Professional Documents
Culture Documents
February 2021
2
About
The Embassy of the Kingdom of the Netherlands in Singapore
The Embassy of The Kingdom of the Netherlands is there to support your business. The Embassy’s main
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Contents
Executive Summary 5
Industry Overview 7
Urban Farming 9
Alternative Proteins 14
Plant-based proteins 18
Aquaculture 20
Key Players 25
Urban Farming 26
Alternative Proteins 30
Plant-based Protein 30
Insect Protein 33
Venture Capitals 33
Aquaculture 34
Farm Operators 34
Iot Players 36
Financing Players 37
Key Trends 38
Economic Trends 39
Consumer Trends 39
Key Regulations 42
Key Opportunities 55
Challenges 56
Executive Summary
This report unfolds the current state of foodtech industry in Singapore. Starting off with the market estimation,
this report segments the industry into three sub-industries namely: Urban Farming, Alternative Protein, and
Aquaculture. Following the market sizing and estimation, products and services from each of the sub-industry are
listed, along with the prominent players of each. We also listed 15 key players in the foodtech landscape in
Singapore, also the current technology and key regulations, as well as the existing opportunities and challenges
for this industry to develop.
The market size is estimated by the available market figures in 2019 and the result is as follows.
The market value of urban farming, aquaculture, and alternative proteins in 2019, in millions of SGD
As the report zooms into the sub-industries, readers will find the current trending available products in the
market, followed by the notable players of each product or service. Urban farming is dominated by high-tech
farms and vertical vegetable farms. Alternative proteins cover the products of plant-based proteins, fruit-based
whole-food meat alternatives, and cultivated meat- or cell-based protein, while for aquaculture the report
highlights farm operators: closed containment fish farms and end-to-end digital solutions and IoT for
Aquaculture. The readers will also find the discourse about other products and services available.
And once again, the report looks back on the greater view. The economic trends in Singapore find a challenge on
consumption during COVID19 pandemic, however, the economic growth is expected to keep growing on about
4-6% in 2021. This situation provides a positive signal for tech-based agrifood start-ups that plan to initiate their
businesses around the start of next year. Nevertheless, the Ministry also stated that the economic activity in the
food services sector is unlikely to return to the pre-COVID level even by the end of 2021, and therefore, the
start-ups should proceed carefully.
scenarios of Singapore’s food consumption trends and how each impacts the environment by 2030. The study
can be a guide for foodtech company on how to create a maximum impact in Singapore.
Key regulations are highlighted, specifically to those that might affect the operation of foodtech companies in
Singapore, as well as the current news about the industry. The current news consists of the launches of the
product, market perception, and multilateral agreements about food innovation that Singapore has taken part
in.
This report also spotlights the 15 key players in foodtech landscape in Singapore, ranging from government
agencies, private companies, research agencies, collaborative network, and funding agencies/venture
capitalists. The 15 highlighted are Enterprise Singapore (ESG), National Research Foundation (NRF), Agency
for Science, Technology and Research (A*STAR), Economic Development Board (EDB), Ministry of Trade and
Industry (MTI), Singapore Food Agency (SFA), Health Promotion Board (HPB), Ministry of Health (MOH),
Agri-Food Innovation Park (AFIP), Aquaculture Innovation Centre (AIC), Food Ventures, GROW, Germi8,
Temasek, Singapore Food Manufacturers’ Association.
When the readers are now informed about the current state and trends of the foodtech industry, the
opportunities and challenges are presented at the end of the report. The opportunities mainly come from
government support. It also comes from how the growing number of foodtech startups aligns with the city’s
population that continues to grow and the land remains limited, leading to the interest for tech-based and
urban-focused food solutions that are predicted to rise for the foreseeable future.
At the same time, this report unfolds the challenges that may impact the marketability of foodtech in Singapore,
from its outdated regulations, human resources requirements, and consumer preferences on the cheaper price of
conventional food.
