Hassle-free healthy eating: Australia’s v2food eyes new avenues of growth through acquisition of ready meals brand
Australian plant-based pioneer v2food acquiredready meals brand Soulara earlier this year, with an eye on portfolio expansion and broadening sales channels as growth drivers.
The acquisition process started in September 2023 and concluded in January this year.
According to Tim York, CEO of v2food, one of the main reasons for this move was the common customer base shared by plant-based and ready meals categories.
“Most of our products are ingredients that go into meals, such as burgers, sausages, mince, crumbed chicken, etc. We’ve been exploring new avenues of growth and one category we are most interested in is ready meals because we see a big overlap with the consumer demographic for plant-based foods.
“Ready meals are typically sold to single-income or ‘dual income, no kids’ households, and consumers in the 20s to 30s age bracket, which are the core demographics interested in plant-based foods. The key motivation for consumers to adopt a plant-based diet is health, while the biggest driver of ready meals is convenience — plant-based ready meals address both, so it made a lot of sense for us [to acquire Soulara],” York told FoodNavigator-Asia.
Soulara is said to be Australia’s leading vegetable-forward ready meals brand, with its products delivered across the country. It offers a variety of meal subscription plans, as well as a range of snacks and beverages.
Building a community: How Indian startup Salud Beverages is driving expansion in ready-to-drink cocktails
Indian startup Salud Beverages has expanded its range of ready-to-drink alcoholic drinks, while also branching out into a fashion line, music playlists, and a collection of NFTs, seeking to appeal to consumers new to the market.
India’s diverse cultural landscape sees residents in the suburbs and lower-tier cities favouring local drinks like Toddy, while those in larger cities lead towards Whiskey.
Over 65% of India’s population is below the age of 35, a demographic wielding increasing spending power in personal care and entertainment.
Whether purchasing drinks at a neighbourhood liquor store or during the COVID-19 pandemic when home consumption surged, the demand for hassle-free enjoyment has persisted and this is the market gap that Salud Beverages has been looking to tap into.
“Our goal is always to create something new. No one in India has ever thought of making gin & tonic in a bottle, so we did. In a market saturated with coloured ready-to-drink (RTD) beverages, we focus on making clear spirits with natural flavours,” shared Ajay Shetty, Founder and CEO of Salud Beverages, with FoodNavigator Asia.
Production and partnership priorities: Aussie cultivated meat firm Magic Valley details 2024 plans as regulatory approval nears
Australian cultivated meat firm Magic Valley has detailed its plans to get products in front of consumers in 2025.
The company has been in discussions with various established wholesale and food producers in Australia who have displayed notable interests in cultivated meat.
Beyond domestic collaborations, Magic Valley has been fostering ties with overseas partners, specifically Biocell in the US and exploring other partnerships throughout Asia to contribute to various aspects of the cultivated meat processes.
“As a company, we recognise the impracticality of doing everything on our own. The intricacies of cell biology, bioprocess engineering, and cultivated meat production at scale require diverse expertise. Hence, we are looking at partnerships in those areas to propel us forward.” CEO Paul Bevan told FoodNavigator Asia.
Soy connection: Singapore start-up Jiro-Meat looks to commercialise okara-based meat alternative by this year
Singapore start-up Jiro-Meat has been scaling up production of its plant-based meat made from upcycled soy pulp.
After being selected as one of the winners of the inaugural DBS Foundation X National Environment Agency (NEA) Hungry for Change Challenge launched in August 2022, Daryl Pek and Jian Yong Chua, co-founders of Mottainai Food Tech, channelled resources into the development of their plant-based brand called Jiro-Meat.
“Chua came up with the name because Jiro sounds like both zero and ‘ji rou’ (chicken in Mandarin). Our plant-based meat is upcycled from okara (soy pulp), cost-effective, and clean label. It’s a meat alternative that food manufacturers or anyone who buys it can use on its own, or add flavourings like salt and sugar to create their own recipe,” Pek told FoodNavigator-Asia.
“In Singapore, about 10,000 tonnes of okara are generated annually but there don’t seem to be good ways to manage them. Some firms even pay waste companies to collect them.
“Also, okara is highly perishable and not easy to work with. There is a lack of scalable technology that makes use of it in end products. With our technology that utilises a high percentage of okara, we are able to resolves issues with both the plant-based industry and okara waste.”
Best of both worlds: Plento to debut nutrient-rich snacks made from pea protein and cricket flour in South Korea
Insect foods start-up Plento launched its range of baked crisps containing pea protein and cricket flour this year, which the firm claims counteract nutrient limitations of snacks made solely from plant-based protein, in South Korea this February.
Plento’s baked crisps were created with pea protein, cashew nut flour, flax seed, and cricket flour — the result of nearly three years of development at Singapore Polytechnic’s Food Innovation & Resource Centre (FIRC).
The firm is a joint venture between Bugsolutely Bangkok and Asia Insect Farm Solutions (AIFS) Singapore.
Massimo Reverberi, founder of Plento, believes that the company is the first to combine plant-based and insect protein to leverage the “advantages of both”.
“Our snacks provide a spectrum of nutritional benefits, including high levels of protein (37%) without high levels of carbohydrates. They are also rich in calcium, iron, magnesium, and phosphorus. Unlike soy protein commonly found in other snacks, Plento’s pea-cricket flour formula provides nine essential amino acids.
“Plant-based protein is a more sustainable alternative to animal protein, but it does not provide all the amino acids that one may need. Nutritionally speaking, insects are the best meat we can think of, so that’s where our idea came from,” he told FoodNavigator-Asia.
