A Singaporean plant-based startup called Float Foods informs vegconomist that it has launched NEW FOOD Startup 2020, Indonesia’s first joint cross-border food incubator. The incubator is aimed towards plant-based food innovators in Indonesia and winners can receive up to $25,000 in funding and mentoring.
Float Foods is focused on leveraging food technology to create plant-based alternatives and is currently collaborating with international partners in the development of “tasty, healthy plant-based foods options to improve food security and sustainability.”
Indonesia is the fourth-largest population in the world, and according to Float Foods, roughly 78% of Indonesians have tried plant-based alternatives, with 24% planning to choose a plant-based or vegetarian diet going forward. The company reports that the plant-based food industry in Indonesia has seen “tremendous growth over the past few years, spiking through the onset of Covid19 as people look for healthier food options,” and states that the plant protein market in the Asia-Pac region is expected to grow at a CAGR of 6% to 2025.
Launched in partnership with the first Indonesian food incubator Ultra Indonesia, New Food Startup 2020 will allow Indonesian plant-based producers to showcase their innovations, and help Indonesian entrepreneurs to develop and scale their plant-based products for the Indonesian market, with licensing opportunities to scale abroad.
The mission of this initiative is to encourage plant-based and sustainable consumption while contributing to the livelihoods of local farmers.