Food & Beverage Asia Jun/July 2021

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14 MARKET INSIGHTS Photo credit: ADM The lunch spread includes food such as the spicy otah, which was made with ADM’s plant-based fish and coconut custard only have to create great tasting products but are also expected to get as close as possible to the animal protein equivalent version,” explained Lim. As these products continue to develop and more investment money flow into the industry, ADM continues to see new and exciting products emerge. This will enable more and more consumers to find the products that match their expectations. “I can see a future where there are so many plant-based options on the market that everyone can find something they like. In the end, maybe everyone will be more of a flexitarian,” remarked Lim. Through ADM Ventures, an advisory firm focused on digital and hi-tech companies, the company seeks to create functional and clean-label ingredient portfolios that advance the growth strategy of ADM by both investing in and collaborating with start-ups that are focused on improving human and animal health and nutrition. “ADM Ventures invests in cutting-edge start-ups with disruptive technologies across five key areas: human nutrition, health & wellness or microbiome, animal nutrition, sustainability and biomaterials, and agriculture technologies,” explained Darren Streiler, managing director of ADM Ventures. ATTRACTING AND RETAINING LOCAL CONSUMERS’ TASTE BUDS The COVID-19 pandemic has also given rise to the importance of health and wellbeing as well as the increased awareness to save the planet from the climate crisis, which drives the desire to eat less meat. “Many markets in Asia are developing rapidly and the current pandemic has accelerated this. There are parts of Asia that are already very developed, and other countries, such as the Philippines and Indonesia, have seen increased purchases online over the past year,” said Lim. Additionally, according to AgFunder’s ASEAN Agrifoodtech Investment Report 2020, ASEAN (the Association of Southeast Asian Nations) is one of the fastest growing regions in the world, and plays host to a rapidly expanding middle class that demands more choices when it comes to food. In 2020 alone, there was an estimated two billion Asians of the middle class and that number is set to increase to 3.5 billion by 2030 2 . As Asian consumers change their general lifestyle values, the demand for food that is nutritious, healthy, safe and more sustainable continues to grow. In order to attract and retain consumers’ taste buds on plant-based ingredients, ADM believes in delivering both taste and texture. Lim said: “ADM has been pioneering plant-based innovations for over 75 years, so we are able to bring protein and flavour to create some of the cleanest-tasting FOOD & BEVERAGE ASIA JUNE / JULY 2021
MARKET INSIGHTS 15 Photo credit: ADM A chef preparing a plant-based, Peranakan-themed lunch spread at ADM Innovation Center in Singapore plant-based proteins. Focusing on protein and flavour in tandem, we jointly develop on-trend, regional and culturally relevant plant-based solutions in both the food and beverage areas. “We also continue to invest significant resources into innovation of both individual ingredients, systems, and design techniques to bring the best possible solutions and ingredients to our customers by unlocking the power of nature to enrich the quality of life of individuals.” But localising plant-based dishes to suit the locals' palates is equally important too. In fact, ADM recently inaugurated a new plant-based innovation lab, located in ADM’s Biopolis research hub in Singapore. The 8,900-square foot (825-square metre) Singapore innovation centre will serve as the gateway to consumers in South East Asia and beyond, and enable ADM to work closely with customers to create complete flavour and specialty ingredient solutions that meet consumer preferences for taste, nutrition, function and texture. It will be staffed by a team of food scientists, flavourist and applications experts, along with sales, marketing and regulatory personnel. “We continue to expand our offerings of creative, innovative, and on-trend solutions to keep up with changing demands and preferences. We understand that it is not a one-size-fitsall solution, and place great care into ensuring that our solutions fit the needs of our customers and the target market,” explained Lim. The new innovation centre also features a wide range of capabilities, including a food and flavour analytic lab; a beverage and dairy applications lab and pilot plant; a bakery and confectionery lab; a meat and savoury lab; a sweet and savoury creation lab; sensory evaluation facilities; and a customer innovation centre. The opening of the new centre also reflects the potential of the market as ADM continues to invest and ensure that the company is the go-to solution providers for clean labels, sustainable ingredients and great taste. “Localisation is key to capture the hearts of Asian consumers. Asia is an amalgamation of cultures and this is what makes taste creation exciting as flavour creation experts and product development teams create the right product with the right texture to cater to the ever-changing needs of consumers backed by market and consumer insights, while understanding the regulatory space which varies country to country,” remarked Lim. FBA REFERENCES 1 https://vegconomist.com/market-and-trends/ plant-based-market-in-asia-pacific-to-surge- 200-by-2025/ 2 https://www.statista.com/chart/8402/asianmiddle-class-on-the-rise/ FOOD & BEVERAGE ASIA JUNE / JULY 2021
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