New report highlights key innovation strategies to navigate Asia’s agrifood ecosystem
BOSTON, MA, MARCH 18, 2021 – The next 30 years will be a defining era for Asia’s agrifood innovation ecosystem. Population growth, rapid urbanization, and an expanding middle class are all exerting pressure on Asia’s food system to keep pace, translating to three key needs: food security, safety, and transparency. In its newest report, “Navigating Asia’s Agrifood Innovation Ecosystem,” Lux Research provides actionable advice on how to innovate in Asia by assessing regional trends and startups addressing each need.
The new report maps Asia’s key agrifood technology developers to identify potential business opportunities. “Asia is a region with immense opportunity, going through incredible change and maturation,” notes Thomas Hayes, Analyst at Lux Research and lead author of the report. “Finding and engaging with local agrifood technology developers addressing Asia’s unmet needs, stemming from changing social dynamics, will be crucial to realizing success in-region.”
The tally of startups and relative funding contributions indicates that the ecosystem heavily favors solutions addressing food security, with the top 10 venture-funded startups in the region all focusing on the topic. Alternative proteins are especially in focus, with plant- and cell-based startups quickly growing in number and scale.
In terms of “where” to place bets, “China, India, Israel, and Singapore all emerge as innovation hot spots, with the four countries representing about 80% of the startup landscape across food security, safety, and transparency,” explains Hayes. “Startups in China and India tend to focus on agtech, while both agtech and foodtech startups can be found in Israel and Singapore.”
For international companies to engage with Asia’s agrifood innovation ecosystem, there are four approaches. The level of investment will vary, ranging from joining an industry association to building manufacturing infrastructure, but taking steps in conjunction with partners helps combine expertise and spread risk.
Ultimately, those who succeed will provide a truly unique value proposition that makes sense for Asia – made possible by understanding stakeholder capabilities and needs throughout the entire ecosystem. Download the report executive summary to learn more about navigating this innovation ecosystem.
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- Executive Summary: Navigating Asia’s Agrifood Innovation Ecosystem
- Market Map: Top Food and Agriculture Startups of 2020