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April 29, 2020

Singapore alternative-protein firm Growthwell invests in Israel’s ChickP

Growthwell Group, a Singapore-based alternative-protein business, has invested in an Israeli start-up following a consortium investment.

By Dean Best

Growthwell Group, a Singapore-based alternative-protein business, has invested in Israeli start-up ChickP after receiving investment from the city state’s sovereign-wealth fund Temasek.

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The company said it has “committed to a significant stake” in ChickP, which has developed a “90% chickpea protein isolate”, designed for plant-based dairy and meat applications, in conjunction with the Agriculture, Food and Environment of the Hebrew University of Jerusalem.

“ChickP’s breakthrough offers the world its first neutral-taste, allergen-, gluten- and GMO-free 90% chickpea protein isolate that is high in nutrition and provides a strong, smooth texture and emulsion stability with no compromise to taste and flavour,” Growthwell said in a statement.

Growthwell’s investment will be partly funded by an US$8m cash injection from an investor consortium consisting of Temasek, DSG Consumer Partners, Insignia Ventures, Genesis Ventures, Brandify, and local businessman Koh Boon Hwee. 

It will also use the funds to set up a technology centre in Singapore – due to be completed in the first quarter next year – focused on research and development and manufacturing, and to launch a range of a chickpea protein-based seafood alternatives using ChickP’s proteins – ChickP Squid, ChickP Crab Patty, and ChickP Shrimp.  

Justin Chou, an executive director at Growthwell, said: “As a leading manufacturer, we aim to capitalise on the growing global demand for plant-based alternatives in the areas of meat and seafood. The recent Covid-19 pandemic has revealed the vulnerabilities of our food supply chains.”

Growthwell said it has appointed Country Foods, a wholly-owned subsidiary of out-of-home supplier SATS Food Services, as its main distributor and partner.

“This partnership will allow Growthwell to tap on Country Foods’ extensive list of clientele in hospitality, foodservice, retail, wholesale, airlines, and governments,” Growthwell added.

Founded in 1989, Growthwell claims to be the “leading plant-based food solutions company in Singapore”. It said the firm has “evolved from a manufacturer of plant-based alternatives in Asia to that of an innovative plant-based food technology company”.

Deepak Shahdadpuri, a managing director at DSG Consumer Partners, said: “DSGCP has been looking at the broader alternative-protein space for a number of years as we track consumer behaviour and witness the strong long-term growth in plant-based protein alternatives because of a convergence of a number of different trends: wellness, health, sustainability and animal cruelty. 

“Growthwell is a pioneer in the Asian meat-alternative and textured vegetarian proteins.”

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img

Innovation Update Q2 2022: Meat and Meat Alternatives

Meat alternatives continue to push boundaries, as companies explore 3D printed, plant-based, and precision fermentation-based alternatives. As a result, shoppers are more open to experimental formulations that introduce new flavors to meat products, blur traditional food categories, or swap in new ingredient types. It is vital for their development that retailers acknowledge this range of emerging trends during these increasingly uncertain times. Brands must continue to understand how consumer needs and desires change, and offer a range of products that reflect the world around them, therefore developing purchasing and consumption decisions. Exciting non-traditional formulations are hitting the market - following the trajectories and target audiences of these launches will help other brands find their niche. Consult our report on Meat and Meat Alternatives, from the collection of >17,000 reports on GlobalData Explorer, to:  
  • Understand the current market dynamics of the Meat and Meat Alternatives Sector
  • Assess strategies implemented by companies to better penetrate the market
  • Understand the key themes in the market that these companies and their respective products appear to be targeting
  • Marketing / Advertising strategies being used by these players for specific products
  • Other segment-specific analysis (packaging, design, flavors etc.)
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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