Jackfruit is one of the fruits grown in abundance in the Philippines. The unripe jackfruit can be used in cooking a popular dish called ginataang langka, while the ripe ones are eaten raw. Jackfruit is also one of the reasons for the increasing interest of the media in Thailand in recent days.
In an October 14 report, Bloomberg said NR Instant Produce Pcl raised about 1.6 billion baht ($51.4 million) in its initial public offering (IPO) this month and the stock doubled in intraday trading on its debut on October 9. The company is a food exporter that makes plant-based protein by turning jackfruit into mock pork. NR Instant Produce, which started making mock pork from jackfruit in 2016, is undoubtedly well-positioned to take advantage of the business opportunities presented by the rise in the consumption of synthetic meat.
Other Thai companies are joining the bandwagon, as the business potential for plant-based products is huge. NR Instant Produce, for instance, expects the contribution of its synthetic meat products to revenues will rise to 30 percent from the current 7 percent in four years. Citing a MarketsandMarkets report, Bloomberg said the plant-based meat market is expected to be worth $27.9 billion globally by 2025, more than double the $12.1 billion value last year.
Food processors in Thailand are able to capitalize on these developments because of the strong support they get from their government. Thai businessmen were encouraged to invest heavily in research and development (R&D), which enabled them to churn out products using their country’s abundant natural resources. These products translated into export receipts, which allowed firms to further expand and create more jobs for the Thais.
The Philippines should take a cue from Thailand and explore the potential of synthetic meat production. Just like Thailand, the country can produce fruits and vegetables that can be used for making mock meat. NR Instant Produce, the Thai firm that raised 1.6 billion baht from its IPO, also uses eggplants in its plant-based products.
The country is capable of giving Thailand a run for its money if policy-makers will be able to encourage food processors to tap the huge market for plant-based products. It makes sense for the Philippines to go into producing mock meat, particularly after global trade resumes, given its potential to boost export receipts. Aside from earning from food shipments, this will stop farmers from simply throwing away their surplus production and help government in its bid to reduce food waste.
There are hundreds of institutions around the country that businessmen can work with to add value to crops produced by millions of Filipino farmers. These institutions include state-funded universities that can assist them in creating various products out of crops that are endemic to the Philippines. Incentives are also welcome if policy-makers are really serious about strengthening the country’s food processing sector so it could become a major contributor to GDP.