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1 January 2021
2
About
The Embassy of the Kingdom of the Netherlands in Singapore
The Embassy of The Kingdom of the Netherlands is there to support your business. The Embassy’s main
objective is to promote economic relations between Singapore and the Netherlands. The focus lies upon giving
more detailed information about opportunities in sectors with high potential, where the Netherlands offers
specific added–value: water & maritime, high tech, energy & environment, life sciences & health and food &
nutrition. We offer active support to Dutch companies already present in Singapore and those starting to
explore the Singaporean market i.a. by providing information about doing business in Singapore, supporting
(online) trade missions and promoting Dutch business in Singapore. The embassy also provides advice to
Singaporean companies interested in trade and investment in the Netherlands. We are bringing together the
government and private sector to collaborate and innovate.
Ravenry
Ravenry transforms the way research works. We find answers to businesses’ biggest question in 48 hours by
combining data and human intelligence. Our clients work with us to understand their customers better, find
new market insights, keep their competitors abreast, and accelerate their business results.
Ravenry is a trailblazer in the on-demand research industry. We have completed hundreds of projects for
clients across the globe. Ravenry’s vision to empower businesses with connected data and people.
See more : www.theravenry.com
Ravenry Team
Project Managers : Ricky Willianto
Rininta Bella Yunissa
Researcher : Michael Nathanael
Hizkia Respatiadi
Jeremy Lim
Evelyn Yuliusman
Michael Nathanael
Editor : Marc Jitab
Graphic Designer : Dimaz Adipradipto
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Contents
Executive Summary 5
Industry Overview 7
Industry Segmentation and Size 8
Urban Farming 9
High-tech egg farms 11
Vertical vegetable farms 11
Other products and services 12
Opportunities and challenges 12
Alternative Proteins 14
Plant-based proteins 18
Fruit-based whole-food meat alternatives 18
Cultivated meat or cell-based protein 18
Other products and services 18
Opportunities and challenges 19
Aquaculture 20
Farm operators: Closed containment fish farms 22
End-to-end digital solutions and IoT for Aquaculture 23
Opportunities and challenges 23
Key Players 25
Urban Farming 26
High-tech egg farms 26
Vertical vegetable farms 26
Alternative Proteins 30
Plant-based Protein 30
Cultivated Meat or Cell-based or Lab-grown Meat 31
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Whole Food Protein Alternatives 32
Insect Protein 33
Venture Capitals 33
Aquaculture 34
Farm Operators 34
Iot Players 36
Financing Players 37
Key Trends 38
Economic Trends 39
Consumer Trends 39
Technological Innovation Trends 42
Key Regulations 42
Other recent news and activities 44
Key Ecosystem Players 45
Opportunities and Challenges 54
Key Opportunities 55
Challenges 56
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Executive Summary
This report unfolds the current state of foodtech industry in Singapore. Starting off with the market estimation,
this report segments the industry into three sub-industries namely: Urban Farming, Alternative Protein, and
Aquaculture. Following the market sizing and estimation, products and services from each of the sub-industry are
listed, along with the prominent players of each. We also listed 15 key players in the foodtech landscape in
Singapore, also the current technology and key regulations, as well as the existing opportunities and challenges
for this industry to develop.
The market size is estimated by the available market figures in 2019 and the result is as follows.
The market value of urban farming, aquaculture, and alternative proteins in 2019, in millions of SGD
Segment Current Market Value Addressable Market Value
Urban Farming 22 90.49
Alternative Proteins N/A 7,028.65 - 8,474.69
Aquaculture 33.3 91.2
As the report zooms into the sub-industries, readers will find the findings on the current trending available
products in the market, followed by the notable players of each product or service. Urban farming is dominated
by high-tech farms and vertical vegetable farms. Alternative proteins cover the products of plant-based proteins,
fruit-based whole-food meat alternatives, and cultivated meat- or cell-based protein, while for aquaculture the
report highlights farm operators: closed containment fish farms and end-to-end digital solutions and IoT for
Aquaculture. The readers will also find the discourse about other products and services available.
And once again, the report looks back on the greater view. The economic trends in Singapore find a challenge on
consumption during COVID19 pandemic, however, the economic growth is expected to keep growing on about
4-6% in 2021. This situation provides a positive signal for tech-based agrifood start-ups that plan to initiate their
businesses around the start of next year. Nevertheless, the Ministry also stated that the economic activity in the
food services sector is unlikely to return to the pre-COVID level even by the end of 2021, and therefore, the
start-ups should proceed carefully.
Food consumption trends in Singapore shows that the country’s annual
consumption per capita of conventional farm animals reached 55kg.
This comes with environmental implication. Hence, this might be the
opportunities for foodtech companies to convey the message about
how foodtech might help to sustain the environment. This report also
highlights the study from Tan. et. al (2020) which outlines five possible
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6 scenarios of Singapore’s food consumption trends and how each impacts the environment by 2030. The study can be a guide for foodtech company on how to create a maximum impact in Singapore. Key regulations are highlighted, specifically to those that might affect the operation of foodtech companies in Singapore, as well as the current news about the industry. The current news consists of the launches of the product, market perception, and multilateral agreements about food innovation that Singapore has taken part in. This report also spotlights the 15 key players in foodtech landscape in Singapore, ranging from government agencies, private companies, research agencies, collaborative network, and funding agencies/venture capitalists. The 15 highlighted are Enterprise Singapore (ESG), National Research Foundation (NRF), Agency for Science, Technology and Research (A*STAR), Economic Development Board (EDB), Ministry of Trade and Industry (MTI), Singapore Food Agency (SFA), Health Promotion Board (HPB), Ministry of Health (MOH), Agri-Food Innovation Park (AFIP), Aquaculture Innovation Centre (AIC), Food Ventures, GROW, Germi8, Temasek, Singapore Food Manufacturers’ Association. When the readers are now informed about the current state and trends about the foodtech industry, the opportunities and challenges are presented at the end of the report. The opportunities mainly come from government support. It also comes from how the growing number of foodtech startups aligns with the city’s population that continues to grow and the land remains limited, leading to the interest for tech-based and urban-focused food solutions are predicted to rise for the foreseeable future. At the same time, this report unfolds the challenges that may impact the marketability of food tech in Singapore, from its outdated regulations, human resources requirements, and consumer preferences on the cheaper price of conventional food. Copyright © 2021 Ravenry Pte. Ltd.