Industry
Overview
As Singapore relies on 90% of its food to be imported to meet 90% of its food needs, food insecurity is one of the
country’s top concerns—especially when the entire world faces uncertain climate conditions that could wipe out
harvests. In response, the country has prepared USD 72 billion to build infrastructure that can help overcome
this health and nutrition challenge and, in doing so, has made Singapore stand out as an important foodtech
innovation hub in Asia.
01 Industry Segmentation
and Size
This section divides the foodtech industry into three
sub-industries or segments: urban farming, aquaculture,
and alternative proteins.
A bottom-up approach was used to estimate each segment’s market size, in which the total market size is
determined from available statistics and aggregated to estimate the total. The report uses 2019 figures due to
limitations in publicly available information. Table 1 summarizes the market value and market size of the three
segments.
Table 1. Market value of urban farming, aquaculture, and alternative proteins in 2019, in millions of SGD
Urban Farming Urban farming aims to feed the nation while keeping Singapore green. From
vertical vegetable and high-tech farms to community gardens found in housing
estates, offices, restaurants, schools, and rooftops, urban farms are taking root
in Singapore.
MARKET SIZE
leafy vegetables in 2019 is 12,698 metric tons, with an estimated total value of
SGD 22 million (see Table 2). This accounts for 1
4% of total consumption in
Singapore. The total market for leafy vegetables in Singapore is 90,700 metric
tons in 2019, with an estimated value of SGD 157.15 million.
Table 2. Estimated total market size and value of urban farming in Singapore, 2019
Total Local Value of Local Total Local Urban Value of Local Addressable
Production Production Farming Production Urban Farming Market
(metric tons) (million SGD) (metric tons) Production (million SGD)
(million SGD)
the potential addressable market for urban farming in 2019 at SGD 25.15
million.
Vertical vegetable farms are suitable in hot and humid climates such as
Singapore’s. It grows non-native plants in a controlled environment, utilizing
Opportunities
Challenges
Alternative Alternative proteins are a group of meat substitutes. There are four
alternative protein types:
Proteins
● plant-based protein, which comes entirely from plants such as nuts,
fruits, beans, and vegetables,
● cultivated, cell-based, or lab-grown meat, which uses animal cells to
create substitutes for seafood, meat, and dairy,
● whole food protein alternatives, which use existing plants or fungi to
imitate the texture, taste, and behavior of meat-like products, and
● insect protein.
MARKET SIZE
However, the size of the untapped market can be calculated through the per
capita consumption of protein. Table 3 highlights the total consumption of
animal-based protein in Singapore for the year 2019. Per capita consumption
is multiplied by Singapore’s population count for the year 2019. The sum is
then subtracted by 10% to account for people with a
vegetarian/vegan/pescatarian or “flexitarian” diet (7% in the case of seafood
proteins such as fish and shrimp). The resulting figure is the estimated true
total consumption of animal-based proteins in Singapore for the year 2019.
Table 3. Estimated total consumption of animal-based protein in Singapore, 2019, in metric tons
Protein type Per capita Total consumption Exclusion of vg/ve/ps True consumption (minus
consumption diets vg/ve/ps)
The true consumption value is used as the input for further processing into
market sizing scenarios, assuming no population growth. Based on the Health
Promotion Board’s (HPB) recommendations to shift Singaporeans’ optimal
diet, it is estimated that meat, eggs, and fish consumption would reduce by
about 3%. After adjusting this consumption downwards, the new adjusted
consumption is then further segmented to account for the conversion of
flexitarian diets, accounting for 39% of Singaporeans’ diets. Two scenarios
are created whereby meat eaters (42% of Singaporeans) partially convert;
the first scenario is at 25% conversion, and the second scenario is at 50%
conversion. The resulting calculations are exhibited in Table 4.
Protein type True consumption Adjustment Conversion of Meat eater Meat eater conversion
(minus vg/ve/ps) with HPB flexitarians conversion (25% ratio) (50% ratio)
Adding these conversions together provides a clear total market size for
plant-based substitutes in Singapore in 2019 (see Table 5). Comparable
prices for plant-based substitutes are taken from multiple sources and
converted into a per-kilogram price for ease of calculation. Unfortunately, no
comparable products were found to substitute duck; therefore, this market
size’s value is not added. However, given it is relatively small, the omission of
this value is not regarded as a problem. Thus, based on the calculation
provided so far, the total market value for plant-based substitutes under
Scenario 1 (25% Conversion) is 6,921.78 million SGD and 8,390.04 million
SGD under Scenario 2 (50% Conversion).
