The PwC Innovation Centre in Shanghai hosted a unique gathering of participants last week, including blockchain startups, venture funds, and chickpea advocates. It was touted as China’s first investment conference for food technology. The 2050 China Food Tech Summit —2050 will be the year when the population of the world is expected to surpass 9.6 billion people– was organized by Bitsx Bites, a food-focused accelerator and venture capital fund.
Participants came from all over China, as well as Germany, Switzerland, and Israel. They also came from the United States, Australia, and Singapore. Many looked at China as both a production and market base, as well as an actual test site for innovative ideas.
Hazel Zhang, the founder and CEO of VegPlanet in China, a media platform for veganism and sustainable living with over 330,000 WeChat followers, said that “millennials and flexitarians” will drive the market of the future. We already see it happening in the West. In China, the Chinese will also be concerned about the environment and their health. This trend will be a reality if we can produce plant-based proteins that taste great and are cheap. “The tipping point could come in 10 to 15 years.”
The following were the key trends that emerged from the conference.
Future protein
China’s meat consumption continues to rise despite the fact that it has plateaued at home. Raising livestock requires a lot more land and water, resources that China cannot afford.
Future Meat Technologies was funded by Bits x Bites in the early stages and received $2.2 million in seed investment from Tyson Ventures, a part of Tyson Foods, a Fortune 100 company, in May. Tyson Ventures and Tyson Foods have invested a total of $2.2 million as seed capital.
Triton, based in San Diego, is promoting powdered green algae — Chlamydomonas reinhardtii — as a high-protein food ingredient. Triton invited Brian Malarkey, a celebrity chef, to prepare a five-course meal using algae for 120 diners in May of this year. Menu items included nori alga butter, algae bucatini, and pesto. Algae lime cookies were also on the menu.
Thierry Garnier is the President and CEO of Carrefour China. He said that Chinese consumers purchase more than 20% online. This is the highest percentage in the world. The food ecommerce market in Europe and the United States is only in the single digits.
Carrefour opened its first “smart stores” in Shanghai with digital innovations supported by Chinese tech giant Tencent. Tencent is the parent company of WeChat. Tencent has also invested in Carrefour China. Customers can scan and pay online or via self-checkouts. Alibaba, Tencent’s rival in China, has a similar chain of grocery stores under the Hema label.
The e-commerce startup 321Cooking also places a high priority on freshness. It delivers pre-packaged ingredients that are ready to cook in Chinese homes.
Pan explained that consumers want fresh ingredients, and this means shorter shelf lives. They also don’t like preservatives or additives. She said, “It is a two-edged blade.” “An opportunity as well as a challenge.”
Food is medicine
Food companies in Asia are working to combat issues like obesity and diabetes. Singaporean startup AlchemyFoodtech created a glycemic-index-lowering technology for white rice that is on par with brown rice. It has recently received venture capital funding from Bits x Bites.
Ryan Chaw, the head of technology acquisition at Coca-Cola’s APAC R&D, said that he would be 70 years old in 2050. I’ll wear a belt at home that measures my gut health. I’ll go into my indoor garden, mix my shake, and eat it.