7 Industry Overview As Singapore relies on 90% of its food to be imported to meet 90% of its food needs, food insecurity is one of the country’s top concerns—especially when the entire world faces uncertain climate conditions that could wipe out harvests. In response, the country has prepared USD 72 billion to build infrastructure that can help overcome this health and nutrition challenge and, in doing so, has made Singapore stand out as an important food tech innovation hub in Asia. Copyright © 2021 Ravenry Pte. Ltd.
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01 Industry Segmentation
and Size
This section divides the food tech industry into three
sub-industries or segments: urban farming, aquaculture,
and alternative proteins.
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Market size and market value estimates of these segments
A bottom-up approach was used to estimate each segment’s market size, in which the total market size is
determined from available statistics and aggregated to estimate the total. The report uses 2019 figures due to
limitations in publicly available information. Table 1 summarizes the market value and market size of the three
segments.
Table 1. Market value of urban farming, aquaculture, and alternative proteins in 2019, in millions of SGD
Segment Current Market Value Addressable Market Value
Urban Farming 22 90.49
Alternative Proteins N/A 7,028.65 - 8,474.69
Aquaculture 33.3 91.2
Urban Farming Urban farming aims to feed the nation while keeping Singapore green. From
vertical vegetable and high-tech farms to community gardens found in housing
estates, offices, restaurants, schools, and rooftops, urban farms are taking root
in Singapore.
MARKET SIZE
The total market size of urban farming in Singapore is derived from
comparisons between the production and consumption figures of leafy
vegetables. Based on Singapore Food Agency (SFA) figures, local production of
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leafy vegetables in 2019 is 12,698 metric tons, with an estimated total value of
SGD 22 million (see Table 2). This accounts for 1
4% of total consumption in
Singapore. The total market for leafy vegetables in Singapore is 90,700 metric
tons in 2019, with an estimated value of SGD 157.15 million.
Table 2. Estimated total market size and value of urban farming in Singapore, 2019
Total Local Value of Local Total Local Urban Value of Local Addressable
Production Production Farming Production Urban Farming Market
(metric tons) (million SGD) (metric tons) Production (million SGD)
(million SGD)
Urban Farming 12,698 22 1,900 3 90.49
The SFA’s latest figures in 2019 put the
number of urban farms at 27 out of 77 total
leafy vegetable farms in Singapore. This
figure includes 25 indoor facilities and 2
rooftop facilities. Estimations place urban
farms’ output at around 15% of the total
local leafy vegetables produced in Singapore
at 1,900 metric tons per year in 2019. The
estimation is derived based on the total
output of five well-known
companies—Archisen, Citiponics, Sky
Greens, VertiVegies and C
omCrop—and estimated production numbers from
other farms. Thus, the total market value for urban farms in 2019 is
estimated at SGD 3 million.
In terms of the potential addressable market, the Singaporean government’s
‘30 by 30’ plan reveals a significant food production gap, which it aims to
solve through agritech. The ‘30 by 30’ plan seeks to increase local production
to 30% of total consumption by 2030. Using just 2019 figures alone, the
expected gap for local production is already at 14,512 metric tons. This puts
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the potential addressable market for urban farming in 2019 at SGD 25.15
million.
When including other segments, the gap becomes significantly larger at
35,809 metric tons of production with an estimated value of SGD 87.20
million in total. If urban farming methods account for all the gaps in local
production, as expected by the ‘30 by 30’ plan, that puts the total segment at
a value of SGD 90.49 million in 2019. As Singapore’s population is expected
to grow from 5.7 to 6.9 million by 2030, it is expected that the total segment’s
value will also increase.
PRODUCT AND SERVICES
High-tech egg farms
High-tech egg farms incorporate automation in the farm’s processes to
minimize human involvement. This technology enables farmers to better
control the farm environment through, for example, maintaining an adequate
range of nutrients and proper amount of feed, keeping the chickens
stress-free, and, subsequently, realizing their full potential. Computers in the
system can take photographs of each egg to check for hairline fractures and
determine if it is clean or dirty, all in an effort to deliver high-quality eggs to
the customer. This technology is implemented by Seng Choon Farm (please
refer to Section 2: Key Players).
Vertical vegetable farms
Vertical vegetable farms are suitable in hot and humid climates such as
Singapore’s. It grows non-native plants in a controlled environment, utilizing
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AI and LED lighting to help plants photosynthesize, extend the harvested
plants’ shelf-life, and reduce food waste, Sustenir (please refer to the Section
2: Key Players) adopts this technology. This technology enables foreign
plants to be planted locally, reducing both the carbon emissions that would
otherwise result from international food transportation and the amount of
wasted food that’s usually created from the logistical process of importing
fresh crops.
Other products and services
Other horticulture or urban farming technology that is increasing in
Singapore includes community gardens found in housing estates, offices,
restaurants, schools, and rooftops. Instead of planting ornamental greens,
gardeners plant edible vegetables and fruit such as cabbage, basil, and lime.
Today, the National Park Board’s popular ‘Community In Bloom’ program has
more than 1,000 community gardening groups.
Aquaponics systems, which consist of running circulated water through
custom-made stainless steel waterspouts, are also highlighted in urban
farming.
OPPORTUNITIES AND CHALLENGES
Opportunities
High acceptance by consumers to purchase locally sourced foods
Another potential key opportunity in driving the growth for this sub-sector is
the higher acceptance by consumers to purchase locally sourced produce. This
is especially pushed ahead in recent times by the disruption in Covid-19. An
overwhelming majority of consumers are willing to purchase local produce,
although identification is a major problem. Furthermore, price remains a major
obstacle in generating local demand, as even a 2 to 5% premium can turn away
consumers. As a response, the government has rolled out a new “SG Fresh
Produce” logo which would tackle the first limitation. The government is also
constantly educating the public on the premiums of local production.