Table 5 . Estimated total market size and value of plant-based substitutes in Singapore, 2019
Protein type Total market size Total market size Price of Total market value Total market value
(25% conversion) (50% conversion) comparable (25%) (million SGD) (50%) (million SGD)
products/kg
Table 6. Estimated total market size and value of lab-grown chicken in Singapore, 2019
Adoption stage Unconverted Unconverted Planned Total market value Total market value
market (scenario 1) market (scenario 2) price/kg (scenario 1) (scenario 2)
Plant-based proteins are entirely derived from plants such as nuts, fruits,
beans, and vegetables. Some of the companies that offer plant-based proteins
are Beyond Meat, Eat Just, and Impossible Foods.
Eat Just is well-known for its plant-based eggs made from mung beans. Called
the Just Egg, it was launched in Singapore in November 2018. Compared to
conventional chicken farms, plant-based eggs require less land and water
while also producing less carbon emissions. Impossible Foods offers burgers,
pork, and sausages made from plants.
Whole food protein alternatives use existing plants or fungi to imitate the
texture, taste, and behavior of meat-like products, such as Karana’s young
jackfruit meat alternative.
Opportunities
Challenges
MARKET SIZE
for 10% of total consumption in Singapore. In total, this puts the size of the
fisheries market in Singapore in 2019 at SGD 456 million.
Based on 2019 figures, there are around 122 fish farms in Singapore, with
110 coastal-based farms producing 85% of the total output and 12
land-based farms producing the remaining 15%. However, unlike urban
farming, fully digitalized tech-based farms are still few. The only
commercial-sized tech-based coastal fish farm owned by Barramundi Asia
yielded 700 tons of Asian seabass (barramundi)
in 2019, which accounted for 17.87% of
Singapore’s total production, or about 21% of all
coastal-based farms’ output. Meanwhile, Apollo
Aquaculture Group’s vertical farming solutions
yielded around 110 tons of various seafood,
including hybrid grouper, coral trout, white
shrimp, and blue shrimp. This accounts for
roughly 20% of the total output of land-based
farms in 2019. Thus, using both companies as
proxies, in addition to assuming yields from
small-scale operations, the total market value of tech-based aquaculture
farms in 2019 is estimated at SGD 6.97 million.
Table 7. Estimated total market size and value of aquaculture in Singapore, 2019
A closed containment fish farm uses high-tech tanks that can precisely
control fish farming elements such as oxygen levels, waste, and feed to
achieve a higher yield. The conventional method is to use an open-air water
tank, which has unpredictable elements. The closed containment system is
also known as a recirculating aquaculture system, in which water is recycled
through a multi-level treatment process. Since the water quality is closely
monitored and the water is filtered, UV-treated, and oxygenated to maintain
conducive conditions to grow stress-free fish, the fish-growing capacity can
be increased by four times higher than open-air tanks with the same amount
of water. A biofilter is used to break down fish waste, turning ammonia into
nitrogen, which helps avoid overfeeding. Further innovations in this high-tech
tank include sensors and other equipment that permit video analysis of the
fish’s tracking behavior and swimming patterns to maintain its quality. This
technology is implemented by Singapore Aquaculture Technologies (Please
refer to Section 2: Key Players)
End-to-end digital solutions employ AI, satellite remote sensing, and IoT to
help farmers improve their farm productivity, control the water environment
to minimize risk, and subsequently increase their earnings. These solutions
use sensors and other hardware in the closed containment tanks used by the
farm operators to video capture and analyze the fish’s tracking behavior or
hunger. UMITRON is one such company that deploys such solutions (please
refer to Section 2: Key Players).
Opportunities
Challenges
02 Key
Players
This section will highlight 5-6 top players in each of the
sub-industry, preceded by a table displaying a long list of
existing players.
