Nature’s Fynd, a Chicago-based alternative protein production firm hopes to expand to Asia, starting with Singapore.
With its current success in the alternative protein market, Nature’s Fynd plans to start manufacturing in Singapore within the upcoming years, “hopefully [in] 2022 or 2023” according to the company’s founder Thomas Jonas. In order to achieve this goal, Nature’s Fynd needs to settle all necessary regulatory steps by the end of 2021.
In recent years, Singapore has made noticeable steps to developing itself as a FoodTech hub by bolstering food security needs. The city-state set a goal in 2019, to produce 30% of its nutritional needs by the year 2030, and in 2020 became the first country to approve public sales of cultivated meat. With Singapore having strong potential to take the lead in the FoodTech industry, Nature’s Fynd anticipates a smooth and expeditious process, especially in terms of clearing regulations by this year.
While still made from fermented fungi, the company’s protein products differentiates themselves from conventional plant-based proteins, including essential amino acids and fibers, and do not require farmland for production. The procedure consists of fermenting the fungi in trays of acidic water, fed with sugars and nitrogen. On average, completing one sheet of protein takes three days.
In early 2021, Nature Fynd was very successful in the US with the launch of their cream cheese and “meat” patty.
Nature’s Fynd plans to enter other major Asian countries such as China and India.
Jonas understand the challenges of entering and expanding into the Asian market, and plans to localize their menus, tailoring their products to adhere to each country’s cuisine. In the case of China, Nature’s Fynd wishes to add dishes such as Dim Sum or Char Siu Bao to their menu, replacing hamburger patties and chicken nuggets. As for India, Jonas claims to focus on “making things like paneer or certain dairy products.”
To gain reputable success in the Asian market, Nature’s Fynd will work alongside its current Asian investors for “accelerating our expansions in Asia” said Jonas. The company has already opened a subsidiary office in Singapore, with six employees across Asia, in Singapore, Hong Kong, and India.
Apart from the highly anticipated future of the alternative meat market to be valued at US$77 billion and $153 billion by 2030, according to EY, the environmental benefits of alternative proteins attracts investors globally. The sector holds the key to ensuring the future of food security, and especially in Asia, it is critical to accumulate its protein supply considering the effects of climate change and increasing populations and zoological diseases.
Despite the positive outlook of the adoption of alternative protein and meat, there are still forecasted hurdles along the way. One problem to combat, is the pace of alternative meat products to secure its place as mass-market status.
Featured banner image from naturesfynd.com