Symega Food Invests $10.3M to “Make India the Hub of Plant-Based Protein Revolution in Asia”
Indian manufacturer Symega Food Ingredients is to expand its presence in the plant-based sector with a Rs. 100 crore ($10.29 million) investment in a new dedicated facility.
Located in Kochi, the plant will have the capacity to produce 150MT per month, featuring machinery for various modern plant-based manufacturing technologies. There will also be an on-site R&D laboratory.
Having previously focused on seasonings, flavourings, colourings, and culinary products, Symega initially launched a Protein Innovation Center last year. The Center is already working with Indian alt-protein startups such as Wakao to create and manufacture new products.
Plant-based in India
In March, India’s newly-established Plant-Based Foods Industry Association told the country’s Minister of State for Food Processing Industries that the sector was poised to see “explosive growth”. The Association is campaigning for policy changes, capacity building, and improved cold chain logistics to support the plant-based industry.
It was reported in December that a “huge paradigm shift” towards plant-based is taking place in India, with the country’s alt-meat market now worth $171 million. Recognising this trend, Symega is set to take advantage of it.
“Plant-based protein is not limited to only vegan food items, but is fast growing as a logical alternative for healthy food habits and a sustainable lifestyle. Symega is committed to become the platform for this change and make India the hub of plant-based protein revolution in Asia. To that extent, we are committing Rs. 100 crores over the next five years to ramp up R&D and manufacturing capabilities,” as told by Santhosh Stephen, Managing Director of Symega.