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Challenges
Government Requirements to Convert into High-Tech Farms
One of the key challenges for the sub-sector, particularly in the area of
digitizing or converting traditional farms into high-tech farms, is the stringent
requirements attached to readily available funds. The requirements to apply
for the government’s Agricultural Productivity Fund, farmers need to submit
proposals which require technical as well as business expertise in the new
technologies. This undoubtedly provides a barrier to entry to some of these
funds, and as such provides a hamper to the growth of products catering to this
segment.
Possible disruption from alternative proteins to high-tech egg farms and
plant-based substitute
A major potential disruption, specifically for high-tech egg farms, comes from
the alternative proteins industry. Currently, plant-based substitutes have
existed in the market, and it is estimated that the demand is expected to grow
by 6% year on year. However, recent innovations in the area of lab-grown
protein, such as by US-based Clara Foods, have also brought this disruption
even closer on the horizon. Although this disruption is expected to negatively
impact the growth and sustainability of high-tech egg farms, they are not an
immediate threat given the lack of competitively priced products on the
market. For example, Just Egg, a comparable product on the market, is priced
at over 2 times the price of an egg.
High costs on building and developing a high tech farm
The viability of urban farming remains dubious. A research from AgFunderNews
disclosed that urban farming can cost between 3-5 times higher than
conventional farming. The cost incurs in economic and environmental terms.
Urban farming is a high user of artificial lighting which requires energy. Other
advanced farming technology through high-tech machines and smart devices in
this sector would drive increased energy consumption, which is further
compounded by Singapore’s reliance on fossil fuels such as natural gas or crude
oil and inability to efficiently produce energy from renewables. Vertical farms,
for example, are found to produce higher GHG emissions than standard
greenhouses.
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Alternative Alternative proteins are a group of meat substitutes. There are four
alternative protein types:
Proteins
● plant-based protein, which comes entirely from plants such as nuts,
fruits, beans, and vegetables,
● cultivated, cell-based, or lab-grown meat, which uses animal cells to
create substitutes for seafood, meat, and dairy,
● whole food protein alternatives, which use existing plants or fungi to
imitate the texture, taste, and behavior of meat-like products, and
● insect protein.
MARKET SIZE
At the moment, Singapore’s alternative proteins market is primarily composed
of plant-based meat substitutes. The ravage of the Coronavirus pandemic has
shifted the distribution model of all players from processed (i.e., selling
alternative proteins through dining establishments) to direct channels (i.e.,
selling through retailers) while also boosting sales several times over. With no
publicly available sales figure on these firms, in addition to their disrupted
conventional sales model, it is difficult to determine the current size and value of the
alternative proteins market.
However, the size of the untapped market can be calculated through the per
capita consumption of protein. Table 3 highlights the total consumption of
animal-based protein in Singapore for the year 2019. Per capita consumption
is multiplied by Singapore’s population count for the year 2019. The sum is
then subtracted by 10% to account for people with a
vegetarian/vegan/pescatarian or “flexitarian” diet (7% in the case of seafood
proteins such as fish and shrimp). The resulting figure is the estimated true
total consumption of animal-based proteins in Singapore for the year 2019.
Table 3. Estimated total consumption of animal-based protein in Singapore, 2019, in metric tons
Protein type Per capita Total consumption Exclusion of vg/ve/ps True consumption (minus
consumption diets vg/ve/ps)
Chicken 34 kg 193,921.35 46,392.14 147,529.21
Pork 20 kg 114,071.38 11,407.14 102,664.24
Beef 4 kg 22,814.28 2,281.43 20,532.85
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Fish 16 kg 91,257.10 6,387.99 84,869.11
Hen shell eggs 21 kg 119,774.95 11,977.5 107,797.45
Duck 2 kg 11,407.14 1,140.71 10,266.43
Mutton 2 kg 11,407.14 1,140.71 10,266.43
Other seafood (Shrimp) 6 kg 34,221.41 2,395.5 31,825.91
The true consumption value is used as the input for further processing into
market sizing scenarios, assuming no population growth. Based on the Health
Promotion Board’s (HPB) recommendations to shift Singaporeans’ optimal
diet, it is estimated that meat, eggs, and fish consumption would reduce by
about 3%. After adjusting this consumption downwards, the new adjusted
consumption is then further segmented to account for the conversion of
flexitarian diets, accounting for 39% of Singaporeans’ diets. Two scenarios
are created whereby meat eaters (42% of Singaporeans) partially convert;
the first scenario is at 25% conversion, and the second scenario is at 50%
conversion. The resulting calculations are exhibited in Table 4.
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Table 4. Conversion of meat consumption to alternatives in Singapore, 2019, in metric tons
Protein type True consumption Adjustment Conversion of Meat eater Meat eater conversion
(minus vg/ve/ps) with HPB flexitarians conversion (25% ratio) (50% ratio)
Chicken 174,529.21 169,293.33 66,024.40 17,775.80 35,551.60
Pork 102,664.24 99,584.31 38,837.88 10,456.35 20,912.71
Beef 20,532.85 19,916.86 7,767.58 2,091.27 4,182.54
Fish 84,869.11 82,323.04 32,105.98 8,643.92 17,287.84
Hen shell eggs 107,797.45 104,563.53 40,779.78 10,979.17 21,958.34
Duck 10,266.43 9,958.44 3,883.79 1,045.64 2,091.27
Mutton 10,266.43 9,958.44 3,883.79 1,045.64 2,091.27
Other seafood 31,825.91 30,871.13 12,039.74 3,241.47 6,482.94
(Shrimps)
Adding these conversions together provides a clear total market size for
plant-based substitutes in Singapore in 2019 (see Table 5). Comparable
prices for plant-based substitutes are taken from multiple sources and
converted into a per-kilogram price for ease of calculation. Unfortunately, no
comparable products were found to substitute duck; therefore, this market
size’s value is not added. However, given it is relatively small, the omission of
this value is not regarded as a problem. Thus, based on the calculation
provided so far, the total market value for plant-based substitutes under
Scenario 1 (25% Conversion) is 6,921.78 million SGD and 8,390.04 million
SGD under Scenario 2 (50% Conversion).
