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Launched by Singapore-based plant-based food startup Float Foods in partnership with Ultra Indonesia, a food incubator, the NEW FOOD Startup 2020 will target plant-based food innovators and entrepreneurs in Indonesia. The initiative aims to help accelerate the development of the burgeoning plant-based food industry in Indonesia as market demand grows.
NEW FOOD Startup 2020 marks Indonesia’s first joint cross-border food incubator, and will invite Indonesian plant-based companies to submit their products and concepts that are scalable in Indonesia and in other markets. Up to ten winners will be chosen to receive up to US$25,000 in funding and mentoring.
Startups targeted include those working on plant-based meat alternatives, plant-based dairy alternatives, alternative protein technologies and novel packaging solutions.
The launch of the initiative comes as the demand for plant-based foods experiences major growth amid the coronavirus pandemic, as consumers look for healthier and safer alternatives while the global meat industry is inundated with viral outbreaks and supply chain breakdowns. The Asia-Pacific plant-based protein market, in particular, is forecasted to see significant growth at an annual rate of 6% from 2020 to 2025.
Specifically in Indonesia, consumer interest in plant-based proteins and willingness to switch to plant-based diets has reached an all time high with a recent poll indicating almost a quarter of shoppers planning to follow a vegetarian diet going forward.
“As middle to upper urban Indonesians migrate towards healthier diets and veganism, more can be done to leverage existing natural resources and agricultural capabilities of the nation,” said the organisers of the NEW FOOD Startup 2020 in a press release. “The initiative aims to encourage plant-based and sustainable consumption while contributing to the livelihoods of local farmers.”
In the wake of the pandemic, more incubator initiatives have been launched in Asia with the precise aim to support the growth of alternative protein players and their new food solutions. In June, Bangkok-based food tech incubator and accelerator program SPACE-F announced the opening of applications for new companies developing sustainable and tech-forward food solutions.
In China, cross-border impact investment venture Dao Foods and early-stage VC New Crop Capital introduced a new incubator designed to support plant-based entrepreneurs with mentorship, financial backing and development workshops over a 6-month period.
Lead image courtesy of Unsplash / Like Meat.