CJ CheilJedang Corp.

General Mills

Kellanova

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

Plant-based Meat

Based in California, Plantible Foods is a plant-based protein supplier. The startup produces plant protein by harnessing lemna, an aquatic plant commonly known as duckweed. Lemna is 100 times more rich in protein than soy and 40 times more than peas. The harvested lemna is processed to produce RuBisCo protein powder which is a neutral-tasting compound that contains all the essential amino acids and has been proven to mimic the functionality of egg white, dairy proteins, and even myosin, the meat protein, making it ideal for plant-based alternative applications.In October 2023, the company launched ROVITARIS. Made using Rubi Protein, the product claims to have a higher protein content than methylcellulose and offers comparable binding properties with a better texture, nutritional profile, and digestibility.Key customers and partnershipsIn <a href="https://sp-edge.com/updates/22980">October 2023</a>, the company partnered with ICL Food Specialties to develop ROVITARIS, a clean-label alternative to methylcellulose in plant-based meat and seafood.Funding and financialsIn its latest funding round in <a href="https://sp-edge.com/updates/5292">September 2021</a>, the startup secured USD 21.5 million in a series A funding round, led by Astanor Ventures and with participation from Kellogg. The funding were used to build its first commercial facility in the midwest of the US.

Aqua Cultured Foods is a Chicago-based plant-based meat startup that produces a range of alternative seafood products. The startup leverages a proprietary microbial fermentation process and a strain of fungi for which the company has filed patents to produce its seafood alternatives. The fungi strain, allows the company to eliminate the use of starches and isolates in its non-GMO products that claim to offer similar nutrition, taste, and texture to conventional seafood.In<a href="https://sp-edge.com/updates/9466"> April 2022</a>, the company announced that new advancements in its fermentation technology have enabled it to double the biomass output of its plant-based seafood, which will help accelerate the production and commercialization process of its products. As of February 2024, Aqua Cultured Foods' portfolio included tuna and scallop alternatives with a minced shrimp product in the pipeline.In<a href="https://sp-edge.com/updates/15667"> January 2023</a>, the company announced it had begun the buildout of a new manufacturing facility in West Carroll that will enable it to scale the production of its whole-cut seafood alternatives. In <a href="https://sp-edge.com/updates/32091">July 2024</a>, the company received Generally Recognized as Safe (GRAS) status for its fermentation-based fish-free seafood products, allowing it to sell its products in the US. Following this, in&nbsp;<a href="https://sp-edge.com/updates/35177">October 2024</a>, it launched its tuna alternative at Mama Delia, a Michelin Bib Gourmand restaurant in Chicago.Key Partnerships and CustomersIn<a href="https://sp-edge.com/updates/13928"> October 2022</a>, Aqua Cultured Foods partnered with SV Group to launch its products in hospitality in Switzerland pending regulatory approval.In <a href="https://sp-edge.com/updates/27942">March 2024</a>, the company partnered with Ginkgo Bioworks, a cell programming and biosecurity platform, to enhance AQUA's fermentation technology and product output.&nbsp;