Seng Choon Farm The first egg producer in Southeast Asia to use high-technology
processes such as quality scanners, to sort, grade, scan & clean
eggs
Chew’s Agriculture One of the leading producers of fresh eggs in Singapore, with
more than 30 years of history
Seng Choon Farm, which has provided the Singapore market with eggs for
more than 30 years, has shifted their conventional egg farming method to a
more high-tech path in 2010 to cope with the increasing demand for eggs in
Singapore. Thanks to the incorporation of automation, in which most of the
farm’s processes are completed by machines and require minimal human
involvement, Seng Choon can produce 625,000 eggs a day with only 100
workers on the farm to meet the local market demand for eggs. Such
technology enables Seng Choon to control the farm environment, including
maintaining an adequate range of nutrients and the proper amount of feed,
keeping the chickens stress-free, and subsequently realizing its full potential.
The farm then further advanced their high-technology egg farming business
by deploying computer scanners that can take multiple photographs of an egg
to check for hairline cracks and determine if it is clean or dirty with an
accuracy of 99%.
Edible Garden City Design, build and maintain food gardens in tropical urban
Singapore, which include restaurants, hotels, schools,
residences, and more. Over the last 7 years, they have
completed 200 food gardens in Singapore
Sky Greens World’s first low carbon, hydraulic driven vertical farm
Genesis One Tech Farm Indoor farm with the tallest racking system in Singapore,
with a hybrid Nutrient Film Technique (NFT) system that
uses very small amounts of water usually highly needed in
hydroponic system methods.
Singrow
Singrow is in partnership with Nusgrip, MVP Studio, GWS Living Art, and the
Global Green Technology Center, and it also receives funding from Grow and
Enterprise Singapore to accelerate its business.
ComCrop
Sustenir
Sky Greens
Sky Greens is the world’s first hydraulically driven, low-carbon vertical farm.
It uses green urban solutions to produce fresh, healthy, and tasty vegetables
using minimal water, energy, and land resources. Its patented vertical farming
system consists of rotating tiers of vegetables planted on A-shaped,
9-meter-tall, 38-tier growing troughs with an aluminum frame. The aluminum
frame can accommodate different growing media, be it hydroponics or soil.
The troughs revolve around the aluminum frame to ensure that the plants
obtain homogeneous levels of water, sunlight, and vitamins as they pass
through different points on the rack. Compared to conventional one-layer
farms, the patented vertical farming system increases the land’s density and
subsequently increases the yield by 10 times per unit of land. Since the
farming system is built in a controlled environment, the input materials to
deliver food supply, security, safety, and quality assurance can be strictly
controlled. The system can produce 1 ton of vegetables every other day. In
2015, Sky Green won the INDEX: Award 2015, the most prestigious of its
kind in the design world where innovations that upgrade the world are highly
valued.
Beyond Meat Plant based meat combining expert innovation with non
GMO ingredients offering equal or even bigger protein
levels than their animal counterparts, no cholesterol, less
saturated fat, and no antibiotics or hormones.
Impossible Foods Impossible Foods offers burger, pork and sausage made
from plants.
Memphis Meats World’s first cell-based beef meatball in 2016 and world’s
first cell-based chicken and duck in 2017.
Right Treat Right Treat offers all purpose plant-based pork analogue
that is nutritional superior and environmentally friendly.
Zhen Meat Zhen Meat offers natural plant-based meat with no animal
ingredients, no hormones and no antibiotics added.
Eat Just
Eat Just is well-known for its plant-based eggs, the Just Egg. It was launched
in Singapore in November 2018. Compared to conventional chicken farms,
plant-based eggs require less land and water, produce less carbon emissions,
are lower in cholesterol, are antibiotic-free, and are non-GMO, while
maintaining the same protein content. The plant used to make plant-based
eggs is a protein-rich legume called the mung bean, which is claimed to be
able to scramble like eggs and achieve a similar flavor, texture, and color to
that of chicken eggs. Eat Just will have the largest plant protein production
facility in Singapore, thanks to its partnership with the investment
management firm Proterra Asia in October 2020.
