Nowhere is this clearer than in Asia, which is in the middle of a protein revolution. Singapore has doubled down on the sector with new grant programmes to fast-track commercialisation, while China is channelling hundreds of millions through state-backed vehicles to become a sustainable protein supplier to the world, building facilities that produce tens of thousands of tonnes of yeast-based and fermentation-driven proteins. The infrastructure thesis is sound. The ingredient thesis is where the industry has so far fallen short.
The alternative protein sector has had a bruising few years. The category that once attracted record venture capital and breathless headlines has seen consumer adoption rates plateau, retail momentum stall and investor sentiment cool significantly.
But the retreat of capital does not mean the underlying challenges have gone away. Food and nutritional security, as well as growing middle classes who want to eat meat- and dairy-like foods at a reasonable price, remain massive drivers of this sector.