Making meat sustainable over the long term

Cell-cultured Meat

Aleph Farms is an Israeli startup developing cell-cultured meat. The company unveiled its first cell-cultured steak in 2018 and demonstrated its ability to grow cells on a textured soy protein scaffolding in 2020. Its flagship product, Aleph Cuts, is a <a href="https://sp-edge.com/updates/15904">kosher-certified</a> whole-cut beef alternative product and was the first cell-cultured beef product to be <a href="https://sp-edge.com/updates/25648">approved</a> for commercial sale.Aleph Cuts have obtained regulatory approval from the Israeli Ministry of Health for its cultivated beef manufacturing process, allowing it to produce and market Aleph Cuts in Israel. It also submitted it for regulatory approval in <a href="https://sp-edge.com/updates/20443">Switzerland</a> and the <a href="https://sp-edge.com/updates/20716">UK</a>. Moreover, the company planned on offering exclusive tastings of Aleph Cuts in Singapore and Israel in limited quantities, subject to regulatory approvals.The company operates out of both the <a href="https://sp-edge.com/updates/13596">US</a>, and Israel. Its 65,000 sq ft <a href="https://sp-edge.com/updates/8639">headquarters</a> in Rehovot, Israel, houses a pilot production facility, a state-of-the-art R&amp;D center, and a community center. In June 2024, Aleph Farms laid off 30% of its domestic workforce due to difficulties securing capital amidst its scale-up process.Key customers and partnershipsIn <a href="https://sp-edge.com/updates/18379">May 2023</a>, Aleph Farms entered into a long-term agreement with Thermo Fisher Scientific (TFS), an industry leader in scientific research and materials, to establish a supply chain for cell-culture growth media. Through the agreement, TFS was to collaborate with Aleph Farms to achieve long-term stability in the growth medium supply chain to provide the necessary conditions for scaled production and price parity with conventional meats. In <a href="https://sp-edge.com/updates/19185">June 2023</a>, world-renowned chef Marcus Samuelsson partnered with the company as an investor, culinary advisor, and launch partner, to work closely on the development and promotion of Aleph Cuts. Further, in July 2023, the company received support from Migros, Switzerland's leading food enterprise, for its regulatory approval process as a part of its strategic collaboration.In <a href="https://sp-edge.com/updates/26828">February 2024</a>, the company partnered with bio-based innovation company BBGI and synthetic biology firm Fermbox Bio to build Thailand's first production plant for cellular agriculture applications. Further, in <a href="https://sp-edge.com/updates/29115">May 2024</a>, it partnered with AI insights platform BioRaptor to lower production costs and streamline production processes.Funding and financialsIn <a href="https://sp-edge.com/updates/4121">July 2021</a>, the startup raised USD 105 million in series B funding led by L Catterton and DisruptAD. The funding was earmarked for scaling manufacturing, expanding its product portfolio, and facilitating global commercialization efforts.

Shiok Meat specializes in cell-cultured crustaceans such as shrimp, crab, and lobster. The startup debuted cell-cultured shrimp and lobster in November 2020 and plans to launch products in Singapore, followed by the US, Hong Kong, Japan, South Korea, and Malaysia.Shiok Meat expected to lower the cost of its cell-cultured shrimp to a price of around USD 50 per kg (USD 22.7 per lb) by 2022, with further reductions planned for the future.In August 2021, Shiok Meat acquired Gaia Foods—a cell-cultured pork, beef, and mutton startup—for an undisclosed sum. Gaia Foods became the first startup in Southeast Asia to develop cell-cultured steak in October 2020.Key customers and partnershipsIn July 2022, Shiok Meat signed a Memorandum of Understanding (MoU) with Vietnam’s largest conventional shrimp producer and exporter, Minh Phu Seafood, to develop a combined R&amp;D facility to introduce cultivated seafood to Asian markets.In <a href="https://sp-edge.com/updates/12499">August 2022</a>, Shiok Meats’ subsidiary Gaia Foods entered into a strategic collaboration with Switzerland-based Mirai Foods to develop and launch cultivated beef for the Singapore market.In <a href="https://sp-edge.com/updates/27494">March 2024</a>, Shiok Meat merged with Singaporean cultivated meat company UMAMI Bioworks to leverage UMAMI’s automated cell-cultivation platform and Shiok Meats’ crustacean cell cultivation expertise to boost market efficiency, enhance commercial prospects, and expedite regulatory approvals.Funding and FinancialsIn July 2021, Shiok Meat raised an undisclosed sum in a bridge funding round co-led by Vinh Hoan, Woowa Brothers, and CJ CheilJedang. The funding was earmarked for R&amp;D and constructing a new production facility.