Shiok Meat Shiok meat offers cell-based clean crustacean meat (shrimp,
crab, lobster) company, the first of its kind in Singapore and
South-East Asia.
TurtleTree Labs TurtleTree Labs creates milk from cell based process.
Shiok Meat
Shiok Meat is a cell-based clean meat company. It is the first of its kind in
Singapore and Southeast Asia to develop cell-based crustacean meats
(shrimp, crab, and lobster). ‘Shiok,’ in Malay and Singaporean slang, means
‘fantastic’ or ‘delicious.’ Its cell-based meats and seafood are made by first
taking a small sample of shrimp cells. The cells are then grown in a
nutrient-rich environment, harvested, and used to make food products such
as siew mai, a popular dim sum dish. Shiok Meat is funded by numerous
venture capitals, including Big Idea Ventures, Angel Investor, and Babel
Ventures. In October 2020, Shiok Meats announced that it secured USD 12.6
million in Series A financing to produce sustainable, clean, and cruelty-free
crustacean meats. A month later, it launched the world’s first cell-based
lobster meat in an exclusive tasting event.
TurtleTree Labs
TurtleTree Labs is the first biotechnology company in the world that uses
biotechnology to produce real, whole milk from cell cultivation. The milk is
safe, healthy, and can be made with far less natural resources while leaving a
smaller carbon footprint than conventional dairy farming. The company
targets to secure 30% of Singapore’s nutritional needs with lab-grown milk
that matches the composition, taste, and functionality of cow’s milk. The
cell-based milk can then be used to make various dairy products such as
cheese, butter, cream, and yogurt.
The company’s claim to be the first and only company that can imitate dairy
milk’s exact composition is a competitive advantage over its plant-based milk
competitors—who are trying to capitalize on the climbing popularity of
veganism—as plant-based milk does not have the same taste and
functionality of regular cow’s milk.
Confetti Fine Foods Confetti Fine Foods crafts snacks from delectable veggies
that is still high in nutrient.
Karana
INSECT PROTEIN
Asia Insect Farm Solutions Asia Insect Farm Solutions offers insects, for example
cricket protein, for food and feed applications.
Protenga Protenga use Smart Insect Farm™ system that makes insect
innovation accessible to agricultural and food
manufacturing by-products into fully traceable insect
protein.
Insectta
Taking the black soldier fly larvae and eggs, Insectta brings new products to
feed the customer’s pets (such as dogs, cats, small mammals, poultry,
songbirds, and insectivorous fish) and farming activity. The probiotic in
Insectta products is deemed able to reduce the feed conversion ratio, improve
animal gut health and immunity, thus increasing yield. They are the first insect
urban farming in Singapore, that also produces biomaterials from black
soldiers. The final products include dried and live larvae, organic fertilizer, and
biomaterial such as chitosan, protein and probiotics for animals, and currently
developing the organic semiconductor.
VENTURE CAPITALS
Big Idea Venture Venture capital and accelerator fund company which invest
in top performers on foodtech companies.
VisVires New Protein Venture capital which is into “New Protein”, funding food
and agriculture companies.
Unovis Asset Management The global leader investor in alternative protein sector.
Apollo Aquaculture Group AAG breeding and trading beautiful ornamental fish
(AAG) sustainably, tandem with technological advances for
sustainable fish keeping
The Fish Farmer A fish farm operator which keep everything fresh by
implement chill temperature from the beginning and store
the product in -18 degrees celsius cold room
Blue Aqua International One-stop solution provider for aquaculture industry in the
Asia-Pacific region and the United States
Blue Ocean Aquaculture First Indoor Aquaculture Farm in Singapore, named FIN –
Technology (BOAT) Farmed Indoor with Nano-oxygen
Barramundi Asia
IOT PLAYERS
Umitron
FINANCING PLAYERS
The Yield Lab Fund and accelerator focus on driving Agritech innovation
across the entire Asia Pacific Region.
