Hong Kong protein alternatives start-up eyes juicy cut of sector forecast to reach US$630 billion by 2040

Carrie Chan Kai-yi started exploring entrepreneurial opportunities while still working as a property manager at a Hong Kong real estate company in 2010, but the idea for protein alternatives came to her only five years ago, when she became vegan primarily for environmental reasons.

But instead of plant-based foods, she turned to what she believed was an easier option, but one with bigger business potential – cell-cultivated meat.

She quit her job two years ago and co-founded Avant Meats, Hong Kong’s first and only such meat start-up, with Dr Mario Chin, who is the company’s chief scientist.

Cell-cultivated or cell-based meat refers to consumable meat products grown from animal stem cells and does not require any animal slaughter. The segment is expected to touch US$630 billion and account for 35 per cent of the total US$1,800 billion global meat market by 2040, according to an estimate by consulting firm AT Kearney released last year. It is also estimated to surpass plant-based meats. No cell-cultivated meat products have been launched as of now.

“Most start-ups [like us] are based in the West. We are the first cell-cultivated meat company in Hong Kong, and the third in Asia, after [companies] in Japan and Singapore. Now, we are also seeing similar businesses emerge in China,” Chan said in an interview.

Avant is currently developing cell-based fish maw, which is also known as swim bladder, a high-value seafood used in traditional Chinese cuisine. It expects to launch the product in about two years, pending regulatory approvals.