Table 5 . Estimated total market size and value of plant-based substitutes in Singapore, 2019
Protein type Total market size Total market size Price of Total market value Total market value
(25% conversion) (50% conversion) comparable (25%) (million SGD) (50%) (million SGD)
products/kg
Chicken 83,800.20 101,576.00 20.00 1,676.00 2,031.52
Pork 49,294.23 59,750.59 32.83 1,618.33 1,961.61
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Beef 9,858.85 11,950.12 55.08 543.03 658.21
Fish 40,749.90 49,393.82 22.14 902.20 1093.58
Hen shell eggs 51,758.95 62,738.12 26.02 1,346.68 1,632.34
Duck 4,929.43 5,975.06 - - -
Mutton 4,929.43 5,975.06 14.50 71.48 86.64
Other seafood 15,281.21 18,522.68 50.00 764.06 926.13
(Shrimp)
Total size 6,921.78 8,390.04
However, another crucial segment that comprises the alternative proteins
market, besides plant-based substitutes, is lab-grown meats. Also known as
cultured meats, lab-grown meats are still very much in the development and
trial stages, and Singapore is the only country in the world that has approved
lab-grown chicken meat for sale. The market for early adopters of lab-grown
chicken meat is estimated at SGD 218 million in 2019, assuming no
conversion into plant-based substitutes. When taking into account
conversion into plant-based substitutes, the market is estimated to be
between SGD 84.65 to 106 million in 2019. Considering this product reaches
critical mass with an 84% adoption rate at half the price, the market is
estimated to be between SGD 1,422 million to 1,759.36 million (see Table 6).
Table 6. Estimated total market size and value of lab-grown chicken in Singapore, 2019
Adoption stage Unconverted Unconverted Planned Total market value Total market value
market (scenario 1) market (scenario 2) price/kg (scenario 1) (scenario 2)
Early adopter (2.5% of 85,493.13 67,717.33 50.00 106.87 84.65
market adoption)
Mass market (84% of 85,493.13 67,717.33 50.00 1,795.36 1,422.06
market adoption)
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PRODUCT AND SERVICES
Plant-based proteins
Plant-based proteins are entirely derived from plants such as nuts, fruits,
beans, and vegetables. Some of the companies that offer plant-based proteins
are Beyond Meat, Eat Just, and Impossible Foods.
Eat Just is well-known for its plant-based eggs made from mung beans. Called
the Just Egg, it was launched in Singapore in November 2018. Compared to
conventional chicken farms, plant-based eggs require less land and water
while also producing less carbon emissions. Impossible Foods offers burgers,
pork, and sausages made from plants.
Fruit-based whole-food meat alternatives
Whole food protein alternatives use existing plants or fungi to imitate the
texture, taste, and behavior of meat-like products, such as Karana’s young
jackfruit meat alternative.
Cultivated meat or cell-based protein
Cultivated, cell-based or lab-grown meat uses animal cells to substitute
seafood, meat, and dairy. Shiok Meats and TurtleTree Labs are the most
well-known startups developing this type of alternative protein.
Other products and services
Another trend in the alternative proteins world is the rise of insect-based
proteins for human and animal consumption. Insect-based proteins, in the
form of powder made from, for example, black soldier larvae (BSF), are
currently used in fish and animal feed. The idea is to maximize the efficacy of
what is being fed to the animal since insects can break down food waste more
quickly than other organisms. The SFA has already approved BSF powder for
use as fish food. The most prominent agrotech startups which make
insect-based proteins are Nutrition Technologies and Protenga.
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OPPORTUNITIES AND CHALLENGES
Opportunities
Friendly regulations in comparison to other countries
One of the biggest key opportunities driving the dynamics of the alternative prot
sub-industry in Singapore is its relatively friendly regulatory regime compared to
other countries. Following reorganisation in 2019 and 2020, a new novel food
regulatory framework was launched which simplifies and accelerates the approv
process up to 6 months compared to the more cumbersome process in the EU. Th
resulted in a major victory for the Singaporeans as they became the first country
the world to approve the sales of lab-grown chicken meat. Aside from increasing
reputation and prestige of Singapore as a foodtech hub, the new regulations wou
attract many foreign companies to invest in Singapore, given frontier tech relies
being the first to market. This is in addition to the high government interest in the
sub-sector owing to the 30x30 plan.
High acceptance for alternative proteins by customers
Another key opportunity for the sub-industry is higher acceptance of
alternative proteins by Singaporean consumers. Though not directly
comparable, a recent study by Bryant et al. (2019) found Indians and Chinese
(which makes up around 83% of the total population in Singapore) are more
likely to accept and purchase these alternatives compared to American
consumers. However, acceptance also hinges on the price of these products as
Singaporeans are the most price-conscious consumers in the world. This will
prove challenging as prices of current products are still relatively higher
compared to comparable products.
Challenges
Limited market due to plant-based vs lab-grown protein preference
One of the main challenges within the sub-industry is the divide between
plant-based proteins and lab-grown proteins. At current commercialization
trends, plant-based proteins is set to be a significant part of the alternative
proteins sub-industry mainly because it is more commercially developed than
lab-grown. However, as lab-grown proteins become more commercially
advanced, consumers who adopt plant-based meat out of ethical reasons are
likely to switch to lab-grown proteins. Thus, the growth of alternative protein
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sub-industry might be slightly limited, with more internal cannibalization as
the playing field between both variants of alternative meats levels.
Imported raw materials for production
Another major challenge specifically in the case of Singapore is in terms of
profitability. As the tech is relatively new, few countries in the world possess
the required infrastructure and ecosystem to support such an industry.
However, when competitors start to spring up around the region, the case for
locally produced plant-based or lab-grown alternative proteins seems to
wither. The first major problem comes from Singapore’s lack of natural inputs.
Plant-based alternatives commonly use ingredients such as soya or coconut oil,
all of which have to be imported for local production. This presents cost
constraint and potential for supply disruptions for local producers. Meanwhile,
lab-grown meats would require significantly more energy consumption, which
is a constraint perhaps unique to Singapore (see General Trends).
Furthermore, as previously mentioned, Singapore’s small market size makes
scaling up production more challenging compared to its neighbours which are
significantly larger. As such, the value of local production in Singapore is not
particularly sustainable for the long-term as opposed to the research and
development activities.
