HK-based start-up Geb Impact Technology is eyeing the rapidly growing plant-based food market, and it hopes to be the sustainable supplier of microalgae-based protein to food manufacturers.
With rising demand for plant-based meat, James Chang, Founder and CEO of Geb Impact foresees the huge potential of culivating microalgae. He added, “We are able to produce that protein sustainably, so if we become the supplier (for food manufacturers) in terms of that protein, there is no limit to how much they can produce.”
Microalgae are single-cell microorganisms found in fresh and salt water that grow through photosynthesis, consuming carbon dioxide and producing oxygen. As microalgae do not compete for natural resources or farmland, they are considered as one of the most promising sustainable sources of food ingredients.
Chang explained that microalgae could yield the equivalent of 30 to 50 tonnes per hectare, about 15 times more than soybeans, noting that this could go some way in alleviating the global hunger crisis. A UN report in July showed an escalation in world hunger in 2020 caused by the pandemic, with nearly one in 3 people without access to adequate food.
Chang said, “Microalgae is a potential disruptive product for the plant-based alternative protein market, because of the high proliferation rate.” Cost is expected to come down as production is scaled up. Chang added that he is confident that microalgae can be a sustainable food source without being a victim of climate change or limited resources.
Founded in 2013, Geb Impact is conducting pilot production of microalgae with its proprietary technology at its 13,000 sq ft facility in Sheung Shui. Its product, a freeze-dried microalgae powder containing dietary proteins, lipids and vitamins can be used as an ingredient in different food products.
The company aims to produce 1 tonne of microalgae powder per month and has partnered with Sweet Secrets, a health-conscious bakery, to create plant-based cupcakes with microalgae frosting. It has also partnered with plant-based culinary nutrition platform, Our Conscious Kitchen to create an antioxidant spice blend. Geb Impact has also launched Eiyoka Algae Foods to showcase proof-of-concept products incorporating microalgae, such as its shrimp roe noodles which can be bought online.
The start-up has received a grant from the Hong Kong Innovation and Technology Fund under the government’s Enterprise Support Scheme, which funded half of its HK$2 million (US$257,000) project to scale up microalgae cultivation. Dao Foods International has also invested in Geb Impact to see its expansion into mainland market. Geb Impact is seeking further investments to hire skilled manpower and scale up production.
The global plant-based food market is set to reach US$74.2 billion by 2027, growing at a CAGR of 11.9% from 2020-2027, according to latest report by Meticulous Research.
