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A booming food and beverage segment with a history as rich and varied as its present-day product offerings

Plant-based Dairy & Egg

Perfect Day produces animal-free dairy products using fermentation techniques. The startup uses microflora (microorganisms such as bacteria, yeast, or in this case, fungi) to create the protein blocks of milk-casein and whey via fermentation, which is later combined with fat and water to produce genetically identical substitutes to animal milk. Perfect Day has developed the microflora to produce milk proteins with a similar genetic blueprint corresponding to casein and whey. The startup launched its first product in 2019, a limited line of animal-free ice cream. Perfect Day has also developed animal-free substitutes for cream cheese, feta, and cheese spreads, in addition to milk. Since its first funding round in December 2019, Perfect Day reported a doubling of production capacity while significantly reducing costs. In <a href="https://sp-edge.com/updates/14938">November 2022</a>, the company launched its Very Dairy animal-free milk in Singapore which is claimed to be the first precision fermented milk to enter the Asian market. Following this, Perfect Day <a href="https://sp-edge.com/updates/14989">acquired India’s Sterling Biotech Limited </a>at a value of 638 crore rupees (~USD 78 million). In <a href="https://sp-edge.com/updates/32960">August 2024</a>, 50% of Perfect Day’s stake in Sterling Biotech was acquired by Indian pharmaceutical company Zydus Lifesciences.In <a href="https://sp-edge.com/updates/20068">July 2023</a>, Perfect Day exited its consumer-facing business, The Urgent Company (TUC), due to investor pressure and to shift its focus towards R&amp;D innovation, B2B partnerships, and its nth Bio precision fermentation consulting business. 15% of the workforce at TUC was laid off as a part of this move.Key customers and partnershipsThe company entered into partnerships with Tomorrow Farms in <a href="https://sp-edge.com/updates/10605">May 2022 </a>and Strive Nutrition in <a href="https://sp-edge.com/updates/10862">June 2022 </a>to supply fermented animal-free whey protein for the production of alternative milk. In <a href="https://sp-edge.com/updates/11970">July 2022</a>, the company partnered with sports nutrition brand, Myprotein to launch a precision fermented Whey protein powder. The company partnered with global food and beverage leader, Nestle in <a href="https://sp-edge.com/updates/12953">September 2022 </a>to develop and trial an unnamed alternative milk beverage. Further, during the same month, the company unveiled its <a href="https://sp-edge.com/updates/13187">enterprise biology business, “nth Bio”</a>, offering precision fermentation expertise and technology to companies worldwide and announced Onego Bio as its first partner in this new venture.In <a href="https://sp-edge.com/updates/26920">February 2024</a>, Perfect Day partnered with Unilever-owned ice cream company Breyers, to supply precision-fermented whey protein for developing a lactose-free ice cream product.Funding and financialsIn its latest funding round in <a href="https://sp-edge.com/updates/25248">January 2024</a>, Perfect Day raised up to USD 90 million in pre-Series E funding led by its internal investors. The funding was earmarked for supporting Perfect Day's shift toward manufacturing on a larger scale and paving the path for the commercial release of its fermented whey protein product.

