Dao Foods: June, 2024
Welcome back to another issue of Dao Foods Updates. We're nearly halfway through 2024 and are excited to share the latest news from Dao Foods along with updates from our portfolio companies.
On May 24, 2024, Dao Foods hosted another session of China's Next-Gen Good Food Bootcamp in Zhengzhou, Henan province. This event highlights our commitment to creating an ecosystem for alternative proteins in China.
Henan, China's third most populous province and a significant contributor to livestock production, plays an essential role in the country's food industry. It is home to leading food giants such as Shuanghui, the country's largest meat producer, and Muyuan, the top pig farming company. This makes Henan strategically important for the transformation and diversification of China's food system. Dao Foods is committed to helping local businesses and stakeholders embrace alternative protein innovation.
Since its launch in 2019, Dao Foods’ Bootcamps have taken place in major cities like Shanghai, Beijing, and Shenzhen, serving as networking platforms for professionals in the alternative protein sector. Having built a solid foundation in these key cities, Dao Foods is now ready to extend the reach of China’s Next-Gen Good Food Bootcamp to more regions, with upcoming sessions planned in Zhejiang Province later this year.
PlantNow!, operating under Shanghai-based New Nai Tea, has successfully launched two sugar-free bottled teas—Osmanthus Oolong with peach and Jasmine Green Tea with grape. Since early April, these products have been available in over 500 7-Eleven stores across the Beijing-Tianjin-Hebei region.
In addition, PlantNow! has significantly penetrated the e-commerce market, featuring on East Buy (Dongfangzhenxuan), China's leading live-streaming shopping channel. East Buy reported a Gross Merchandise Volume (GMV) of over 6.5 billion US dollars for the fiscal year 2023, and has 41.8 million followers on Douyin.
The collaboration with both 7-Eleven and East Buy will increase PlantNow!'s market influence and establish a strong foundation for the brand's growth in both retail and e-commerce channels.
In April, Shenzhen-based Starfield launched an innovative new product: seaweed-wrapped tofu snacks, sold exclusively at Sam's Club in April. The snacks are available in two enticing flavors, teriyaki and chili pepper, with each 100-gram serving containing 13 grams of protein from a variety of plant sources, including soy, pea, chickpea, rice, and wheat. Presently, Sam's Club has 47 outlets in China and generated annual sales of 116 billion US dollars in 2023.
Moreover, in March, Starfield expanded its product range at the Shanghai International Hospitality Equipment & Food Service Expo, introducing plant-based shredded beef, ham slices, and new coconut and rice milk alternatives.
At the Vegan Women Summit in West Hollywood on May 9-10, Liven Proteins debuted the world's first vegan boneless broth, featuring animal-free collagen produced through precision fermentation. This innovative broth received extensive positive feedback during sampling at the event.
Dr. Fei Luo, CEO of Liven Proteins, a Canada-based cross-border venture, joined other influential female founders in the foodtech sector for important discussions on entrepreneurial challenges and opportunities. The summit, founded by Jennifer Stojkovic, provides a platform for prominent CEOs, celebrities, and innovators in the vegan and sustainability sectors.
During the BEYOND Expo 2024 in Macao, James Chang, CEO of the Hong Kong-based Geb Impact, took part in a high-profile pitch session at the Closing Ceremony on May 25. He provided compelling insights into the company’s initiatives on life science and climate change, underlining Geb Impact's dedication to technological innovation.
The BEYOND Expo remains a crucial platform for examining future technology trends and encouraging comprehensive discussions across various industries and sectors.
HiConf, Dubai
On February 29, Tao Zhang, Co-Founder of Dao Foods, discussed the impact of changing consumer mindsets on rapid innovation in food technology at the inaugural Health Innovation Conference (HiConf) in Dubai. As the first summit of its kind in the Middle East and North Africa (MENA) region, HiConf concentrates on transformative food solutions for human health and the environment.
Harvard China Alumni Annual Meeting
On March 1, 2024, the Harvard University Chinese Students and Scholars Association welcomed Tao Zhang at the Harvard China Alumni Annual Meeting. Tao delved into the topic of Impact Investing, its relevance, and application within China, drawing from his vast experience in the field.
Food4Future, Bilbao, Spain
From April 16-18, Albert Tseng, Co-founder of Dao Foods, participated in the FOOD 4 FUTURE - EXPO FOODTECH World Summit in Bilbao, Spain. Albert addressed "New Sources to Fill the Emerging Protein Gap," imparting insights from Dao Foods’ experiences in China to European and global food industry innovators. The Food 4 Future World Summit is the largest European Congress dedicated to technological innovation in the food and drinks sector.
FHA-Food & Beverage, Singapore
On April 23, Tao Zhang led a unique session titled "Driving APAC's Alternative Protein Ecosystem Forward" during the FHA-Food & Beverage event in Singapore. This vital conference unites a broad spectrum of global suppliers and key buyers, making it a central hub for exploring modern trends and innovations in the food and beverage industry.
Accelerate 2050, NYC
During the May 8-9 SUSTAINATOPIA event series at Accelerate 2050 in NYC, Albert Tseng joined a panel on "Food Systems + Climate Action," focusing on climate impact solutions through sustainable food systems. Since its inception in 2009, SUSTAINATOPIA has attracted participants from over 60 countries and featured more than 3,000 expert speakers.
Dao Foods Co-Hosts New Protein Revolution Forum in Shanghai
On May 10, Dao Foods and Foodaily co-hosted the "New Protein Revolution" forum in Shanghai. The event included a roundtable discussion with leaders from the alternative protein sector, such as Francis Zhang of Dao Foods, Chenfeng Lu of Blue Canopy, Yan Luo of iRaw&Rock, and Peter (Zihua) Zhang from Unilever’s The Vegetarian Butcher. The discussion examined the differences between new and traditional proteins, and the challenges and opportunities on the supply and demand sides of new proteins, among other subjects.
Our new series, 'China Food for Thought', explores the rapidly evolving alternative protein sector in China and the broader market trends within the food industry. We selectively curate and share industry news from China for international audiences who may not have easy access to such information. Our objective is to offer readers an insightful view of the industry from the Dao Foods perspective. If you haven't engaged with our series yet, we encourage you to explore the previous issues linked below:
China Food for Thought: May 13, 2024