Aquaculture Singapore’s aquaculture ecosystem consists of farm operators, Internet of
Things (IoT) players, and aquaculture financiers.
MARKET SIZE
The total market size of tech-based aquaculture produce in Singapore is
derived by comparing seafood production and consumption figures. Figures
from the SFA show local
seafood production
(excluding those captured
from the sea) at 3,917
metric tons at an estimated
value of SGD 33.3 million.
Local seafood production (including those captured from the sea) accounts
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for 10% of total consumption in Singapore. In total, this puts the size of the
fisheries market in Singapore in 2019 at SGD 456 million.
Based on 2019 figures, there are around 122 fish farms in Singapore, with
110 coastal-based farms producing 85% of the total output and 12
land-based farms producing the remaining 15%. However, unlike urban
farming, fully digitalized tech-based farms are still few. The only
commercial-sized tech-based coastal fish farm owned by Barramundi Asia
yielded 700 tons of Asian seabass (barramundi)
in 2019, which accounted for 17.87% of
Singapore’s total production, or about 21% of all
coastal-based farms’ output. Meanwhile, Apollo
Aquaculture Group’s vertical farming solutions
yielded around 110 tons of various seafood,
including hybrid grouper, coral trout, white
shrimp, and blue shrimp. This accounts for
roughly 20% of the total output of land-based
farms in 2019. Thus, using both companies as
proxies, in addition to assuming yields from
small-scale operations, the total market value of tech-based aquaculture
farms in 2019 is estimated at SGD 6.97 million.
Considering the Singaporean government’s ‘30 by 30’ plan, aquaculture
tech’s potential addressable market is huge. Compared to 2019 figures, the
existing gap is estimated at 7,834 metric tons with a total value of SGD 91.2
million (see Table 7). This would necessitate more than doubling the current
output level on conventional farms with more high-tech solutions. For coastal
farms, this could result in a total range between SGD 75 to 100 million, based
on comparable investments made by Singapore Aquaculture Technology in
artificial intelligence (AI) and video analytics systems.
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Table 7. Estimated total market size and value of aquaculture in Singapore, 2019
Total local Value of local Total local Value of local Addressable
production production aquaculture aquaculture market
(metric tons) (million SGD) production production (million SGD)
(metric tons) (million SGD)
Aquaculture 3,917 33.3 820 6.97 91.2
Mass market (84% of 85,493.13 67,717.33 50.00 1,795.36 1,422.06
market adoption)
Land-based farming might drive a higher proportion of total value captured in
the aquaculture tech segment, given the higher potential productivity of
technologies introduced, which allows for vertical-based aquaculture. For
example, Apollo’s recirculating aquaculture system could yield two to five
times more product than conventional coastal-based farms, while Universal
Aquaculture’s hybrid biological recirculation system could yield better
quality products in a shorter timeframe. However, similar to urban farming
tech companies, new tech entrants are committed to commercializing their
tech by entering production rather than selling it to third parties.
PRODUCT AND SERVICES
Farm operators: Closed containment fish farms
A closed containment fish farm uses high-tech tanks that can precisely
control fish farming elements such as oxygen levels, waste, and feed to
achieve a higher yield. The conventional method is to use an open-air water
tank, which has unpredictable elements. The closed containment system is
also known as a recirculating aquaculture system, in which water is recycled
through a multi-level treatment process. Since the water quality is closely
monitored and the water is filtered, UV-treated, and oxygenated to maintain
conducive conditions to grow stress-free fish, the fish-growing capacity can
be increased by four times higher than open-air tanks with the same amount
of water. A biofilter is used to break down fish waste, turning ammonia into
nitrogen, which helps avoid overfeeding. Further innovations in this high-tech
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tank include sensors and other equipment that permit video analysis of the
fish’s tracking behavior and swimming patterns to maintain its quality. This
technology is implemented by Singapore Aquaculture Technologies (Please
refer to Section 2: Key Players)
End-to-end digital solutions and IoT for Aquaculture
End-to-end digital solutions employ AI, satellite remote sensing, and IoT to
help farmers improve their farm productivity, control the water environment
to minimize risk, and subsequently increase their earnings. These solutions
use sensors and other hardware in the closed containment tanks used by the
farm operators to video capture and analyze the fish’s tracking behavior or
hunger. UMITRON is one such company that deploys such solutions (please
refer to Section 2: Key Players).
OPPORTUNITIES AND CHALLENGES
Opportunities
Fish is prioritized staple food by government’s plan
Based on the Singaporean government’s plans, fish is one of the prioritized
staple foods. The aforementioned 30x30 Express grants granted during the
Covid-19 situation is one evidence of this. Aside from providing priority
financing for this sub-sector, the government is also keen to develop a network
of partners to support the ecosystem, such as a partnership with Friends of
Sea, an Italian certifier of sustainable aquaculture practices. As such, it can be
expected that the government will champion the sub-sector for the
foreseeable future.
Challenges
Empowerment of small-scale fish farms remains questioned
Presently, a major challenge for the aquaculture industry is the issue
regarding how the structure of the industry will be shaped at. At the moment,
most fish farm operators are small scale with low tech enablement.
Following trends from both t he evolution of the agriculture sector as well
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experiences from the evolution of the aquaculture sector in other countries, it
is likely that small farms will be s
upplanted by high-tech large farms. Based
on current technologies, l ess than 10 large farms are needed to fully
supplant local production. As such, the efficacy of digitizing small scale
Singaporean fish farms would be questionable given their growing
insignificance in the near future. This will also create uncertainty in terms of
policies that the government will adopt in response to this issue.
Furthermore, there are concerns regarding the excess production from these
large-farms considering the market in Singapore is relatively small. Experts
point to p
rice stability as a potential concern for the distributors.