Nature’s Fynd creates protein using a microbe discovered in the geothermal springs of Yellowstone National Park’s ancient volcano. The microbe was discovered by one of the founders when researching extreme life at Yellowstone with support from NASA. According to the company, the microbe can produce nearly 2 tons of Fy (fusarium strain flavolapis) using only a ton of sugar.In <a href="https://sp-edge.com/updates/824">June 2021 </a>, the startup received a letter from the FDA citing that the agency had no questions about the Generally Recognized as Safe (GRAS) status of its Fy fungi ingredient for use in plant-based food and beverage products. In February 2021, Nature’s Fynd <a href="https://sp-edge.com/updates/676">debuted </a>its Dairy-Free Cream Cheese, which is made using Fy protein, coconut oil, and sugar. This product claims to match the taste of traditional cream cheese while being free from lactose, nuts, soy, artificial flavors, and preservatives and is certified Kosher. In <a href="https://sp-edge.com/updates/24764">December 2023 </a>, the company expanded its dairy-free range with what it claims to be the world’s first fungi-based yogurt.In March 2020, Nature’s Fynd announced plans to start production at its new 35,000 sq ft manufacturing facility in Chicago. In <a href="https://sp-edge.com/updates/6378">October 2021 </a>, the company announced the construction of a new 200,000 sq ft production facility in Chicago. Its plan to open a manufacturing facility in Singapore was shifted from its original date to 2H 2023 due to supply chain constraints.Key customers and partnershipsIn <a href="https://sp-edge.com/updates/11639">July 2022 </a>, the company announced that its bioreactor will be heading to the International Space Station (ISS) onboard SpaceX-25 as a part of its ongoing collaboration with NASA’s EPSCoR, Montana University, and BioServe Space Technologies. The flight study was planned to research novel methods of protein production for space exploration and the implications of growing Fy in low-earth orbit microgravity and radiation conditionsFunding and FinancialsIn its latest funding round in <a href="https://sp-edge.com/updates/4350">July 2021 </a>, Nature’s Fynd secured USD 350 million in Series C funding led by SoftBank’s Vision Fund 2. The funds were to be used to expand its production capacity, develop new partnerships, expand its product offering, and prepare for global expansion. Further, in <a href="https://sp-edge.com/updates/10008">April 2022 </a>, the startup received a grant of USD 4.8 million from the Bill and Melinda Gates Foundation to introduce its fermentation technology to low- and middle-class communities.

A new wave of meat, fish, and poultry alternatives are driving this hyper-growth industry into the mainstream

Plant-based Meat

<div>
 
 Nature&rsquo;s Fynd creates protein using a microbe discovered in the geothermal springs of Yellowstone National Park&rsquo;s ancient volcano. The microbe was discovered by one of the founders when researching extreme life at Yellowstone with support from NASA. According to the company, the microbe can produce nearly 2 tons of Fy (fusarium strain flavolapis) using only a ton of sugar.&nbsp;
 
 
 In
 <a href="https://sp-edge.com/updates/676">
 
 February 2021
 </a>
 , Nature&rsquo;s Fynd debuted Meatless Breakfast Patties that are made using Fy protein, soy, and fava bean. In
 <a href="https://sp-edge.com/updates/824">
 
 June 2021
 </a>
 , the startup received a letter from the FDA citing that the agency had no questions about the Generally Recognized as Safe (GRAS) status of its Fy fungi ingredient for use in plant-based food and beverage products. 
 
 
 
 In 
 <a href="https://sp-edge.com/updates/6378">
 October 2021
 </a>
 , the company announced the construction of a new 200,000 sq ft production facility in Chicago. Its plan to open a manufacturing facility in Singapore was shifted from its original date to 2H 2023 due to supply chain constraints. The startup also planned to focus on the Asian market&ndash;especially China and India&ndash;due to the substantial demand for sustainable protein.&nbsp;
 
 
 Key customers and partnerships
 
 
 In 
 <a href="https://sp-edge.com/updates/11639">
 July 2022
 </a>
 , the company announced that its bioreactor will be heading to the International Space Station (ISS) onboard SpaceX-25 as a part of its ongoing collaboration with NASA&rsquo;s EPSCoR, Montana University, and BioServe Space Technologies. The flight study was planned to research novel methods of protein production for space exploration and the implications of growing Fy in low-earth orbit microgravity and radiation conditions&nbsp;
 
 
 Funding and Financials
 
 
 In its latest funding round in 
 <a href="https://sp-edge.com/updates/4350">
 July 2021
 </a>
 , Nature&rsquo;s Fynd secured USD 350 million in Series C funding led by SoftBank&rsquo;s Vision Fund 2. The funds were to be used to expand its production capacity, develop new partnerships, expand its product offering, and prepare for global expansion. Further, in 
 <a href="https://sp-edge.com/updates/10008">
 April 2022
 </a>
 , the startup received a grant of USD 4.8 million from the Bill and Melinda Gates Foundation to introduce its fermentation technology to low- and middle-class communities.
 