Enterprise Singapore
ESG has allocated more than SGD 55 million to expedite the success of
promising local aquaculture companies and develop their capabilities to grow
more with less through modern climate-controlled, resource-efficient, and
high-output farming solutions for population-dense environments. ESG,
through its investment arm, SEEDS Capital, has channeled a co-investment
scheme together with several private sector venture capital and accelerator
partners.
03 Key
Trends
Economic Trends In general, the Singaporean Ministry of Trade and Industry estimated the
country’s economy to contract by 6.5 to 6.0 per cent by the end of 2020 due
to the COVID-19 pandemic. The accommodation and food services sector
contracted by 24.0 per cent year-on-year as sales volume across all
sub-segments such as restaurants declined.
On the positive note, the Ministry expects the economy to rebound next year
and the GDP will grow by 4.0 to 6.0 per cent in 2021.1 The food services
sector is predicted to make a gradual recovery next year as it would benefit
from the recovery in visitor arrivals as well as the improvement in consumer
sentiments amidst better labour market conditions.2 This situation provides a
positive signal for tech-based agrifood start-ups that plan to initiate their
businesses around the start of next year. Nevertheless, the Ministry also
stated that the economic activity in the food services sector is unlikely to
return to the pre-COVID level even by the end of 2021, and therefore, the
start-ups should proceed carefully.
Consumer Trends A recent study by Tan et al. on food consumption trends in Singapore can be
used to highlight the benefits of consuming homegrown tech-based
alternative food sources (see the ‘Opportunities and Challenges’ section). The
study shows that the country’s annual consumption per capita of
conventional farm animals (including chicken, pork, beef, and mutton)
reached 55 kg in 2020 (Figure 1-A). This consumption pattern is estimated to
produce around 466 kg of global warming potential (GWP) per capita per
year (Figure 1-B). GWP involves greenhouse gases, such as methane from a
ruminant’s digestion process and nitrous oxide from its urine and dung. None
of these GWP-inducing substances occur in tech-based alternative food
sources such as stem-cell-based meat. If these startups could communicate
this environmental benefit, they may be able to shift public perception and
preference, gradually, from conventional foods to tech-based alternative
food sources, which then would boost the marketability of their products.
1
Ministry of Trade and Industry Singapore, ‘MTI Forecasts GDP Growth of “-6.5 to -6.0 Per Cent” in 2020 and “+4.0 to +6.0 Per Cent” in 2021’, Press
Release (23 November 2020): 1 & 5
2
Ministry of Trade and Industry Singapore, ‘MTI Forecasts GDP Growth of “-6.5 to -6.0 Per Cent” in 2020 and “+4.0 to +6.0 Per Cent” in 2021’, 4
Figure 1.
Figure 2. Global warming potential (GWP) based on food consumption trends in Singapore under five different scenarios, 2018 - 2030
The first scenario assumes that the average Singaporean diet consists of 46%
of fruits and vegetables, 26% of grains, and 28% of meats, eggs, and seafood.
We can assume that this is the real, daily scenario in Singapore. The second
scenario is based on the Singaporean government’s ‘30 by 30’ plan, where
30% of Singapore’s nutritional needs will be produced locally. The third
scenario uses the HPB’s optimal health diet recommendation. The fourth and
fifth scenarios consider how substituting animal meats in the average
Singaporean diet with alternative plant-based meat options will affect the
GWP of food consumption in Singapore.
Aside from Scenario 1, the scenario that most likely will play out in the near
future is Scenario 2, where the ‘30 by 30’ program is fully in place. The
government has started implementing this program by providing investment
opportunities, and this is where tech-based agrifood startups could come in.
It is advisable that such startups consistently highlight the potential GWP
reduction as a key environmental benefit of using homegrown food
production solutions. Scenarios 3, 4, and 5—while not impossible—would
require the consumers’ compliance with the optimal health diet
Technological A recent study by Mok et al. highlights several existing technology innovation
trends in Singapore that can potentially contribute to food security. The first
Innovation Trends
area of innovation is urban farming, which is meant to overcome limited land
space challenges. Prominent innovations include vertical farming,
aquaponics, and IoT-based agriculture.