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

Plant-based Dairy & Egg

Based in California, Plantible Foods is a plant-based protein supplier. The startup produces plant protein by harnessing lemna, an aquatic plant commonly known as duckweed. Lemna is 100 times more rich in protein than soy and 40 times more than peas. The harvested lemna is processed to produce RuBisCo protein powder which is a neutral-tasting compound that contains all the essential amino acids and has been proven to mimic the functionality of egg white, dairy proteins, and even myosin, the meat protein. These attributes make it applicable across a wide range of food applications including plant-based meats, dairy alternatives, baked goods, and beverages.Key customers and partnershipsIn <a href="https://sp-edge.com/updates/19731">June 2023</a>, the company launched its first commercial product, Rubi Whisk, a plant-based egg replacement ingredient. It can be used for the production of baked goods, gluten-free products, and pasta, among others, and claims to offer benefits such as fat-binding and oil-holding capacity, high-foaming capacity and stability, high solubility, moisture retention, and emulsification capabilities.Funding and financialsIn its latest funding round in September 2021, the startup secured USD 21.5 million in a series A funding round, led by Astanor Ventures and with participation from Kellogg. The funding were used to build its first commercial facility in the midwest of the US.

<div>
 
 Founded in 2018, New Culture is a startup producing plant-based cheese by replicating the casein protein using precision fermentation technology; the protein is the key element that gives the cheesiness and the melt of conventional animal-derived cheeses. The startup blends the produced casein with water, plant-based fats such as coconut oil, sunflower oil, and canola oil, and other vitamins and minerals to make plant-based mozzarella of the same taste, texture, function, and nutritional value as animal-sourced mozzarella.&nbsp; In
 <a href="https://sp-edge.com/updates/26636">
 
 February 2024
 </a>
 , New Culture received self-affirmed Generally Recognized as Safe (GRAS) certification for its precision fermentation-derived casein, making it the first company to do so.
 
 
 
 
 In 
 <a href="https://sp-edge.com/updates/18612">
 May 2023
 </a>
 , the company launched its first product&ndash;an animal-free mozzarella&ndash;developed in collaboration with award-winning chef and co-owner of Pizzeria Mozza, Nancy Silverton. According to the company, this product contains dairy-identical casein proteins and is free from lactose and cholesterol, while offering the same versatility as traditional cheese.
 
 
 
 
 In 
 <a href="https://sp-edge.com/updates/21029">
 August 2023
 </a>
 , New Culture scaled its animal-free casein production platform to produce cheese for 25,000 pizzas in a single run. Further, it achieved an 80% reduction in costs and is targeting price parity with conventional dairy within three years.
 
 
 
 
 Key customers and partnerships
 
 
 
 
 In 
 <a href="https://sp-edge.com/updates/12471">
 August 2022
 </a>
 , the company entered into a strategic partnership with leading ingredients manufacturer, Archer Daniels Midland (ADM) for the joint product development and scaling up of its animal-free dairy products, prior to commercialization in the US, slated for 2023.
 
 
 
 
 In 
 <a href="https://sp-edge.com/updates/29414">
 May 2024
 </a>
 , the company partnered with CJ CheilJedang, a global supplier of fermented bioproducts, to lower the production cost of its animal-free casein protein used in making mozzarella cheese.
 
 
 
 
 Funding and financials
 
 
 
 In its latest funding round in November 2021, the startup
 <a href="https://sp-edge.com/updates/6849">
 
 raised USD 25 million
 </a>
 in series A funding co-led by Ahren Innovation Capital and CPT Capital, including other investors. The startup planned to use the funds to expand its team and scale up production ahead of its planned&nbsp; plant-based mozzarella cheese launch. In addition, the company secured an undisclosed investment from Korean conglomerate CJ Cheijedang in 
 <a href="https://sp-edge.com/updates/14280">
 November 2022
 </a>
 .
 
</div>

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

Bio-based Materials

California-based Michroma is a bio-based fungi ingredient company that utilizes advanced biotechnology and fermentation techniques to produce natural food colors. The company employs CRISPR gene-editing technology to develop non-GMO colors; it also generates biomass as a by-product. As of May 2023, Michroma’s flagship product is Red+, and it is reportedly working on developing blue and white variants.In November 2021, the company reported making significant progress by advancing from lab-scale to pilot-scale production of a heat-resistant and pH-stable red food color. Looking ahead, in early 2023, the company reported that it expects to receive FDA approval and commercialize its coloring by 2025. Key customers and partnershipsIn February 2020, the company announced the signing of its first Letter of Intent (LOI) with a prominent food company in the region (name undisclosed). The LOI encompasses the supply of the red dye and biomass for use in the food company's plant-based burgers. Funding and financialsIn February 2023, the company raised USD 6.4 million in a venture-backed seed round to accelerate commercialization.

