“In the report, you will discover how India’s innovative smart protein industry, with 113 pioneering startups, is set to unlock a massive $4.2 billion opportunity by 2030 and get an insider’s look at how this sector is revolutionising access to protein and food security. The report shares unique consumer insights on labelling, nomenclature, branding, repeat purchase intent, etc., that showcase the need for building consumer awareness and relevance for the plant-based category. The report also spotlights the Indian government’s growing interest in bolstering the smart protein sector, including setting ambitious economic goals & fostering public-private partnerships”, said Divya Saravana, corporate engagement specialist, GFI India.
ISPIC 2023 programme by GFI India was launched this year in partnership with Spectrum Impact and supported by BRINC and others. Over five months, across its two tracks (Smart Up and Start Up) the Challenge aimed to equip emerging ventures as well as student researchers with a deep understanding of the smart protein landscape, enabling them to tackle pressing challenges, drive innovation, and catalyse a paradigm shift in food systems, reinforcing global and Indian commitments to alternative proteins and advancing food security.
Speaking about the culmination of the challenge, Sneha Singh, managing director (acting), GFI India, said, “We are thrilled to witness the culmination of our 3rd ISPIC Challenge 2023 today in person for the very first time since the challenge was launched in 2020. The participants have exhibited an extraordinary level of innovation and dedication, underscoring their potential to lead the growth of the alternative protein sector in India. The solutions presented today showcase a collective acknowledgment that our challenges are unique, but so are our solutions. This recognition makes me even more confident in India’s ability to establish itself as a global innovation hub for alternative protein.”
The challenge comprised three phases, offering participants 15 masterclasses, panel discussions, and ‘Ask Me Anything’ sessions in collaboration with industry leaders. Leveraging these resources, participants developed solutions for identified gaps in the smart protein sector.
At the Smart Protein Demo Day, teams presented groundbreaking ideas in a format reminiscent of “Shark Tank.” Winners, including Progo Foods, Fattastic Technologies, and ProMyce in the Start Up track, and Alt Nutritos, OPZ Redients, and The Protein Gurus in the Smart Up track, secured substantial cash prizes of Rs 2 lakh each.
“I am truly impressed by the exceptional calibre of the participants at ISPIC 2023. Their in-depth knowledge and the quality of their presentations were nothing short of outstanding. It is clear that the future of smart protein is in exceptionally capable hands, and I have no doubt that these young innovators will continue to drive positive change in the industry, an area India as a country should invest early in,” said Dr. N. Madhusudhana Rao, CEO, Atal Incubation Centre – Centre for Cellular and Molecular Biology, who was one of the judges.
The team at Fattastic Technologies, winner, said, “ISPIC has been a great platform for us to network with like-minded people. We also learned a lot about the alternative protein industry in the Indian context. The major takeaway for our company was the individual mentorship, and the support we got with product design, go-to-market strategy, co-application, and a paid pilot for product trials.”