The closure of Avant Proteins marks a significant moment for Singapore's alternative meat industry, reflecting ongoing challenges within the sector. The company, known as Asia's first cultivated fish firm, officially announced its decision to cease operations on January 30, citing financial liabilities as the reason for winding up its business.
Founded in 2018, Avant Proteins aimed to produce fish meat without harming the animals. However, it is one of at least three lab-grown meat companies to have exited the Singapore market, highlighting the difficulties in scaling operations following the country's landmark approval for the sale of cultured meat in 2020. Despite the promise of cultivated meat as a sustainable alternative to traditional farming, the industry has faced numerous obstacles, including high production costs and fluctuating consumer interest.
As of February 11, while Avant Proteins is in liquidation, its Hong Kong parent, Avant Meats Company, remains active. The firm’s co-founder, Carrie Chan, indicated in 2024 that investor sentiment has shifted, with many becoming more cautious in light of economic conditions and the inherent challenges associated with pre-revenue stage technologies.