Empowering sustainable food innovation through food engineering tech

Alternative Ingredients

<div>
 
 Michroma is a bio-based fungal ingredients company that uses synthetic biology and CRISPR-engineered fungi to produce natural food colors. It also produces biomass as a byproduct. As of May 2023, Michroma's flagship product was Red+, and the company is reportedly working to develop blue and white variants. Michroma can be used in beverages, candy, ice cream, gummy bears, baking mixes, and yogurt.
 
 
 
 
 In November 2021, Michroma transitioned from lab-scale to pilot-scale production (of a heat-resistant and pH-stable red food color). The company was targeting commercialization by 2025, subject to approval from the Food and Drug Administration (FDA) and The European Food Safety Authority (EFSA). The company had plans to sell its colors through a B2B approach, and, as of February 2023, the company had prototyped its product with major food companies and was in negotiations with ingredient suppliers for global distribution.&nbsp;
 
 
 
 
 Key customers and partnerships
 
 
 
 
 In February 2020, the company announced the signing of its first letter of intent (LOI) with a leading food company in the region (name undisclosed) to supply red color and biomass for use in the food company's plant-based burgers. The company had also received a further five LOIs from major multinational confectionery, beverage, and food companies in the same period.
 
 
 
 
 Funding and financials
 
 
 
 
 In February 2023, the company raised USD 6.4 million in a venture-backed seed round to accelerate the commercialization of sustainable natural colorants, expand R&amp;D capabilities, and broaden Michroma's ingredient platform.&nbsp;
 
 
 
</div>

Eat your heart out. AQUA makes seafood safe. Fins down, AQUA is earth’s most exciting fermentation-enabled protein. While AQUA seafood looks like fish, tastes like fish, and feels like fish––it’s 100% fish-free. We hyper-control the growing environment so every morsel of tuna, scallop, squid, and shellfish is flawless––and forever available to feed billions of seafoodies.

Michroma is a biotech platform producing natural ingredients in a sustainable, scalable, and cost-effective way. We are using synthetic biology to unleash the potential of filamentous fungi and develop proprietary strains capable of producing high-performance ingredients in bioreactors.  Our first products are extremely pH and thermal stable food colorants which we are prototyping with some of the top food & beverage and cosmetic companies in the world. We are also producing mycoprotein and many more ingredients to come. We were accelerated by Indiebio (Batch 9) and we are part of Mista. Michroma is based in Rosario, Argentina and San Francisco, USA.

New Culture is a food and beverage company that focuses on revolutionizing how cheese is made. It was founded in 2018 and headquartered in San Francisco, California.

ELROILAB is a company that operates in the artificial intelligence, food and beverage, and quality assurance industries. The company provides an AI hyperspectral imaging solution, which is used to detect foreign objects in food materials. This technology is crucial in ensuring the safety and quality of food products. ELROILAB's Spectral AI is a key product that contributes to the company's operations in these industries.

Daily Protein specializes in the sales of protein bars and diet snacks.

REharvest is a food upcylcing company that reuses and recycles by-products generated in the food manufacturing process to make healthy food.

RETURNIT is a service that replaces single-use containers with reusable containers used for food delivery.

Better Monday Korea is a community platform that provides a fun daily life for office workers.

ImmunoBiome aims to develop microbiome therapeutics to treat incurable diseases like cancer and autoimmune diseases based on our top-notch immunology, bioinformatics, and microbiome-oriented basic research.

Plantible Foods is a B2B food technology company with the goal to develop the most functional and applicable plant-based protein.

Shiok Meats is cellular aquaculture and cell-based meat company. With a mission to bring clean and healthy meats and seafood by harvesting from cells instead of animals. Shiok Meats brings cell-based crustacean meats that are animal-, health- and environment-friendly. Shiok Meats was founded in 2018 and is headquartered in Central Region, Singapore.