Key Regulations 1. SALE OF FOOD ACT (CHAPTER 283, SECTION 56(1)) - FOOD
REGULATIONS (Rg 1 - GN No. S 264/1988) - REVISED EDITION 2005 (30
November 2005)
This regulation refers to all policies and standards related to meat (e.g.,
beef, pork, and chicken) and fish products, including their processing,
storage, and export-import. Ideally, this regulation should apply to all
tech-based agrifood startups that plan to operate around these food items
(e.g., stem-cell-based meat). However, as with the Food Regulations, it
currently only covers the standards and procedures of conventional meat
and fish products (see the ‘Challenges’ sub-section for more details).
Startups would need to pay attention to any developments in this
regulation.
Other Recent 1. Lab-grown cultured meat has been officially approved for consumers in
Singapore
News And
On 1 December 2020, MIT Technology Review reported that regulators in
Activities Singapore gave their approval to Just, a San-Francisco-based startup, to
publicly sell their lab-grown cultured chicken meat in the form of chicken
nuggets. While an as-yet-unnamed restaurant in Singapore will soon be
the first to have Just’s cultured chicken on the menu, Just’s CEO, Josh
Tetrick, says he plans to expand sales to other restaurants, the retail
market, and, eventually, outside Singapore.
egg yolk and egg white replacement. It uses legume-based substitutes and
is the first of its kind to achieve the level of likeness to a real chicken egg.
Float Foods is currently working on improving its product’s nutritional
composition to surpass that of a chicken egg. The company is also
currently raising capital and looking for strategic investors.
Expanding from its cultured shrimp meat, Shiok Meats plans to launch its
cultured crab meat prototype in the next few months. The company also
aims to build a manufacturing plant in Senoko by 2022 and achieve
commercial availability of Shiok Shrimp in restaurants and foodservice
outlets in that year.
After securing a USD 3.2 million investment in June this year, TurtleTree
Labs—a Singapore-based startup biotech company—is currently
developing the world’s first cell-based milk. The company noted the
difficulty of finding a suitable shared facility to upscale the technology it
uses and builds. It plans to set up its production facility in the country in
the first quarter of 2021.
In late November 2020, Thai Union, the Thai seafood giant, opened an
office in Singapore. The company stated that its Singapore office is
dedicated to foodtech ventures, citing Singapore as one of Asia’s key
foodtech hubs. Thus, it provides the company with excellent opportunities
to make fruitful regional collaborations with locally based ventures.
04 Key Ecosystem
Players
SEEDS Capital As the investment arm of General tech investment Singapore-based company; not a
Enterprise Singapore, SEEDS cap of S$2m, deep tech subsidiary or joint-venture.
Capital supports the growth of investment cap of S$4m. Incorporated as a private limited
promising Singapore-based company for less than five years.
startups. We co-invest with Paid-up capital of at least S$50,000.
independent investors in Substantial innovative and intellectual
innovative startups with strong content. High-growth potential with
intellectual content and global clear scalability for the international
market potential. market.
Startup SG Teams of entrepreneurs with AMP will assist the Applicants need to reach out to an
Founder innovative business ideas can startups with advice, AMP and submit their pitch deck for
“Start” Track approach any Enterprise learning programs and consideration based on these criteria:
Singapore-appointed Accredited networking contacts. Differentiation, feasibility, market
Mentor Partners (AMP) with Enterprise Singapore will opportunity, management team.
innovative business ideas. AMPs provide a startup capital Startups are required to raise and
will recommend qualifying grant of $50,000. commit S$10,000 as a co-matching
applicants for funding support. fund to the grant. Other restrictions
apply.
Startup SG Venture Builder and Accredited Provide support for Screening criteria considers the
Founder Mentor Partners (NTU, NUS, sourcing innovation, aptitude, expertise, background and
“Train” track SMU, SUTD, SUSS) will provide commercialising these related experience of the applicant.
3-month Venture Building ideas, getting Must commit to running a startup
programmes. product/solution after the programme. Individuals must
validation from customers be Citizens/PR and commit to 100%
and finding capital. attendance rate.
