Start-ups specialising in alternative protein, from eggless eggs to pea-stuffed burgers and cell-grown fish products, are piling into the Chinese ...
HONG KONG: Startups specialising in alternative protein, from eggless eggs to pea-stuffed burgers and cell-grown fish products, are piling into the Chinese territory of Hong Kong to tap the mainland's booming multi-billion dollar food market.
San Francisco-based JUST, valued at US$1 billion and which counts venture capitalist Peter Thiel as one of its backers, is planning to launch its mung bean faux egg product in six Chinese cities starting next month.AdvertisementJUST has inked deals with Alibaba's Tmall and JD.com to distribute its egg product starting in Shanghai, Beijing, Tianjin, Guangzhou, Chengdu and Shenzhen, before expanding to other cities.
Nick Cooney, managing partner of Lever VC, a US-Asian venture capital fund focused on alternative protein startups, said firms like his are eyeing joint ventures, exports and product technology licensing opportunities in China."Chinese consumers seem to be more open to novel foods than those in nearly any other country," he said.
Rival Impossible Foods, which makes burgers out of soy, has said plant-based meat will eliminate the need for animals in the food chain and make the global food system sustainable. Fish maw, or swim bladders, are popular in Asian soups and stews and are used to add collagen to food. "If we want to change the world, we must find ways to shift Asian diet and consumption, which means we must find ways to reduce Asia’s dependence on pork and other meat products,” said Yeung, who also runs Green Monday, a startup tackling global food insecurity and climate change.
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