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Market Report: FoodTech in ASEAN

12 September 2022

SEA Consulting Service

FoodTech in ASEAN 2022

Executive Summary

The ASEAN region contributed 7% of the global Food Market in 2022 and around 7.9% of Net investments to global Agriculture in 2020 (latest available).


The FoodTech industry (the use of cutting-edge technologies to develop, manufacture, and distribute food products in the food industry) can be categorised as upstream, mid, and downstream, where Upstream involves farming and farm management while Mid-stream is about distribution and logistics. The widespread downstream consists of agriculture marketplaces, e-commerce platforms, Foodservice, and delivery, etc. This report mainly discusses on the Upstream of Food Tech which is AgTech and Food Science.


Despite the rapidly growing prominence in ASEAN’s Food and Agriculture sector, only 2.5% of the 71 million small-holder farms in the region use digital technology solutions to improve yields. However, North America, which is the largest AgTech market in the world widely utilises agriculture technology to improve yields and productivity. As such the ASEAN region is yet to attract more investments in FoodTech Upstream which is AgTech and Food Science.


By 3Q 2022, the ASEAN region accommodated around 400 FoodTech Upstream (mainly, AgTech and Food Science) start-ups that were founded after 2005, out of which the majority are in Singapore and Indonesia. The region accounted for only 2% of the total number of start-ups in the AgriFood tech industry around the world and lagged the regions like North America, Europe, and East Asia.


During 2021-22, around 367 AgriFoodTech start-up funding deals occurred in ASEAN region, out of which 275 deals were at the SEED stage and Early stage, signaling more investments to stem in coming years. ASEAN’s biggest AgriFoodTech funding deal of 2022 was Alpha JWC Ventures and Northstar Group’s Series C injection (USD 139.2) into Indonesia-based Farmer’s Marketplace startup Sayurbox. This was also the all-time highest funding to AgriFoodTech start-ups in ASEAN.


The cumulative investment requirement for Food and Agriculture upstream in Asia will be at USD 800 billion during 2020-30, according to the Asia Food Challenge Report, 2020 by PwC, Rabobank, and Temasek. Out of which, ASEAN will represent around 17% of the cumulative Agri-food investment requirement in Asia by 2030, which will be USD 136 billion. In 2021, the existing investment in Food and Agriculture was around USD 150 million.


This massive transformation showcases numerous commercial opportunities for investors, particularly a broader requirement for innovation and adoption of new technologies, which is AgriFoodTech.


infographic: what is foodtech

Key Takeaway

    • What is FoodTech? AgTech and food science as major areas in FoodTech

    • ASEAN is prominent in terms of agriculture and food production in the world abundant opportunities in AgTech and Food Science

    • Indonesia and Vietnam, ASEAN’s largest in food agriculture however, yet to attract more investments in FoodTech upstream

    • ASEAN’s AgriFoodTech start up ecosystem is still at an earlier stage of development compared to other regions in the world

    • Indonesia and Singapore gained most investments however, region is still lagging investments in hi tech driven AgriFoodTech start ups

    • Temasek, Singapore has become a leading FoodTech investor in ASEAN

    • Vietnam and Indonesia require high adoption for IoT in the agricultural sector given the sector’s importance to their economy

    • Singapore’s highest modern grocery retail penetration to provide opportunities for FoodTech startup to reach B 2 C customers

    • Impressive growth in ASEAN AgriFoodTech industry during 2015 22 driven by region’s favourable investment atmosphere

    • ASEAN to represent 17 of agri food investments in Asia by 2030 creating growth potential for region’s FoodTech Industry

    • Singapore and Indonesia to drive the AgriFoodTech Market in ASEAN many development opportunities are still untapped

    • Impressive support from ASEAN Governments for the development of region’s AgriFoodTech Ecosystem


Table ot Contents

    1. Industry Overview

    2. Driving Factors

    3. Market Trends and Feature Outlook

    4. Government Support

    5. AgTech and Food Science Start up Profiles

      • Nutrition Technologies

      • Shiok Meats

      • eFishery

      • OFF FOODS

      • Saturn Agtech

      • Phuture Foods

      • Freshket

      • IncreBio

      • FoodMap

      • Soya Garden

and more..


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