</div>

Making meat sustainable over the long term

Cell-cultured Meat

Based in Israel, Believer Meats (Future Meat Technologies prior to November 2022) develops hardware and cell lines for the manufacturing of cell-cultured meat, to commercialize its manufacturing hardware and techniques.Believer Meats uses fibroblast cells that can be triggered with small molecules to develop either fat or muscle cells. Fat and muscle cells are cultured in a unique bioreactor that removes the waste material from the media, allowing the company to recycle parts of the media to reduce feed media input by as much as 50%. The startup replaced FBS with molecules derived from Chinese hamster ovaries (CHO) to reduce production costs and plans to achieve price parity with animal counterparts.In <a href="https://sp-edge.com/updates/12623">August 2022</a>, the company announced it has developed what it claims to be the world’s first cultivated lamb, using cell lines isolated from Awassi sheep.In <a href="https://sp-edge.com/updates/15195">December 2022</a>, the company announced it has begun development of a 200,000 sq foot production facility in Wilson, North Carolina with an annual capacity of ~22 million lbs, which is claimed to be the largest cultivation facility in the world. Believer Meats plans to produce cultured chicken, pork, beef, and lamb for US, European, and Asian markets.Key customers and partnershipsIn March 2022, the company <a href="https://sp-edge.com/updates/9320">partnered</a> with Charoen Pokphand Foods to develop cultivated meat products for Asia.In <a href="https://sp-edge.com/updates/17710">April 2023</a>, Believer Meats signed an MoU with Archer Daniels Midland (ADM) to collaborate on the development and commercialization of cultivated meat products. Further, ADM will offer its ingredient pantry and nutrition knowledge to enhance Believer's cell-cultivated meat process.In <a href="https://sp-edge.com/updates/30520">June 2024,</a> Believer Meats partnered with Abu Dhabi’s AgriFood Growth &amp; Water Abundance (AGWA), to advance cultivated meat production in the MENA region.&nbsp;&nbsp;

The intersection of beauty and technology to deliver hyper-personalized products.

Beauty Tech

Geltor is a California-based biotech company that develops GMO-free, biodesigned proteins and polypeptides for the beauty industry, powered by precision fermentation. The company’s products for topical beauty and personal care applications include 1) HumaColl 21, a vegan biomimetic human type 21 collagen for improved complexion and younger looking skin, 2) Elastapure, a vegan human elastin for firmer and younger looking skin, 3) Collume, a marine-inspired vegan collagen for skincare and moisturization, 4) NuColl Pro, a vegan collagen for hair styling and manageability, and 5) Caviance, a polypeptide that leverages type II sturgeon collagen for skin rejuvenation. Geltor also offers a product for ingestible applications: PrimaColl, a vegan collagen for dietary supplements.Key customers and partnershipsGeltor’s HumaColl21 is a key ingredient in AHC’s Ageless Real Eye Cream for Face, an anti-aging eye cream developed by Kolmar Korea, a personal care manufacturer (April 2019).Geltor also has distribution partnerships with 1) Nagase Speciality Materials, for the US distribution of products including HumaColl21, Elastapure, and Collume (February 2022), and 2) Connell, for distribution across the Asia-Pacific (November 2019).Funding and financialsIn July 2020, the company raised USD 91.3 million in a Series B funding round led by CPT Capital to build its team and fund global expansion.

Earth-friendly biotech solutions for the textile, packaging and construction industries.