Bean-free coffee future? Singapore’s Prefer taps affordability and sustainability benefits for Asia growth
Singapore-based firm Prefer has been preparing for its bean-free coffee alternative to enter the wider Asian market this year, banking on affordability, sustainability and customisation benefits to drive growth.
Prefer has utilised fermentation technology similar to beer brewing to create its Asia-first bean-free coffee, made from upcycled materials from food manufacturing processes.
This includes day-old bread from Gardenia, okara from Mr Bean and spent barley grains from various Singapore-based breweries.
All of these are blended, fermented, roasted and then ground, taking a total of around 48 hours to complete the production of one batch, removing the need for an annual coffee harvest and an average five years for new trees to bear an initial crop.
The firm says it also offers costs and customisability benefits.
“We’re currently still focused on arabica coffee, which has a more premium price generally, so we are able to offer a more affordable option in both coffee grounds to be used in espresso machines as well as RTD cold brew versions,” Prefer Co-Founder Jake Berber told FoodNavigator-Asia at the firm’s recent official launch event this year.
Everyday Weekend seeks bigger share in RTD alcoholic beverages market through rapid expansion in SEA
New Zealand-founded hard seltzer brand Everyday Weekend has been eyeing growth opportunities in the ready-to-drink (RTD) alcoholic beverages category across Asia through affordable pricing and community marketing strategies.
Founded in 2020, Everyday Weekend’s footprint has since extended beyond its domestic market to China, Singapore, Taiwan and Hong Kong.
According to the firm, the global hard seltzer market size is expected to grow at a CAGR of 13% to US$15.65bn by 2030, with an annual growth of 16% across South East Asia (SEA).
“Growth opportunities for this category are exponential, especially in SEA. The surge in demand is primarily driven by evolving consumer preferences and escalating popularity of RTD alcoholic beverages. Within Asia-Pacific (APAC), hard seltzers are rapidly gaining favour among urban consumers, and those seeking novel drinking experiences.
“Low-ABV beverages, in particular, are well received in Malaysia, Indonesia, and China. Interestingly, Australian consumers are going the other direction and looking for products with higher alcohol content. There is a similar trend in Japan, where consumers want to get bang for the buck in terms of ABV,” Jeremy Maclaurin, founder and director of Everyday Weekend, told FoodNavigator-Asia.
South Korea’s plant-based brand UNLIMEAT builds on strong growth in US, fulfils rising demand with new online store
South Korean plant-based food brand UNILMEAT opened an online store earlier this year specially catering to the US market to satisfy consumer demand following positive growth and sold-out launches.
According to the firm, the popularity could be attributed to product offerings that differ from the typical plant-based nuggets, patties and sausages, as well as the “Asian touch” delivered by the use of authentic Korean seasonings and recipes.
Nevertheless, the limited range of products that UNLIMEAT could stock in physical stores prompted it to set up its own online shop.
To boost consumer access to its full line-up, UNLIMEAT has been providing nationwide delivery across the US since November 10.
“We have proactively connected with consumers through initiatives such as operating food trucks and participating in festivals. While customers have expressed satisfaction with our products, many have consistently mentioned the challenges of purchasing them.
“The launch of the online shop is our response to address these consumer needs and establish closer communication with our customers. We hope this serves as an opportunity to engage with a broader audience more effectively and to showcase new products,” said Ryan Chung, co-CEO of UNLIMEAT.
Plant-based progress? Japan’s NEXT MEATS touts cleaner labels but better texture and taste
Tokyo-based NEXT MEATS’s innovation has claimed to offer several advantages over existing plant-based products, including improved taste and texture despite minimal use of ingredients, and being ambient storage-friendly.
The firm unveiled the soy protein-based meat alternative named NEXT BEEF 1.0 at a trade fair in Thailand earlier this year.
“Based on feedback given to our plant-based short rib and skirt steak, we worked on improving the texture and taste during the development of NEXT BEEF 1.0.
“We put some of it into Japanese curry, and the response was very positive — everything that we prepared were wiped out by visitors at the event,” Mitsuru Anthony Ueno, chief operating officer of NEXT MEATS USA, told FoodNavigator-Asia.
According to Ueno, the product is primarily made of soy protein, water and sunflower oil, and can be stored at room temperature for up to 12 months.
Bottoms up: Japan’s Umami Cola looks to upend category with botanical-rich, koji-sweetened beverage
Japan-based Umami Cola has highlighted plans to turn the category on its head with a new botanical-rich, koji-sweetened formulation and an inverted can design.
Craft cola is hugely popular in Japan with over 1,000 different varieties featuring specialty ingredients, fruits, spices and medicinal herbs.
Facing immense competition from big players in Japan, Umami Cola hopes tapping on its formulation and packaging will help it stand out.
“Beverage is an enormous market as most consumers will need non-alcoholic beverages for their entire lives, but these are relatively lower in cost in Japan so consumers tend to just purchase as-is without thinking too much – so in this market most brand successes belong only to the big companies,” Umami Cola Founder Yamada Takahisa told the floor at the Food and Beverage Innovation Forum (FBIF) 2024.
“So in order to stand out we decided that we have to be completely different and really change the perspective of consumers as to what cola can be – one of the most radical ways we came up with was to basically turn the can design upside down, meaning that the tab to open it is located at the bottom of the can instead of the top.
“We also added the key feature of place our ingredients list on a front-of-pack position and putting these in large font so that consumers need to strain and search for these – this is not only transparent but also shows our confidence in the ingredients we are using to make Umami Cola.
