OmniFoods (formerly Right Treat), a food tech company, is a member of Green Monday Holdings. Established in April 2018, its mission is to innovate food that treats the planet right, the animals right and us right. The company’s food scientist team, which is based in Canada, innovates Food 2.0 based on the Asian eating culture and cooking habits while ensuring that the ingredients are cruelty-free, cholesterol-free, antibiotic-free and hormone-free. The launch of OmniPork, which was the first product offering from OmniFoods, has attracted international attention. In just two years, it was launched in several global markets and has become a popular plant-based ingredient. In April 2020, OmniFoods then launched OmniPork Luncheon and OmniPork Strip, thus leading a new wave in the food tech trend. The company also has a ready-to-eat series, OmniEat, which offers a range of healthy and nutritious ready-to-eat food.
Interview with David Yeung
How is COVID-19 impacting the food industry and, more specifically, meat and dairy consumption? How are food businesses in Asia responding?
COVID-19 has exposed how archaic, fragile and – in certain cases – unethical the industrial animal farming industry is. Globally, consumers are becoming much more aware of the risks associated with their dietary choices and food consumption, which has led food and beverage (F&B) businesses to respond by offering more alternative options. As the pandemic stabilises in parts of Asia, we are seeing huge chains like KFC, Pizza Hut and Starbucks launching plant-based choices.
In your view, how do you think COVID-19 will impact the plant-based market in China and, more broadly, in Asia? What opportunities do you see for innovative companies like yours, and how has this evolved in the last twelve months?
We are seeing huge progress in the past 12 months, from plant-based being a novel and foreign concept to the broad adoption by major F&B chains. That said, we are still in the very early stage of the paradigm shift in China. As for other regions in Asia, Hong Kong, Taiwan and Singapore are among the markets where we are already witnessing a substantial change.
We have seen pork prices skyrocket, while our prices have come down as we achieve a much better economy of scale.
In 2020, we have seen the number of plant-based product launches increase significantly in China; have you seen demand for your product increasing? How do you think this will evolve in the short-term?
The launch of OmniPork in 2018 coincided with the outbreak of African Swine Fever and now, with COVID-19. We have seen pork prices skyrocket, while our prices have come down as we achieve a much better economy of scale. Meanwhile, we are seeing more Asia-based start-ups coming up with technological breakthroughs and food tech products. All in all, the momentum is clearly accelerating.
Over the last year, some plant-based products have come under increased media scrutiny due to the processed nature of the products – how are you improving the nutritional profile of your products?
Many consumers appreciate OmniPork as the product is made predominantly from natural ingredients. The nutritional profile appeals to many who pay extra attention to health and wellness.
What is the company’s strategy to scale up, reduce costs and bring your products to mass market?
Our latest survey in Hong Kong shows that 34% of the Hong Kongese have become flexitarian, a figure that is almost seven-times bigger than it was eight years ago, prior to our establishment.
As we continue to expand our distribution network across the region and the globe, we are seeing a much better economy of scale in terms of ingredient sourcing, production, logistics and partnerships. We see a continual drop in cost and price in the upcoming 12-18 months.
What work has your company done to estimate the resource intensity and environmental impact of your plant-based meat products vis-à-vis conventional meat and dairy products?
Green Monday Group is more than just food tech innovation. It is creating the culture and ecosystem to advance different countries and people towards a more sustainable food system. Our latest survey in Hong Kong shows that 34% of the Hong Kongese have become flexitarian, a figure that is almost seven-times bigger than it was eight years ago, prior to our establishment. The massive societal change is not only caused by our products but by the bigger dietary and behavioural changes in people’s meal choices.