Bio-based Materials

California-based Geltor is a cultured protein developer offering an ingredient-as-a-service platform. The company utilizes a brewing-like method called “microbial fermentation” on plant-based ingredients to produce animal-free proteins that are identical to those obtained from animals. While initially focusing on animal-free collagens for the health and beauty industry via its initial products, HumaColl21 and Collume. Geltor also introduced PrimaColl in 2021, extending its technology to the food and beverage sector. PrimaColl serves as a complete replacement for animal-derived collagen, retaining all functional properties while overcoming formulation challenges.&nbsp; Besides the diversification, the company also continues its innovation for the beauty industry. In early 2023, the company launched NuColl, a vegan alternative to animal-based collagen for hair care worldwide. NuColl is made using precise fermentation with plant-based inputs, offering superior purity and a transparent supply chain. The company reported that commercial-scale volumes in powder form are available to meet global demand. In mid-2023, it also launched CAVIANCE, a bioactive protein ingredient for beauty that is vegan and cruelty-free. The company also reports that it has a number of patent applications filed to protect its technology, use of modified bacteria, and a wider portfolio of developments.&nbsp; In 2021, the company reported that it has significantly expanded its fermentation-based technology platform, increasing its scale by 100x and successfully generating numerous new proteins in the past year. It also witnessed a substantial increase in sales due to the global demand for collagen, growing at an annual rate of 25%. Key customers and partnershipsTo develop Primacoll, Geltor has partnered with Lonza Specialty Ingredients, based in Switzerland. It also partnered with GELITA, a prominent collagen producer, in 2019 to bring the PromoColl to the market. The collaboration between Geltor and GELITA aimed to specifically make "bio-designed" collagen suitable for vitamins and dietary supplements. In February 2022, the company announced the completion of the first commercial run of PrimaColl. The vegan collagen was produced in partnership with Arxada over a five-month period that ended during Q4 2021. As of that date, the company claimed that it has increased its capacity from 10,000 liters of fermentation in 2019 to millions in 2021. To further expand the presence of its vegan personal beauty products, it partnered with Nagase Specialty Materials (NSM) in February 2022 to distribute its bioactive proteins for personal care across the US. Funding and financialsIn July 2020, the company secured USD 91.3 million in a Series B funding round. The investment to support Geltor's global expansion of its ingredients-as-a-service platform. In September 2022, the company also raised an undisclosed amount of funding via convertible notes. This was followed by the company raising an undisclosed amount of funding via a convertible note in May 2023.

Empowering sustainable food innovation through food engineering tech

Alternative Ingredients

<div>
 
 Geltor is a specialty protein company offering an ingredient-as-a-service platform that uses microbial fermentation to produce animal-free proteins. The company offers PrimaColl, an animal-free collagen tailored for vitamins and dietary supplements that closely matches the bioactive amino acid core of type XX1 collagen. The collagen is made using functional proteins instead of animal bones, skin, and cartilage.
 
 
 
 
 Key customers and partnerships
 
 
 
 
 In October 2019, Geltor partnered with collagen manufacturer GELITA, where Geltor will develop and produce PrimaColl, whi GELITA will conduct clinical research and commercialize the product as one of its portfolio products. In July 2021, Geltor collaborated with Swiss contract manufacturer LSI (formerly Lonza Specialty Ingredients) to produce PrimaColl. In February 2022, the company completed the commercial-scale manufacturing of PrimaColl, following a five-month manufacturing process conducted in partnership with the global specialty chemicals company Arxada in the fall of 2021.
 
 
 
 
 Funding and financials
 
 
 
 
 In July 2020, the company secured USD 91.3 million in a Series B funding round to support the global expansion of Geltor's ingredients-as-a-service platform.
 
</div>

TRACT is an innovative platform for measuring sustainability performance that was created by and for the agriculture and food industries.

Believer Meats is a Jerusalem-based biotechnology company aiming to transform global meat production through distributive manufacturing of fat and muscle cells, increasing food safety and reducing ecological impact worldwide. They aim to turn the timeless vision of animal-free meat production into a reality. Their cutting-edge cellular agriculture technology was developed by award-winning biologists and bioengineers and brought into reality by world-renowned innovative chefs at Jerusalem’s singular culinary scene.

