Monde Nissin

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

Plant-based Meat

Prime Roots offers plant-based, non-GMO, meat alternatives made from Koji, a Japanese fungus (Aspergillus oryzae) that has been used historically to create soy sauce, miso, and sake. Koji is a highly versatile ingredient used in popular fermented products and the nature of its mycelium helps recreate the dense, meaty texture.In 2020, the startup released its bestselling Koji Bacon, which was sold out within hours, creating a waitlist of more than 50,000 individuals. In 2022, the startup introduced the world’s first line of Koji Deli Meats and charcuterie which includes sliceable hams, turkey, salami, pepperoni, foie gras as well as koji pâtés.Key customers and partnershipsIn <a href="https://sp-edge.com/updates/19096">June 2023 </a>, Prime Roots partnered with Quorn Foods, a leading producer of vegan frozen food, to collaborate on mycelium-based product development and the expansion of their portfolios and market reach. Further, in <a href="https://sp-edge.com/updates/22573">October 2023 </a>, the company partnered with Fabrique Delices, a French artisanal charcuterie maker, to develop and distribute a range of koji-based pâtés and foie gras targeting the food service sector.In <a href="https://sp-edge.com/updates/25874">January 2024 </a>, Prime Roots partnered with Three Little Pigs, a creator of artisanal charcuterie and pâté, to offer a range of plant-based pâtés and foie gras in New York City.Funding and financialsIn its latest funding round in May 2023, Prime Roots <a href="https://sp-edge.com/updates/18570">raised USD 30 million </a>in Series B funding, with participation from True Ventures, Pangaea Ventures, Prosus Ventures, Tier Capital, and Monde Nissin, among others, bringing the total funding raised by the company as of that period to USD 50 million. The funds were to be utilized to scale and expand its offerings to deli counters and restaurants nationwide.

Prime Roots creates plant-based meats and seafoods that are made with koji mycelium. Natural koji proteins are used in the company's products to help reduce carbon-intensive reliance on animals through plant-based meat alternatives, giving meat eaters and vegans access to protein-rich food.

FCG, which provides more exposure to the food service sector, believes that great products and experiences should be available to all, not just the wealthy. We believe in bringing joy to everyone we meet.

Monde Nissin has been providing Filipinos with flavorful and convenient solutions for their meal and snacking needs, adhering to only the international standards in manufacturing.

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 Monde Nissin is a Philippines-based food and beverage company with a brand portfolio of Lucky Me! (noodles), Skyflakes (crackers), Fita (crackers), and Monde (baked goods) and Quorn (plant-based meat products). Quorn is a plant-based meat brand and was acquired in 2015 by Philippines-based food and beverage company Monde Nissin for GBP 550 million (USD 825 million). Quorn Foods, based in the UK, uses mycoprotein as the main ingredient to make its prepackaged meals. This mycoprotein used by Quorn Foods is made by fermenting a natural growing microfungus called Fusarium Venenatum which was discovered after screening over 3,000 soil samples. 
 
 
 Quorn Foods was founded in 1985 by Marlow Foods—a joint venture between Rank Hovis McDougall (RHM) and Imperial Chemical Industries (ICI). Prior to being acquired by Monde Nissin, Quorn Foods was acquired several times over the years. It was acquired by Montagu Private Equity in 2003, by Premier Foods in 2005, and by Exponent Private Equity in 2011. 
 
 
 The company's product portfolio consists of around 70 varieties of plant-based meats and meals in chilled and frozen packaging. Quorn products are available with 15 retailers across the UK and in 14 countries including several European countries, the US, Philippines, New Zealand, Australia, South Africa, and Thailand. The brand also collaborated with KFC and Pizza Hut to launch menu items featuring alternative burgers and pepperoni made using it’s mycoprotein.
 
 
 On June 1, 2021, Monde Nissan started trading on the Philippines Stock Exchange, raising PHP 48.6 billion (USD 1 billion), marking the country's biggest-ever IPO. Monde Nissin planned to use these funds for scaling up production and increasing the sales of its instant noodles. With the new capital, the company aims to invest in Quorn to grow at the same pace as the sector within the next two to three years. Quorn contributed 22% of the group's net sales of USD 1.4 billion in 2020. 
 
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Conquering Asia's appetite: Betty Ang's Monde Nissin invests over P7 billion for growth

Suppliers of plant ingredients such as legume, mycelia, and other proteins for the production of plant-based meat, fish, poultry, and pork products; and 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 or 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.

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 Quorn, a UK company specialising in fermented alternative meats and owned by Monde Nissin, has joined forces with the UK's National Health Service (NHS) to launch hybrid meat products. These products are made from a combination of conventional meat and Quorn's mycoprotein derived from fungi.
 This collaboration is designed to decrease the carbon footprint, saturated fat, and cholesterol content of menu items, while increasing their fiber content. Quorn’s catering partners are responsible for producing these hybrid products, which are predicted to replace entirely meat-based items on menus by the end of 2024.
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