Disruption from the alternative proteins industry
The biggest long-term challenge facing the aquaculture industry in Singapore is
the potential disruption from the alternative protein sub-industry. Innovations
within this sub-industry have delivered commercial plant-based substitutes
such as plant-based tuna and plant-based shrimps. Lab-grown meat is also
picking up pace all around the world, with a specific Singaporean company
Shiok Meat developing lab-grown shrimp meat. Thus, with potentially new
sources of supply and further constraints from Singapore’s small market size,
the case for a sustainable growth for this sub-industry in the future seems
bleak. Yet, given the many challenges facing the alternative proteins industry
(as discussed later on), these difficulties are not particularly pressing in the
immediate future in terms of market competition.
Uncertainty for the private investors
However, the lack of a bright future for the sub-industry itself creates an
atmosphere of uncertainty for private investors, which might explain the lack
of large-scale private investments in these startups. Most new ventures have
been undertaken either by established players such as Apollo Aquaculture
Group’s vertical fish farm or through government funds such as in the case of
Smart Floating Fish Farm. Thus, the working dynamic between the ventures
and the investors would be significantly different than other tech-based
startups which are more dominated by growth investors. Study by Brander et
al. (2010) shows that excess government support might actually hinder the
performance of the new venture.
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02 Key
Players
This section will highlight 5-6 top players in each of the
sub-industry, preceded by a table displaying a long list of
existing players.
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Urban Farming HIGH TECH EGG FARMS
Seng Choon Farm The first egg producer in Southeast Asia to use high-technology
processes such as quality scanners, to sort, grade, scan & clean
eggs
Chew’s Agriculture One of the leading producers of fresh eggs in Singapore, with
more than 30 years of history
N&N Agriculture Producing pasteurized egg using precision-pasteurization
process to kill Salmonella bacteria and Bird Flu virus that
present inside and outside the eggs
Seng Choon Farm
Seng Choon Farm, which has provided the Singapore market with eggs for
more than 30 years, has shifted their conventional egg farming method to a
more high-tech path in 2010 to cope with the increasing demand for eggs in
Singapore. Thanks to the incorporation of automation, in which most of the
farm’s processes are completed by machines and require minimal human
involvement, Seng Choon can produce 625,000 eggs a day with only 100
workers on the farm to meet the local market demand for eggs. Such
technology enables Seng Choon to control the farm environment, including
maintaining an adequate range of nutrients and the proper amount of feed,
keeping the chickens stress-free, and subsequently realizing its full potential.
The farm then further advanced their high-technology egg farming business
by deploying computer scanners that can take multiple photographs of an egg
to check for hairline cracks and determine if it is clean or dirty with an
accuracy of 99%.
VERTICAL VEGETABLE FARMS
Singrow A vertical farming solution that addresses every step of
planting, from breeding to harvesting
ComCrop Singapore’s urban farming pioneer, growing food on
rooftops near where communities live by modernized
marginalized spaces and embracing modernized workers to
grow and harvest the highest quality pesticide-free produce
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Sustenir Sustenir produce seasonal crops all year round through
Controlled Environment Agriculture
Edible Garden City Design, build and maintain food gardens in tropical urban
Singapore, which include restaurants, hotels, schools,
residences, and more. Over the last 7 years, they have
completed 200 food gardens in Singapore
Sky Greens World’s first low carbon, hydraulic driven vertical farm
Citiponics Citiponics uses Aqua Organic System (AOS), a vertical
growing system with its strategically designed structure,
system and functionalities
VertiVegies Social enterprise controlled environment farming which
enables quality and traceable food production all year
round with no pesticides, no contaminants and no genetic
modification
Artisan Green Artisan Green offers pesticide-free hydroponics technology
Green Harvest Green Harvest grows and wholesales of fruits and
vegetables
Liv Fresh Cultivate nutrient-rich greens in a pollution-free,
chemical-free and sustainable environment using
hydroponic farming processes
Genesis One Tech Farm Indoor farm with the tallest racking system in Singapore,
with a hybrid Nutrient Film Technique (NFT) system that
uses very small amounts of water usually highly needed in
hydroponic system methods.
Singrow
Singrow applies state-of-the-art agrotechnology to grow fresh fruits
economically. It grows a strawberry variety adapted to the humid
Singaporean weather, with a sweeter taste and softer texture, named the
Crystal Strawberry. Singrow uses precise climate and nutrient controls on
every strawberry cultivation phase for shortening the planting duration from
over 6 months, under natural conditions, to only 3.5 months. It also uses
minimal air conditioning and pesticides. Singrow not only crafts its plants; it
also designs its planting technology. A strawberry-specific hydroponic rack is
designed to make it easier to care for and cultivate the fruit, and such racks
are equipped with lighting that emits specific wavelengths. Currently,
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Singrow is in partnership with Nusgrip, MVP Studio, GWS Living Art, and the
Global Green Technology Center, and it also receives funding from Grow and
Enterprise Singapore to accelerate its business.
ComCrop
ComCrop claims to be Singapore’s first and only commercial rooftop farming
company. Its products are grown on unused rooftop spaces using advanced
hydroponic technology, which uses 90% less water than conventional farms,
does away with pesticides or herbicides and grows the crops near where
people live. With the advantage of natural sunlight on the rooftop, combined
with the farm’s short distance from the community, the running costs can be
kept lower. This results in a better price for the community, besides
delivering a healthier product. The plants are grown in greenhouses that can
be climate-controlled to manage optimal growing conditions without the
need for artificial air conditioning. Where possible, ComCrop employs from
the elderly and marginalized communities for its plant collection, fresh
produce packaging needs, and other farm activities.
Sustenir
Sustenir’s vertical farming technology introduces an alternative to the
present food system that is more suited to Singapore’s hot and humid climate.
The startup’s goal is to grow non-native plants in a controlled, local
environment so that the reliance on imports can be lowered. The company
utilizes AI and LED lightning to help plants photosynthesize, extend their
harvested plants’ shelf-life, and reduce food waste. Additionally, planting
foreign plants in a local facility lowers the carbon footprint from food
transportation and reduces food wastage created from the logistical process
of importing fresh crops. Sustenir has grown strawberries and arugula in its
hydroponic vertical farming facility since 2019. The company uses biology,
technology, and farming science to further advance its vertical farming
system. For example, it also develops its strawberry-specific racks where the
strawberries can grow outward instead of upward, enabling it to deploy a
harvesting robot to move along the rack and snip the strawberries instead of
picking them.
