Start-ups specializing in alternative protein, from eggless eggs to pea-stuffed ...
HONG KONG - Start-ups specializing in alternative protein, from eggless eggs to pea-stuffed burgers and cell-grown fish products, are piling into the Chinese territory of Hong Kong to tap the mainland’s booming multi-billion dollar food market.
Backed by some of the world’s top billionaires including Hong Kong businessman Li Ka-shing, philanthropist Bill Gates and actor Leonardo DiCaprio, plant protein firms are expanding into China for the first time this year. Nick Cooney, managing partner of Lever VC, a U.S.-Asian venture capital fund focused on alternative protein startups, said firms like his are eyeing joint ventures, exports and product technology licensing opportunities in China.
Rival Impossible Foods, which makes burgers out of soy, has said plant-based meat will eliminate the need for animals in the food chain and make the global food system sustainable. Right Treat, another Hong Kong company headed by Yeung, is replicating Asia’s favorite meat - pork - using mushrooms, peas and rice for use in dumplings and meatballs.
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