S Elect P Erspectives on a Lternate M Eat

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S Elect P Erspectives on a Lternate M Eat S ELECT P ERSPECTIVES ON A LTERNATE M EAT JUNE 2 0 2 1 1 EXECUTIVE SUMMARY Trends & Drivers GCA Consumer Practice – Regional Leaders ▪ Alternate meat……Plant-based meat……Cultivated/Cultured meat……Alternate Protein……is the next big revolution in food ▪ Increasing consumer awareness about harmful effects of the livestock industry on carbon emissions and global warming, a shift towards ESG and a desire to eat healthier are key factors responsible for growing popularity of alternate meat industry ▪ The COVID pandemic has further provided a fillip to this industry as consumers look for healthier Sameer Jindal Sunil Mehra alternatives as a foil against animal-borne diseases and a shift towards eco-friendly eating Managing Director Managing Director options Mumbai Mumbai ▪ While US and Europe are at the forefront, the alternate meats revolution is fast gaining traction [email protected] [email protected] in Asia and Australia ▪ Globally, there is already significant involvement from accelerators, PE/ VCs and Corporates and we expect many more consumer-, food- and ESG-focused investment pools to start evaluating and investing in alternate meat brands and companies across the value chain John Lambros Ryohei Tsukinari Meat Alternatives and Possibilities Managing Director Executive Director New York Tokyo ▪ Alternate Meats have largely two key classifications depending on ingredients and manufacturing [email protected] [email protected] process – Plant-based (Vegetarian) and Cultivated (derived from actual animal cells) ▪ There is a strong and growing ecosystem across the value chain, making this a continuously evolving category. We believe this is likely to gain far greater acceptance as scale effect kicks in, also leading to diverse products and competitive pricing ▪ Players will work towards building strong “competitive moats” in R&D, manufacturing, customer relationships and branding. Alternatively, they will focus to create a product or technology niche Alex Grünwald Sigurd Solheim ▪ We are extremely bullish on the growth of this industry globally and are keenly following this Managing Director Managing Director exciting and burgeoning ecosystem! Zurich Lausanne alexander.gruenwald [email protected] @gcaaltium.com 2 I GCA Overview II Introduction III Plant-based Meat Table of IV Cultivated Meat Contents V Key Considerations VI What’s Next? 3 JOBS/EMPLOYMENT DATA 01 GCA OVERVIEW 4 GCA: A LEADING INDEPENDENT GLOBAL INVESTMENT BANK Global investment bank providing fund raising and M&A advisory services to growth companies and market leaders ~100 professionals in the US ~200 professionals in Europe ~190 professionals in Asia 47 deals >420 >490 Our Services closed in transactions bankers Q1 2021 in last 36 160 deals Deep months closed in sub-sector 2020 expertise Private Equity LEEDS STOCKHOLM MANCHESTER LONDON BIRMINGHAM FRANKFURT M&A Advisory MUNICH SAN FRANCISCO PARIS KYOTO ZURICH MILAN OSAKA TOKYO SHANGHAI NEW YORK TEL AVIV NAGOYA LAUSANNE FUKUOKA NEW DELHI Debt MUMBAI Advisory HO CHI MINH CITY SINGAPORE Financial Restructuring Global Consumer & Retail Cross-border Growth companies Global reach with 24 offices in key Leading advisor in Consumer & Expert advisor for cross-border Strong expertise in advising growth markets – but deep local roots ensure Retail with strong networks and transactions – about 50% of companies and leading corporations close, hands-on support for our clients extensive market coverage transactions are cross-border across sectors GCA operates as GCA in America and Asia and GCA Altium in Europe 5 LEADING GLOBAL ADVISOR IN KEY SECTORS Expertise across growth sectors Meet Our Team CONSUMER, RETAIL, TECHNOLOGY DIGITAL MEDIA & MEDIA FINANCIAL TECHNOLOGY E-COMMERCE & LEISURE & SERVICES We advise clients on food and The team’s experience includes Our bankers work with industry leaders As payments and banking become a beverages, e-commerce, specialty software, semiconductors and across ad-tech, digital content, filmed virtual reality for many, our bankers retail, apparel, action sports and electronics, SaaS, and tech-enabled entertainment, gaming and mobile, as are working with sector leaders and consumer tech, as well as the services well as major broadcasters innovators across the Fintech space hospitality sector and online travel INDUSTRIAL & INDUSTRIAL BUSINESS SERVICES HEALTHCARE TECHNOLOGY We advise across a wide range of We have solid experience in BPO, We work with clients in industrial sub-sectors, including facility management, governmental biopharmaceuticals, diagnostics & aerospace & defense, energy, and services, customer experience as well research tools, medical devices, transportation amongst many more as human capital management healthcare