Malaysian plant-based meat company Phuture is making a timely entry into the local food market through partnerships with leading brands at a time when food prices are increasing, and the country is facing a chicken shortage.
According to research, Asia Pacific is set to experience a 200% surge by 2025 in terms of global plant-based food and beverage consumption. In 2020, the region’s potential for this market is worth US$17.1 billion, and is set to grow exponentially with concerns about food safety, food insecurity and climate change.
Phuture said in a statement that it has thus far secured close to RM7 million in funding from investors in Singapore and Hong Kong as proof of concept and achievement of product development and is considering further fundraise to scale its operations beyond Malaysia.
“Given the current surge in demand, Phuture projects to increase its half-year performance by 100% at the end of 2022. Currently, it has footprint across Singapore, Malaysia, Hong Kong, Macau, and Thailand,” the statement said.
This year, the company is looking to expand to the Philippines and Indonesia as the market potentials there are significant. Indonesia’s plant-based trend maturity is set to grow at a compounded annual growth rate (CAGR) of 33% and the Philippines at 8%, according to research by AI Palette, the world’s first AI platform for leading product innovation.
Founded in 2018 by Malaysian duo Jack Yap and Lim Jin Yin, Phuture’s vision is to tackle growing global issues through the manufacture of nutritious, tasty plant-based products at its factory in Klang, Selangor. The plant proteins and fibers matrix intend to mimic the texture and taste of meat with enhanced nutrition through a mix of plant protein, carbohydrates, fats, natural colours and flavouring, and the use of thermal processing.
“In the last few months, we have witnessed a surge of buy-ins, winning over the confidence of reputable brands. From KyoChon, one of the largest Korean fried-chicken restaurants, to Grand Hyatt, a leading five-star hotel and most recently Korea’s No 1 Convenience store, CU Malaysia, who are partners of the well-known myNEWS.com chain. We are now available widely, and at an affordable price,” said Yap.
The company plans to expand its base and operation by capturing over 25 other major clients inclusive of hotels, reputable restaurant chains, caterers and F&B providers. Some notable names include Berjaya Times Square Hotel, La Juiceria Superfoods, ZUS Coffee, Salad Atelier, Sala KL, Fowlboys, M’Laboori by Murni Discovery, Mori Kohi and others*. It also plans to expand its Halal base with sub-brand Phuture Daging and has appointed Chef Wan as brand ambassador.
Phuture’s anticipated flagship product will be its high fibre chicken, given its affordability and its versatile type of protein. “Plant-based meats were previously not popular here in Malaysia, but we are beginning to overcome this perception with our ability to customise products according to the preference of our B2B clients,” he added.
David Lee Ming Tee, Senior Fresh Food manager of CU Malaysia said “We are the first convenience store in Malaysia to offer plant-based crispy Korean fried chicken in Malaysia. At RM8.99 per meal, everyone can enjoy what was previously inaccessible to many. We plan to make this available in all 90 outlets across Malaysia.”
Terry Goh, CEO of KyoChon Sdn Bhd said “At KyoChon, we have always believed in serving food that is enjoyable, tasty and most of all nutritious. Plant-based options offer all the above and are also more humane and environmentally friendly than animal sources.
As part of its regional expansion plan, the company has recently onboarded Anabelle Co-Martinent as chief marketing officer. Well known for merging her passion for health food, marketing and entrepreneurship, she is synonymous with the visionary growth of La Juiceria Superfoods group, Super Saigon and Hawker Hall restaurants.
Phuture meat frozen products are currently available at outlets such as AEON, Jaya Grocer, Village Grocer, Ben’s Independent Grocer (B.I.G), Vegan District, Ngo Grocer, The Panas Grocer, Groove Grocer (the plant-based company by TME under Grab Mart), and Phuture Shopee.