Pilly is an online portal for nutritional products.

Aleph Farms is an Israel-based food technology company designing new ways to grow quality animal products that improve sustainability, food security and animal welfare in our food systems. Founded in 2017, the company utilized cellular agriculture technology to unveil the world’s first cultivated thin-cut steak in 2018, the world’s first cultivated ribeye steak in 2021, and cultivated collagen in 2022. Under its product brand, Aleph Cuts, the company will launch its first product, the Petit Steak, grown from the non-modified cells of a premium Angus cow. For its contributions to climate leadership including a net zero commitment made in 2020, it has received top accolades from the World Economic Forum and the United Nations.

Barogo provides a last-mile delivery platform to clients in order to generate new and creative business opportunities. It focuses on the ecosystem of connectivity and connects all possible businesses and customers. It was founded in 2014 and is based in Seoul, South Korea.

CJ CheilJedang is a core subsidiary in charge of the food and bioengineering business Unit of the CJ Group. It has led the development of the Korean food industry for the past 60 years, and contributed to the development of the bioengineering industry as the nation’s top food originated company. After being launched in 1953 as a food ingredient company, continuously extended its business to processed foods. In 2007, CJ CheilJedang divided out as a subsidiary company to concentrate on the food and bioengineering business.

<div> CJ CheilJedang Corporation is a global food and bio company headquartered in South Korea that operates as a subsidiary of South Korea's food and entertainment conglomerate CJ Group. The company generated revenue of KRW 30,079.5 billion in 2022 (~ USD 23 billion). CJ CheilJedang operates under four business divisions: Food (CJ Foods), which produces a range of food products, mainly inspired by Korean cuisine; Biotechnology (CJ Bio), the biotech arm that produces amino acids for food and feed, plant-based proteins, and seasoning material; Feed and Care (CJ Feed &amp; Care), a global livestock and AgriTech business; and Logistics (CJ Logistics), which is involved in transportation, construction, storage, and discharge. In 2022, the company also established a new business unit, CJ Food and Nutrition Technology, to provide customers with healthier solutions by leveraging in-house expertise from CJ Foods and R&amp;D capabilities from CJ Bio. As of 2022, CJ CheilJedang&rsquo;s largest individual market was South Korea (~49% of net sales in 2022), followed by America (~25% ), and Asia excl. South Korea (~23%). CJ CheilJedang&rsquo;s medium- to long-term plans include seeking new growth opportunities outside of South Korea and focusing on taking Korean street food to the global market. The company also targets reducing its GHG emissions by 25% by 2030 (from a 2020 baseline). </div>

Developers of materials with applications across apparel, automobile, home goods, etc.

Developers of non-leather material alternatives such as wool, silk, and viscose—mostly for apparel

Developers of alternatives to plastic and other materials used in packaging

Developers of alternative materials for industrial applications such as sporting goods, electronic components, and automotive parts

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

ANALYST_QUICK_TAKE

INCUMBENTS_PRESENT

PROMINENT_CATEGORY

<div>
 New Culture, a producer of animal-free dairy, is collaborating with global fermented bioproducts supplier, CJ CheilJedang, to reduce the production cost of its animal-free casein protein, a key ingredient in making their mozzarella cheese.
 Due to this partnership, New Culture can utilize CJ CheilJedang's extensive fermentation facilities, thereby increasing production volume and reducing expenses. The company's inaugural product, an alternative to mozzarella, is scheduled to launch at Nancy Silverton’s Pizzeria Mozza this year.
</div> Analyst QuickTake: 
 In <a href="https: 
//sp-edge.com/updates/14280"> November 2022 </a> , New Culture received an undisclosed investment from CJ Cheijedang—in addition to its <a href="https: 
//sp-edge.com/updates/6849"> USD 25 million </a> Series A funding—to scale production. The company has <a href="https: 
//sp-edge.com/updates/21029"> scaled </a> its production platform to produce cheese for 25,000 pizzas in a single run and aims to achieve price parity with conventional dairy within three years.

CJ CheilJedang Corp.

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