IT, and care services 6 FULL COVERAGE ACROSS THE ESG SPACE Extensive understanding and knowledge across the ESG sectors Meet Our Team AgTech & FoodTech Energy Waste & Water Education Efficiency Recycling Food Science We work with leading We advise leading We cover the full range of the We work alongside companies within the Energy environmental technology and education sector including companies in IT Services such Efficiency sector, from smart process solutions for the student-focused software, as IT Consulting and Managed building & homes, electric treatment of water and We work with companies within the Agtech corporate learning Services, all the way through vehicles & charging to wastewater and Foodtech markets including software management systems and the starting and ending point intelligent traffic & on their strategic (ex. farm management systems), devices corporate training, e-learning of the value chain with IT telematics transactions (ex. seed sorting), sustainable packaging and compliance distributors, VAR and and food innovations ITAM/ITAD companies 7 JOBS/EMPLOYMENT DATA 02 INTRODUCTION 8 WHY ALTERNATE MEAT? Better for health and environment Relevant to key UN Sustainable Development Goals ▪ Cutting down consumption of ▪ Vastly more sustainable than conventional meat and replacing it with meat alternate meat ensures lower – Animal agriculture uses 77% of the total risk of cardiovascular disease available agricultural land; responsible ▪ Contains sustainable for ~15% of total GHG emission carbohydrates and healthy ▪ Less damaging for the climate as emissions fats that can help balance of GHG are reduced by up to 90% compared blood sugars to conventional meat Alternate meat significantly reduces adverse environmental impact of traditional meat Conventional Beef Burger Alternate Meat Burgers Sustainable Development Goals 2030 Beyond Burger Impossible Burger 99% Less Water 87% Less Water 93% Less Land Usage 96% Less Land Usage 90% Less GHG 89% Less GHG 46% Less Energy 45% Less Energy Source:Beyond Meat and Impossible Foods websites; various news organizations GHG: Green House Gas 9 ALTERNATE MEAT – AN IMPERATIVE TO MEET GLOBAL FOOD DEMAND A growing population needs new protein alternatives CAGR 2025-40 9.8Bn People “The reality is that conventional "To meet the growing global demand for By 2050 production methods for meat can protein, it will take all of us working Plant-based Meat 9% not keep up with global demand together – we need both animal and cell- which is expected to double by based. Our continued investment in 2050.” Memphis Meats underscores our inclusive 100% approach to the future of meat. We need Cultivated Meat Protein Demand all options on the table to meet customer 41% and consumer needs now and in the future." Priti Youssef Choksi Elizabeth Gutschenritter 2 Earths Partner Needed MD, Alternative Protein Conventional Meat (3)% Analysts estimate that global sales of alternative meats could grow from 1% of the total meat market (currently, $1Tn+) to 10% over the next decade 89% 73% 71% 66% 31% Consumers believe Consumers seek out Consumers are concerned Consumers believe plant- U.S. consumers are "flexitarians“, protein contributes to a natural foods with simpler, about the long-term based meats are healthier who use plant-based meats because healthy diet cleaner ingredients health impact of artificial than animal meat they like to have days without ingredients eating animal-based meat Source: Beyond Meat website; FoodInsight.org; Nielson Survey report; GCA estimates; AT Kearney public report 10 CARVING UP THE ALTERNATE MEAT STACK ▪ Plant-based meat products are made by combining Traditional meat Alternate meat commonly-found plant proteins and fats via an production production extrusion process Plant-based Cultivated/Cultured ▪ Process involves pushing dry protein ingredients through an opening in a perforated plate or die based - ▪ Pressure, heat, cooling and the shape of the die Ingredients Cell Selection create desired texture and shape Barn-breeding Plant ~2 months Extrusion Treatment of from plant Medium Feedlot 4 months - 3 years - 3 ▪ Cultivated meat, also known as cultured meat, is 2 genuine animal meat (including seafood and organ meats) that is produced by cultivating animal cells Formulation Scaffolding and directly Bioreactor Slaughter ▪ Cultivated meat is made of the same cell types arranged in the same or similar structure as animal tissues, thus replicating the sensory and nutritional profiles of conventional meat End product End product Processing Cultivated/Cultured Source: CB Insights; various news organizations 11 THE GCA CONSUMER AND FOOD TEAM 03 PLANT-BASED MEAT 12 A MASSIVE BLUE OCEAN MARKET Global plant-based food market (including dairy and While dairy is the largest, alternate meat is growing
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