The rapid evolution of the food and material industries, driven by innovative technologies and growing consumer demand for ethical, sustainable, and healthier options, has spotlighted the increasing field of “alternative or smart proteins”.
On May 25, a new Centre for Smart Protein and Sustainable Materials Innovation was launched by IKP Knowledge Park in collaboration with The Good Food Institute (GFI), in Bengaluru. The centre aims to support start-ups in this space, offering infrastructure, equipment, legal, and regulatory assistance.
Sneha Singh, Acting Managing Director of GFI India, highlighted the global shift towards recognizing the interconnections between food and climate, emphasising the role of smart protein in addressing nutritional security. “Malnutrition is a significant issue. Through these avenues of smart programmes, we can bridge nutritional gaps. Last year at World Food India, smart protein emerged as a key topic, and now it’s making its way into Indian discourse,” Singh stated.
Deepanwita Chattopadhyay, Chairman & CEO of IKP Knowledge Park, emphasised the necessity of a “protein revolution” in India, akin to past agricultural revolutions. “Eighty percent of Indians are nutrient deficient, and traditional protein production is climate-inefficient. Through collaboration with GFI, we can advance smart or alternative proteins,” she said.
Aiyanna Belliappa, Senior Innovation & Entrepreneurship Specialist at GFI India, outlined the three broad categories of smart protein production: plant-based, fermentation, and cultivated. Globally, the alternative protein sector has attracted $14.2 billion over the last decade, with year-on-year investment nearly doubling on average.
In contrast, smart protein start-ups in India recorded a modest $17 million in investments across 2021 and 2022, spanning all three categories. However, there is a very huge potential for smart proteins in India, he said, owing to its large crop biodiversity, the skill sets and the growing biotech and food processing industry. He projected that with proper investment in research, incubation, industry, and regulation, the smart protein industry could be worth more than $4 billion by 2030.
During a panel discussion titled ‘Challenges that need to be addressed for the Smart Protein Industry to Emerge and Lead Globally,’ Jinesh Shah, Founder of Alt X Ventures, reassured young entrepreneurs about the cyclical nature of the business world and the support network available.
“The issue of less investment for start-ups is not unique to the smart protein sector, but there is hope as India is seen as a biotech powerhouse,” he said.
Ezhil Subbain, CEO of String Bio, stressed the importance of collaboration and infrastructure. “Starting now, I would look for both national and international collaborations to expedite progress. Infrastructure is being built to support smart proteins, and investors are showing interest,” she noted.
Dr. Gurmeet Singh of Transdisciplinary University, Bangalore, emphasised the role of incubators in academic settings. “Infrastructure alone isn’t enough; expertise is crucial. Collaboration between centres of excellence and academia is key to progress,” he asserted.
Entrepreneurs in the smart protein sector voiced their expectations from the government and incubation centres. Bharat Bakaraju, founder of Phyx44 Labs, highlighted the need for centralised hubs to facilitate idea exchange and innovation. He also called for a smart protein-focused equivalent to Bangalore Bioinnovation Centre to ease collaboration.
Smitha Devigere, CEO of Devigere Biosolutions, urged for more funding programs like Karnataka’s ELEVATE to support a larger number of start-ups, comparing India’s innovation landscape with Europe.
Abhay Rangan, Founder of Nourish You, pointed out the tax disparity as a major hurdle. “Most dairy products fall under the 5% GST tax bracket, whereas plant-based proteins are taxed at 18%. We need a separate category for vegan products to ensure relevant and fair taxation,” he argued.
Published - May 25, 2024 09:11 pm IST
