’s growing appetite for sustainable food. (Photo by Roslan RAHMAN / AFP) (Photo by ROSLAN RAHMAN/AFP via Getty Images)
Roslan Rahman | Afp | Getty Images
After a spike in popularity during the pandemic era, hype — and funding — for startups developing meat alternatives has waned. But some Singaporean food-tech ventures are hoping innovations in cell culturing and microbial fermentation could be about to turn things around.
Factory-made proteins using animal, fungi or plant extracts trended during the Covid-19 years as a new way to eat sustainably. Meat and dairy currently account for around one-seventh of global greenhouse gas output, the United Nations estimates.
Singapore, which imports most of its produce due to land scarcity, went big on the sector with generous funding for research and commercialization as it looked to boost food security.
“There are very few places in the world … with such a fusion of cultures, for real market testing with a range of consumers of different backgrounds,” said Mihir Pershad, chief executive of Umami Bioworks, a local startup for cultivated seafood. Unlike plant-based proteins, cultivated products are lab-grown from animal cells.
The firm, founded in 2020, has expanded its operations, launching offshoots in the U.S. and Japan. It entered the United Kingdom last year and announced a new caviar product using sturgeon cells and plant ingredients in January.
Singapore consumers are still likely to be the first to taste an Umami Bioworks dish, however, as the firm seeks regulatory approval in Singapore. Umami Bioworks is looking to sell cultivated unagi – freshwater eel commonly grilled – this year, pending such regulatory checks and “if all goes well,” Pershad said.
Singapore was the first country to permit the sale of lab-grown meat products in 2020, with Israel and the United States following later. The United Kingdom has approved such products for use in pet food.
Alternative protein research in Singapore has also been expanding. A Jeff Bezos-funded center opened at the National University of Singapore in September, and last year state investor Temasek, via subsidiary Nurasa, unveiled new lab and test kitchen facilities to support growing startups.
A battered ecosystem
Recent progress cannot mask the troubles that weigh on the alternative proteins industry, however. Despite the fanfare, sales have lagged expectations due to high prices and few repeat buyers.
The sector raised $1.1 billion globally in 2024, down from 2023’s $1.5 billion, according to industry group Good Food Institute.
American firm Eat Just’s plans for a cultivated meat plant in Singapore are on hold, with the firm’s plans for a separate plant-based egg factory being canned. An upscale concept store by Hong Kong plant-based retailer Green Monday, meanwhile, closed in 2023. Few new players have emerged since then, while some existing startups downscaling or merging with others.
The challenges have spurred soul-searching within the industry. For Anli Geng, co-founder of Singapore venture Mycosortia, driving down production costs is key.
Mycosortia uses microbial fermentation to transform okara – a byproduct from making tofu – into a protein and fiber-rich powder. The firm is also aiming to develop a solid fermentation process that bypasses the need for advanced and expensive bioreactors.
“Although research on okara is a very crowded area, there are always opportunities for innovation,” Geng said, adding that the industry is now looking to share facilities to further cut costs.
The firm, based at Singapore Polytechnic, has used its product FibProt to make fish, mayonnaise and cheese analogs. Geng also reported high interest from food companies in its latest attempt to create a cocoa powder substitute.
Elsewhere, alternative protein firms seeking market breakthroughs have been diversifying their offerings to include pharmaceuticals, dyes and pet food that can be made with the same ingredients.
Some believe in a return to simpler plant-based foods. Relative newbie to the scene Jungle Kitchen, launched in Singapore in 2023, uses Sri Lankan jackfruit as a vegan mince substitute, while the seeds go into a masala stew. Another Jungle Kitchen product using Indonesian tempeh – traditional fermented soy cakes – will be available soon.
“We’ve seen a lot more engagement from customers looking for minimally processed, clean-label alternatives to conventional meat substitute,” said co-founder Surekha Yadav, adding that the firm was launched “almost as an intentional response” to the boom-bust experience of the alternative proteins industry. Jungle Kitchen products are available in Singapore, the United States and Saudi Arabia.
“In terms of alternative proteins, we believe that the future needs to look a lot like the past,” Yadav added.
Recovery in sight?
The latest fundraising figures offer some hope. Venture capitalist AgFunder reported that Asia-Pacific investments for innovative foods – including plant-based proteins and cultured meat – rose 85% to $204 million in 2024.
But raising cash remains a challenge for some, with investors anxious about startups courting enough customers for healthy returns, Pershad said. He added that Singapore fares well as a testbed but lags as a final market with under six million residents.
He believes working with larger food companies can boost market access, but regulations for cultivated meat present another roadblock.
“There has been hope that you would have three, four or five countries with frameworks and approvals by now, but we still don’t,” Pershad said.
Both governments and private investors will need to massively step up financing to help alternative proteins scale, according to Mirte Gosker, managing director of the Good Food Institute Asia Pacific.
“Unlike renewables and other climate technologies, alternative proteins are not yet benefitting from the kind of massive government investments and green-financing schemes that have enabled clean-energy startups to bridge the Valley of Death and migrate from the lab bench to industrial-scale manufacturing,” Gosker said.
Singapore’s success in the space will continue to hinge on its role as innovation partner and matchmaker, Gosker said, noting that nearby countries have referenced the city state’s work on regulations for their own efforts.
A standardized regional rulebook, she said, will help startups launch products in multiple markets at once – a feat few have been able to achieve.
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