Established in September 2007, Spiber Inc. is a Japanese biotechnology startup utilizing cutting-edge synthetic biology, polymer, and material science for the development of its novel Brewed Protein™ materials. Produced through microbial fermentation and utilizing agricultural feedstocks as primary raw materials, Brewed Protein™ polymers are well-positioned to significantly contribute to animal- and plastic-free initiatives in various fields such as the apparel and automotive industries. Leveraging its R&D expertise, Spiber pursues its mission of positively contributing to sustainable human well-being. Operation of Spiber’s first mass production plant in Rayong Province, Thailand, is slated to commence within 2021. The company is also constructing a second mass production facility with partner ADM in Iowa, USA, which is scheduled to begin operating in 2023 at the earliest.

Biodesigned proteins for beauty, wellness and beyond.

Nature’s Fynd is a food company producing a protein from a microbe discovered in the geothermal springs. The company's mission is to create foods that both nourish people and the planet. Its revolutionary fermentation technology grows protein using a fraction of the land and water resources required by traditional agriculture. Nature’s Fynd was founded in 2012 and is headquartered in Chicago, Illinois.

Perfect Day produces dairy proteins that are nutritionally identical to proteins from cow’s milk. Perfect Day is pioneering a whole new era in animal-free dairy products. One the delivers all of the taste, texture, and nutrition of dairy with none of the food safety, environmental, or animal welfare downsides. The company's animal-free approach, based on the safe and proven techniques that give the consumers beer or vegetarian rennet also provides consumers and food manufacturers with the same product they all know and love - through a more sustainable and compassionate process. It was founded in 2014 and is headquartered in Emeryville, California.

Agrible was established in 2007 by Bill Northcott, Chris Harbourt, and Paul Miller, who all met in 1997 while completing higher degrees at the University of Illinois. There they began conceptualizing a small engineering firm based off their research, but their ideas were a bit ahead of the technology of the time.

Wilmar International is an agricultural company. They sell palm, lauric oils, oleochemicals, palm biodiesel, and consumer pack oils. Their business activities include oil palm cultivation, oilseed crushing, manufacturing of consumer products, biodiesel, fertilizers, and rice milling. They provide management practices including field, harvesting, and application of fertilizers to crop yields.

Archer Daniels Midland Company offers food ingredients, animal feeds and feed ingredients, biofuels, and other products. ADM transforms natural products into a complete portfolio of ingredients and flavors for foods and beverages, supplements, nutrition for pets and livestock, and more. It was formed in 1902 and headquartered in 	Chicago, Illinois.

<div> Archer Daniels Midland (ADM) (NYSE: ADM) is a US-based food (agricultural products, ingredients, and commodities) processing and nutrition multinational company. ADM had 59 procurement centers, 25 processing plants, and 8 innovation centers around the globe, as of July 2024. The company generated USD 93.9 billion in revenue for 2023. ADM offers its products under four segments: <ol> <li> Ag Services and Oilseeds&mdash;processing agricultural raw materials and crushing and processing oilseeds </li> <li> Carbohydrate Solutions&mdash;milling corn and wheat </li> <li> Nutrition&mdash;manufacturing, selling, and distributing ingredients such as natural flavors </li> <li> Other Business&mdash;brokerage and insurance services&nbsp; </li> </ol> Ag Services and Oilseeds was its largest segment, contributing ~78% of total revenue in 2023. The company&rsquo;s largest regions by revenue contribution were the US (~41%) and Switzerland (~21%). In 2022, ADM approved the scope for a two-year modernization program (2023&ndash;2024) that encompasses 18 manufacturing facilities, with an expected double-digit return from the initiative. The company also plans to continue expanding 1ADM, a business transformation program, with anticipated profitable revenue growth and higher margins. </div>

Corn Fiber Market: Trends, Demand, Forecast with CAGR of 6.3% by 2031 | Doshi Group, Archer Daniels Midland Company

Suppliers of plant ingredients such as legumes, mycelia, and other proteins for the production of plant-based meat, fish, poultry, and pork products; suppliers of technology related to the production of plant-based meat

Producers of plant-based pork alternatives using plant proteins such as pea, soy, wheat, etc. Some startups also use unique ingredients such as mushroom mycelium (whole-cut bacon) and jack fruits (pulled pork) to produce pork alternatives. Products are manufactured mostly in sausage or pulled (pork) form

