Asentia navigates the road ahead: Challenges & opportunities in the alt protein sector

Founded in 2023, Asentia's motto is to “simply make meat better,” according to the company. While not currently on the market, Asentia has developed a variety of blended meat—a combination of traditional meat with plant-based ingredients—prototypes like truffle mushroom meatballs, bourbon bacon artichoke sausages and black Angus roast shallot and shiitake burgers, in addition to exploring the organoleptic characteristics of premium meat cuts and translating those features into a blended product.

Birdie sees the blended meat category as a significant opportunity for the alt protein industry to bridge the gap between the growing demand for plant-based products and consumers' reluctance to give up meat entirely. By delivering familiar and craveable taste experiences, blended meats could drive higher repeat purchases and broader market adoption.

Asentia’s blended meat start-up emphasizes R&D as a differentiating factor​

One of the most significant opportunities in the alt protein space lies in the potential for innovation, particularly in R&D, Birdie noted.

She emphasized that developing a product that meets both consumer expectations and technical requirements demands sophisticated food science.

"Our guiding R&D question was, ‘What is it that separates the most exquisite cuts of meat in the world from the average ones? And how can we recreate that sensory experience at the molecular level?’" she said.

This focus on sensory experience led to Asentia’s development of a novel fermentation process, enhancing the Maillard reaction and juiciness of the product, she added.  

Understanding consumer behavior specific to alternative proteins​

Birdie emphasized connecting with consumers on a deeper level to help improve repeat purchases for these products. The alt protein industry must evolve to become more consumer-centric, addressing the disconnect between consumer aspirations and actual purchasing behavior, she said.  

"90% of Americans want to eat healthier, but we are not seeing the repeat purchase rate needed to drive meaningful impact," Birdie noted. By focusing on creating products that offer both the taste and nutritional benefits consumers seek, startups can tap into this untapped market.

“I honestly think it is pretty simple. I think that we regularly repeatedly purchase products that we love, products that we crave, products that we are familiar with and fit into our identity,” she said.

Funding and investor perception​

Securing funding is both an opportunity and a challenge in the alt protein space. Birdie acknowledged the mixed perceptions among investors, with some being skeptical due to past failures in the blended meat category. However, investors are starting to be more optimistic on the meat alternatives market, given the global growing demand for meat alternative and that the global meat market presents a trillion-dollar opportunity, she claimed.

She noted that investors “understand that there is a clear need for these kinds of innovative sustainable solutions. And they are sure that there is a trillion-dollar global meat market that is growing and there is just such a massive opportunity.”

Birdie continued, “There is room for so many different types of ways to kind of meet that demand and then that coupled with … Americans trying more plant-based meats ... I think that speaks to something deep and real inside of people. … So now we are at the point of dialing in and cracking the code and figuring out how we can kind of bump those purchases up from ... infrequent purchases maybe once or twice a month, once or twice a week to eventually once or twice a day.”

In the US, the alt protein industry​ was valued at $8.1 billion in 2023; whereas globally, the industry has attracted over $16 billion in investments, with $1.6 billion raised in the same year, according to SPINS data as cited by GFI​. However, the sector has barriers to overcome, including what GFI predicts as​ "unprecedented investment and innovation" from public and private sectors, in addition to contending with global regulatory barriers​, limitations in production capacity and consumer education.

Strategic partnerships with big meat companies could be the pathway to scalability​

Looking ahead, Birdie emphasized the importance of strategic partnerships with large meat companies as a pathway to scale. 

"The next phase of the blended meat sector will involve partnerships with big meat companies, allowing for true collaboration between the alt protein sector and the conventional meat industry," she said.

These involvements, like Tyson Foods’ investment into cultivated meat with UPSIDE Foods in 2022 and plant-based meat producer Beyond Meat, could accelerate the mainstream adoption of alt proteins by leveraging the resources and distribution networks of established meat companies.