Avant will operate in Singapore and Hong Kong
SINGAPORE AND HONG KONG – Avant, the first cultivated meat company in China and the first cultivated fish company in Asia, announced today it is establishing new Research & Development (“R&D”) and pilot manufacturing facilities plan in Singapore, with the support of the Singapore Economic Development Board (“EDB”). The new facilities will be supplemented by existing operations in Greater China. Avant will recruit local talents as part of its expansion.
Carrie Chan, Co-founder and CEO, Avant notes, “Avant has grown its presence in strategic locations in Asia to optimize its market access, technology ecosystem, and funding opportunities. Singapore provides Avant with regulatory clarity, international talents, and sufficient space for the next step of scaling up.”
“Avant is an example of an alternative protein company which has tapped into the eco-system opportunities in Singapore to bring innovative products to market and capture growth opportunities in Asia.” said Damian Chan, Executive Vice President, Singapore EDB. “We welcome their expansion here and will continue to work with companies to leverage Singapore to enable innovations in sustainable Agri-Food technologies.”
Asia Pacific dominates the global fish and seafood markets at US$60.5 billion in 2018[2] and Asia is projected to account for 71% of the additional fish consumed by 2028[3]. The expansion represents an important milestone of Avant’s pan-Asia strategy.
Singapore’s ‘30 by 30’ national food security policy targets to produce 30% of the nation’s nutritional needs locally by 2030, with less than 1% of land designated for agriculture[4]. Singapore is the only country with a regulatory precedent for approving the sale of cell-cultured meats.
[1] Photo adapted from works uploaded by Wikipedia user -Wpcpey & Flick user – williamcho2012
[2] Fish and seafood market by Type (Cephalopods, Crustaceans, Molluscs, Flat Fish, Ground fish, Salmonids, Tuna, Pelagics, Others), Retail Market Variety, Sales Channel, Region Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2019 to 2026. https://www.fiormarkets.com/report/fish-and-seafood-market-by-type-cephalopods-crustaceans-385977.html
[3] OECD/FAO (2019), OECD-FAO Agricultural Outlook 2019-2028, OECD Publishing, Paris/Food and Agriculture Organization of the United Nations, Rome. https://doi.org/10.1787/agr_outlook-2019-en (P. 196)
[4] Singapore Food Agency. https://www.sfa.gov.sg/food-farming/sgfoodstory/grow-local