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Edible Garden City
Claimed to be the champions of the grow-your-own movement around the
world, Edible Garden City constructs, builds, and manages food gardens in
the tropical urban city of Singapore. Its clients include hotels, restaurants,
schools, and residences. It performs and operates farming workshops to
supply fresh vegetables, flowers, and herbs to F&B entities and housing
estates. Edible Garden City has been supported by several grants, including
one from the DBS Foundation since 2017, which enabled it to create a
recirculating water hydroponic system that uses 90% less water and 50% less
substrate, and another, from the Temasek Foundation, which enabled them
to build a two-story, mobile, climate-controlled, plug-and-play container farm
for under-utilized car parks and rooftops.
Sky Greens
Sky Greens is the world’s first hydraulically driven, low-carbon vertical farm.
It uses green urban solutions to produce fresh, healthy, and tasty vegetables
using minimal water, energy, and land resources. Its patented vertical farming
system consists of rotating tiers of vegetables planted on A-shaped,
9-meter-tall, 38-tier growing troughs with an aluminum frame. The aluminum
frame can accommodate different growing media, be it hydroponics or soil.
The troughs revolve around the aluminum frame to ensure that the plants
obtain homogeneous levels of water, sunlight, and vitamins as they pass
through different points on the rack. Compared to conventional one-layer
farms, the patented vertical farming system increases the land’s density and
subsequently increases the yield by 10 times per unit of land. Since the
farming system is built in a controlled environment, the input materials to
deliver food supply, security, safety, and quality assurance can be strictly
controlled. The system can produce 1 ton of vegetables every other day. In
2015, Sky Green won the INDEX: Award 2015, the most prestigious of its
kind in the design world where innovations that upgrade the world are highly
valued.
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Alternative PLANT-BASED PROTEIN
Proteins Eat Just Mung bean that taste like eggs.
Life3 Biotech Innovative, award-winning company focus on plant-based
protein combining agritech, biotech and foodtech.
Beyond Meat Plant based meat combining expert innovation with non
GMO ingredients offering equal or even bigger protein
levels than their animal counterparts, no cholesterol, less
saturated fat, and no antibiotics or hormones.
Impossible Foods Impossible Foods offers burger, pork and sausage made
from plants.
Memphis Meats World’s first cell-based beef meatball in 2016 and world’s
first cell-based chicken and duck in 2017.
Right Treat Right Treat offers all purpose plant-based pork analogue
that is nutritional superior and environmentally friendly.
Zhen Meat Zhen Meat offers natural plant-based meat with no animal
ingredients, no hormones and no antibiotics added.
Phuture Food The PHUTURE®y has incorporated rice into PHUTURE®
blend which creates the delicious fatty, juicy mouthfeel to
our plant-based product, mimicking that of the building
blocks in meat.
Shandi Shandi uses plant-based functional ingredients to create
plant-based meat analogues using “high performance
chromatography” technology to change plants
characteristic at the molecular level.
Growthwell Growthwell offers Chickp, a plant-based, chickpea protein
isolate as an alternative to meat and dairy.
Sophie’s BioNutrients Sophie’s BioNutrients offers plant-based protein with
microalgae.
Lvl Lvl offers superfood drink mixes.
Eat Just
Eat Just is well-known for its plant-based eggs, the Just Egg. It was launched
in Singapore in November 2018. Compared to conventional chicken farms,
plant-based eggs require less land and water, produce less carbon emissions,
are lower in cholesterol, are antibiotic-free, and are non-GMO, while
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maintaining the same protein content. The plant used to make plant-based
eggs is a protein-rich legume called the mung bean, which is claimed to be
able to scramble like eggs and achieve a similar flavor, texture, and color to
that of chicken eggs. Eat Just will have the largest plant protein production
facility in Singapore, thanks to its partnership with the investment
management firm Proterra Asia in October 2020.
CULTIVATED MEAT OR CELL-BASED OR LAB-GROWN MEAT
Shiok Meat Shiok meat offers cell-based clean crustacean meat (shrimp,
crab, lobster) company, the first of its kind in Singapore and
South-East Asia.
TurtleTree Labs TurtleTree Labs creates milk from cell based process.
Avant Meats Avant Meatst uses cell technology to make premium
delicacy from the sea without sacrificing the ocean.
Shiok Meat
Shiok Meat is a cell-based clean meat company. It is the first of its kind in
Singapore and Southeast Asia to develop cell-based crustacean meats
(shrimp, crab, and lobster). ‘Shiok,’ in Malay and Singaporean slang, means
‘fantastic’ or ‘delicious.’ Its cell-based meats and seafood are made by first
taking a small sample of shrimp cells. The cells are then grown in a
nutrient-rich environment, harvested, and used to make food products such
as siew mai, a popular dim sum dish. Shiok Meat is funded by numerous
venture capitals, including Big Idea Ventures, Angel Investor, and Babel
Ventures. In October 2020, Shiok Meats announced that it secured USD 12.6
million in Series A financing to produce sustainable, clean, and cruelty-free
crustacean meats. A month later, it launched the world’s first cell-based
lobster meat in an exclusive tasting event.
TurtleTree Labs
TurtleTree Labs is the first biotechnology company in the world that uses
biotechnology to produce real, whole milk from cell cultivation. The milk is
safe, healthy, and can be made with far less natural resources while leaving a
smaller carbon footprint than conventional dairy farming. The company
targets to secure 30% of Singapore’s nutritional needs with lab-grown milk
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that matches the composition, taste, and functionality of cow’s milk. The
cell-based milk can then be used to make various dairy products such as
cheese, butter, cream, and yogurt.
The company’s claim to be the first and only company that can imitate dairy
milk’s exact composition is a competitive advantage over its plant-based milk
competitors—who are trying to capitalize on the climbing popularity of
veganism—as plant-based milk does not have the same taste and
functionality of regular cow’s milk.
WHOLE FOOD PROTEIN ALTERNATIVES
Karana Karana offers whole plant young jackfruit, no meat asian
food which is high fibre, low GI, minimally processed and
cholesterol free, allowing genuinely meaty taste and
texture.
Confetti Fine Foods Confetti Fine Foods crafts snacks from delectable veggies
that is still high in nutrient.