Un-named “Developing innovation Total funding of over “Promising local agriculture and
Grant capabilities to grow more with S$55 million aquaculture companies.”
less.”
The NRF has many channels for funding and grants, which have programs
relevant to foodtech. SG Innovate is a collaboration and investment platform
that focuses on Deep Tech, or startups that harness new technology to solve
In 2019 and 2020, the EDB launched Tech@SG and Tech.Pass, a visa program
that allows pass holders flexibility to participate in activities such as starting
and operating a business, being an investor, employee, consultant or director
in one or more Singapore-based companies, mentoring start-ups and
lecturing at local universities. The program targets high-potential companies
in growth areas such as agri-tech, among others.
The Ministry of Trade and Industry is the parent organisation for Enterprise
Singapore, A*STAR, and the Economic Development Board, which have been
mentioned above. Also, MTI has launched a Food Manufacturing Industry
Transformation Map (ITM), which seeks to develop Singapore as a food and
nutrition hub in Asia. Resources available under the ITM include the
High-Pressure Processing (HPP) resource sharing facility and design thinking
and product development workshops. In 2020, MTI launched the Research,
Innovation and Enterprise 2020 Plan, which invested $19 billion in science
and technology, including health, biomedical science, urban solutions, and
sustainability.
In addition, MTI is home to the Pro-Enterprise Panel (PEP), which hosts the
First Mover Framework and New Idea Scheme. This gives entrepreneurs
innovative business ideas a head start in allocating public assets and could be
a potential resource for foodtech businesses. Lastly, MTI operates the
Business Grants Portal, which consolidates information on many Singapore
government grants.
The Health Promotion Board is the public education arm of the Ministry of
Health and wields a strong influence over the types of food that Singaporeans
consume. The Health Promotion Board influences food choices through
labelling systems such as the Healthier Choice Symbol Programme, allowing
HPB-approved products to carry a special label. The HPB also maintains
HealthHub, which is an online portal that provides healthy eating advice to
Singaporeans, as well as funding many consumer-oriented campaigns to
promote healthy eating.
Although the HPB does not directly address foodtech, its influence over
consumer preferences will undoubtedly affect the demand for foodtech
products, which tend to be more sustainable than imported ones.
The Ministry of Health is the parent ministry of the Health Promotion Board
and oversees certain types of food legislation, such as the upcoming ban on
partially hydrogenated oils (PHOs), the main source of artificial trans fats.
PHOs will be banned as an ingredient in all foods sold in Singapore from June
2021. The Food Regulations under the Sale of Food Act will be amended to
legislate the ban on PHOs.
The Agri-Food Innovation Park lies at the heart of the Urban Redevelopment
Authority’s Northern Agri-Tech and Food Corridor, which is a development
area that connects farms in Lim Chu Kang to the Sungei Kadut Eco-District,
the Woodlands Regional Centre, and the Senoko Food Zone. The Park brings
together high-tech urban indoor farming and R&D activities, which will be
close to related businesses such as the JTC Food Hub @ Senoko Food Zone.
The AIC opened in 2019 and its main focus during its first three years will be
on optimising nutrition for food fish. Food and beverage outlets providing
food waste that can be used for fish feed are examples of partnership that the
AIC is looking for.
Food Ventures
Investment
GROW
Investment, Networking
to launch them into Asia and new international markets. GROW also has a
program to help UK and EU startups capture the opportunity in Asia using
Singapore as a gateway.
Germi8
Investment
Temasek
Investment
05 Opportunities
and Challenges
Examples:
Meat means any edible part of the carcass of any animal or bird, healthy at the
time of slaughter, which is ordinarily used as food by man, whether fresh, or
prepared by freezing, chilling, preserving, salting or by any other process.
However, the approval of lab-grown chicken meat and the Novel Food
Safety Assessment (latest version dated 23 Nov 2020) might be a positive
sign that the Singaporean government is moving towards regulatory
reform that will replace the outdated Food Regulations Act and Wholesale
Meat and Fish Act.