According to industry experts, the highest profit in this sector can be derived from exporting alternative meat (Rs 8,652 crores) followed by dairy (Rs 1,889 crores) and eggs at Rs 632 crores.
With the right roadmap and investment from individuals and companies, the smart protein or alternative protein industry in the country is poised to grow 10x by 2040 and a total evaluation of four billion US dollars by 2030.
According to industry experts, the highest profit in this sector can be derived from exporting alternative meat (Rs 8,652 crores) followed by dairy (Rs 1,889 crores) and eggs at Rs 632 crores. However, currently with regulatory restrictions, a volatile market, a lack of research and development facilities and limited investment from venture capitalists, the 100+ smart protein startup ecosystem in the country needs a bigger push to scale its full potential.
The IKP Knowledge Park, science park and incubator, along with Good Food Institute (GFI) has launched the Centre for Smart Protein and Sustainable Material Innovation in the city. The centre will be dedicated to helping entrepreneurs create sustainable alternatives for food and materials by offering them early research and development support, mentorship, legal and regulatory assistance, and more.
Deepanwoita Chattopadhyay, Chairman and CEO, IKP said, “India has several challenges ahead of itself while it aims to become an economic power. As aspirations grow the need for protein intake is also important. Food and nutrition are paramount for a healthy country. Unfortunately, 80% of children in the country are nutrition deficient. It’s time for a protein revolution.”
The CEO added that the standard cultivation and production of protein is limited and climate-inefficient. “The ratio of what goes into production and the final protein product is barely touching 1:10 or 1:8. With incubation centres such as these more startups can collaborate and make India a bigger player.”
Leveraging the country’s large crop biodiversity and building sustainable value addition in pulses, millets and other crops can make India a big contributor to smart protein products. “We are home to one of the most talented competitive pools and skills such as entrepreneurship, engineering and scientific skills need to be recognised,” said Aiyanna Belliappa, Senior Innovation Specialist, GFI India.
The group echoed the sentiment that India is already home to the best biotechnology innovation, capitalizing on it is the way ahead.
With three modalities in the alternative protein – plant-based, fermentation and cultivated (grown from animal cells in labs) Sneha Singh, Acting Managing Director, GFI said, “Though India has some regulatory pathway for plant-based protein, the fermentation and cultivation need more support from the government, its progress is slow.”
source/content: newindianexpress.com (headline edited0