Karana
Karana utilizes the regionally bountiful young jackfruit to construct
sustainable whole foods and vegan-friendly meat alternatives that can work
well in classic Asian dishes. The unprocessed young jackfruit is harvested in
its early developmental stage and then optimized, using high technology,
with natural flavors to achieve a fibrous texture resembling chicken or pulled
pork. Its naturally stringy texture is ideal as a substitute for meat fillings in
foods like dumplings. Karana’s young jackfruit is essentially high in fiber,
potassium, and vitamins since it is minimally processed. Its product, which is
packed in a glass jar, is available in the Singapore market and restaurants as a
beta product. In terms of innovation, the company is presently trying to
incorporate micro-encapsulating fat into the young jackfruit as it is struggling
to distribute its retail products to the end customers. In September 2019,
Karana was one of the five global startups selected to present at the Good
Food Conference in San Francisco. It distinguished itself from other
cell-based protein competitors, whose foods often contain a long list of
ingredients and preservatives, with unprocessed plant ingredients plowed at
a young age. High-end chefs prefer this approach as they demand top-notch
food ingredients in their cooking, which only serves to build up Karana’s
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credibility in creating a successful niche as a whole food plant-based
replacement food service.
INSECT PROTEIN
Asia Insect Farm Solutions Asia Insect Farm Solutions offers insects, for example
cricket protein, for food and feed applications.
Nutrition Technologies Nutrition Technologies uses unique, high-tech technology
which combines bacteria and insects to upcycle nutrients
from vegetable and grain by-products.
Protenga Protenga use Smart Insect Farm™ system that makes insect
innovation accessible to agricultural and food
manufacturing by-products into fully traceable insect
protein.
Insectta Insectta is a pioneer in taking black soldier fly larvae that
were considered as food waste into products for pets and
animals, especially for the insectivore’s diet. They also
produce biomaterial products.
Insectta
Taking the black soldier fly larvae and eggs, Insectta brings new products to
feed the customer’s pets (such as dogs, cats, small mammals, poultry,
songbirds, and insectivorous fish) and farming activity. The probiotic in
Insectta products is deemed able to reduce the feed conversion ratio, improve
animal gut health and immunity, thus increasing yield. They are the first insect
urban farming in Singapore, that also produces biomaterials from black
soldiers. The final products include dried and live larvae, organic fertilizer, and
biomaterial such as chitosan, protein and probiotics for animals, and currently
developing the organic semiconductor.
VENTURE CAPITALS
Big Idea Venture Venture capital and accelerator fund company which invest
in top performers on food tech companies.
VisVires New Protein Venture capital which is into “New Protein”, funding food
and agriculture companies.
Unovis Asset Management The global leader investor in alternative protein sector.
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Id Capital Investment and advisory company focused on
entrepreneurs of future food.
Grow Southeast Asia's first dedicated agrifood tech accelerator
with an impact focus.
K2 K2 focuses on investing in tech start-ups that can create
new markets which are approaching old problems with
groundbreaking solutions.
Innovate 360 Singapore’s first food incubator which facilities recognized
by the Asia Pacific Economic Corporation (APEC) as a food
technology partner in food security, supported by
Enterprise Singapore.
Big Idea Venture
Supporting the world’s best entrepreneurs, Big Idea Ventures is a venture
capital and accelerator fund which invests in top performers. The venture
capital invests in plant-based food/ingredients and cell-based meat
producers. Based in Singapore and New York, it invests US$125,000 in cash
and US$75,000 in services twice a year to support early-stage companies
based in the Asia-Pacific.
Aquaculture FARM OPERATORS
Apollo Aquaculture Group AAG breeding and trading beautiful ornamental fish
(AAG) sustainably, tandem with technological advances for
sustainable fish keeping
Barramundi Asia The largest companies in the world cultivate barramundi in
the ocean and employ on world-class sustainable fish
farming practices and aquaculture technology.
Singapore Aquaculture Singapore Aquaculture Technology or SAT has 3,000
Technologies square metre floating fish farms that use cutting-edge
technology to cultivate asian sea bass (aka barramundi) and
red snapper.
The Fish Farmer A fish farm operator which keep everything fresh by
implement chill temperature from the beginning and store
the product in -18 degrees celsius cold room
Blue Aqua International One-stop solution provider for aquaculture industry in the
Asia-Pacific region and the United States
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Blue Ocean Aquaculture First Indoor Aquaculture Farm in Singapore, named FIN –
Technology (BOAT) Farmed Indoor with Nano-oxygen
Apollo Aquaculture Group (AAG)
Apollo Aquaculture Group is an ornamental fish company that supplies
ornamental fish and products all over the world. Since its inception in 1972,
the company has increased its capacity and capabilities in water treatment
technologies and fish handling procedures. Over the years, it has transformed
itself from a labor-intensive company to a technology-infused enterprise that
takes advantage of modern technologies to improve productivity and quality.
Its quarantine facility is equipped with an online electronic inventory system
to manage stock at an optimum level and an AquaDeck® System, a fully
automated, multi-tier, close aquaculture system, suitable for intensive
production in a small space. The company has a quality assurance program to
ensure the fish’s quality through biosecurity measures and a state-of-the-art
recirculation system to increase the stocking density of the ornamental fish.
With these systems, its experts can diagnose fish diseases with molecular
tools in well-equipped laboratories, to keep diseases at bay, and conduct
pre-export inspections on bagged fish. The company’s eight-story vertical fish
farm will be able to produce up to 2,700 tons per year by 2023, accounting
for about 5% of Singapore’s fish consumption.
Barramundi Asia
Barramundi Asia is one of the world’s biggest companies that farms
barramundi using sustainable fish farming practices and aquaculture
technology. The company concentrates on the full ‘farm-to-fork’ value chain,
having its own RAS hatchery, nursery, and deep-sea cage ‘grow out’ farms in
an active tidal environment. With over 4000 metric tons of biomass, the
company also processes and retails its barramundi product brands, Kuhibarra
and Cone Bay Barra, alongside its premium online sales portals. This year,
Barramundi Asia bought the deep tech startup Allegro Aqua.
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