Following yesterday’s announcement that Switzerland-based food technology company Bühler and flavor and fragrance company Givaudan have partnered to setup a plant-based food  innovation center in Singapore;

Nabila Azmatulla, Consumer Insights Analyst at GlobalData, a leading data and analytics company, offers her view:

“The innovation center, which is scheduled to open in Q4 2020, will have experts from the two companies working together to positively impact the climate and nutritional habits and explore more sustainable ways to produce food. The focus will be to utilize Bühler’s equipment and processing expertise combined with Givaudan’s flavor and ingredient expertise in order to provide an optimal offering.

“According to GlobalData, Singapore’s meat substitute market currently stands at US$2.85m in 2019 and is projected to grow at a compound annual growth rate (CAGR) of 5.1% between 2019 and 2024. The growth potential is comparable to Asia, which is projected to grow at a CAGR of 6.8% during the same period and reach an estimated US$1.38bn by 2024. “The opportunity Asian market offers makes it imperative for meat substitute manufacturers to explore plant-based foods while experimenting with local palettes and taste expectations. With ever growing population, increasing income and craving for convenience-based lifestyles, sustainability is the need of the hour.”