Producers of plant-based chicken, turkey, and duck alternatives using plant proteins such as peas, soy, wheat, etc. Products are manufactured mostly in nuggets or shredded form

Producers of plant-based seafood alternatives using plant proteins such as peas, soy, chickpeas, etc. Some startups use more unique ingredients such as algae, konjac (a Japanese yam root), tomatoes, and eggplants. Products are manufactured mostly in shredded form or as cuts (for sushi)

Producers of plant-based beef alternatives using plant proteins such as peas, soy, wheat, mung beans, etc. Products are manufactured mostly in a burger patty, sausage, meatball, or minced form

Companies providing technology related to fortification, cell culture, and fermentation and those supplying equipment including bioreactors and fermenters for the production of novel foods

Companies offering salt substitutes to reduce sodium content in foods and beverages

Companies developing natural sweeteners and solutions to reduce sugar content in foods and beverages

Companies creating natural flavor, texture, and coloring ingredients from plant-based sources like seaweed and algae

Companies producing chocolate without cocoa using ingredients like oats, seeds, and cell-cultured cocoa

Companies making coffee substitutes from ingredients like barley, date seeds, and sunflower seeds

Companies offering plant-based alternatives to honey and nut spreads, addressing dietary restrictions and allergies

Companies producing cooking oils and fats through fermentation, cell-cultured and plant-based extraction processes

Companies developing protein ingredients via cell-culture or fermentation for dietary supplements and food production, excluding plant-based or cell-cultured meat

Driving livestock productivity using next-generation biotechnology

Livestock Biotech

Companies that offer solutions that edit (gene editing) or modify (gene modification) an animal's genome in a precise and targeted manner using methods such as TALEN's, CRISPR/Cas9, recombinant retroviruses, and sperm-mediated DNA transfer. The techniques change the existing genome to improve/express desired traits in livestock. The segment also covers companies that use an AI-based platform or otherwise to offer diagnostic testing services of the animal's genome that help livestock farmers identify genetic changes or diseases present in herds.

Companies that offer next-generation vaccines based on developments in DNA technology (e.g., mRNA vaccines) and biotechnology. The segment also includes medicines developed for the prevention and treatment of livestock diseases.

Companies that use a range of genetic techniques that can alter the DNA of animals more precisely than traditional breeding techniques. Techniques such as gender selection via sexed semen, genomic selection, or even gene editing methods like CRISPR are used to breed animals precisely with superior genetic traits.

Companies that produce natural ingredients or biological additives that can be added to animal feed for purposes such as improving nutrient uptake and the gut microbiome.

Preserving aquatic life for future generations

Sustainable Aquaculture

Suppliers of sustainable and responsibly sourced fish meal replacements, fish feed, and fish feed ingredients

Suppliers of monitoring tools, analytics platforms, water management systems, feeding systems, and infrastructure, among others, to aid sustainable aquaculture practices

Farming operators involved in the sustainable breeding of finfish

Farming operators involved in the sustainable cultivation of shellfish and/or aquatic plants

Suppliers of disease diagnostics, treatments, medication, nutritional supplements and biomonitoring, among other services aimed at increasing quality, health, and efficiency of aquaculture.

Functional Nutrition

INCUMBENTS_PRESENT

PROMINENT_CATEGORY

<div>
 
 Archer Daniels Midland (ADM), a global food and nutrition company, has introduced a new solutions platform that serves the nutritional requirements of people using GLP-1 receptor agonists and other anti-obesity medications. The platform is not only designed for current users but also those who are stepping down from these medications.
 The solutions platform uses ADM's proprietary research and scientific analysis to devise over 25 ready-to-market concepts that address different issues including muscle health, intestinal discomfort, hydration, and appetite control. The solutions are developed using plant-based ingredients, prebiotic fibers, probiotics, postbiotics, botanical extracts, and sweetening solutions, among others.
 Through the usage of advanced technologies and scientific research, ADM develops personalized nutritional solutions according to individual requirements. The company integrates factors like genetic composition, lifestyle, and health goals to provide specific dietary recommendations.
 
</div>

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