FoodTech 500 highlights shift from innovation to industrial scale as next-gen protein companies chase cost, performance, and real-world adoption

The latest FoodTech 500 ranking has highlighted a turning point for the global AgriFoodTech sector, with next-generation protein companies increasingly defined not by what they promise, but by what they can deliver at scale.

• The 2025 FoodTech 500 has showcased a growing cohort of next-generation protein companies focused on fermentation, ingredient functionality, and industrial-scale deployment across global food systems
• Companies including Standing Ovation, MicroHarvest, Vivici, and The Protein Brewery have demonstrated progress in cost reduction, supply resilience, and commercial readiness
• The sector has shifted toward performance-driven solutions, with yield, manufacturability, and economics overtaking sustainability as the primary drivers of adoption

In an introduction to this year’s ranking, Alessio D’Antino, Founder & CEO of Forward Fooding, described a sector entering a more demanding phase. “In an era where capital has become increasingly selective and market dynamics are more complex, the spirit of innovation in AgriFoodTech burns brighter than ever,” he said. “The most resilient, ingenious, and purpose-driven companies are not merely surviving but setting new standards for what’s possible in our global food system.”

The 2025 cohort emerged from more than 1,200 submissions across 87 countries, reflecting what D’Antino described as the “convergence of entrepreneurial vision, sustainability imperatives, and market readiness”. That last point – market readiness – has become increasingly decisive.

Across the companies included in the Next-Gen Food & Drinks category, a consistent pattern has emerged. The conversation has moved on from whether alternative proteins can be produced. The focus has shifted to whether they can be produced at the right cost, at the right scale, and in a form that integrates seamlessly into existing supply chains.

What stands out is not a single dominant technology, but a set of complementary approaches tackling different constraints across the food system.

From replacement to integration

A defining feature of this year’s cohort has been the move away from direct substitution and toward integration.

Standing Ovation (#46), which recently secured US$34.2 million in Series B funding, has built its model around producing casein through precision fermentation using dairy side streams such as whey permeate. Rather than challenging the dairy system, the company has worked within it, extending the value of existing inputs.

“The casein we produce is exactly the same protein as that produced by the animal,” said CEO Yvan Chardonnens. “Whether it is produced from serum or from glucose or sucrose, this does not change the structure or functionality of these proteins in any way.”

That functional equivalence has shaped how the company has approached commercialization. It has focused on B2B ingredient supply, working alongside established dairy players including Bel Group and Danone Ventures, while emphasizing circularity as a cost and sourcing advantage rather than a branding message.

“The use of by-products offers numerous advantages: reduced costs, improved environmental impact, a diversified sourcing strategy, and the establishment of a circular economy and a win-win situation for both manufacturers and farmers,” Chardonnens said.

A similar logic has appeared elsewhere in the ranking. Livoo (#370), for example, has focused on converting underutilized raw materials into functional ingredients, pointing to a broader shift “from linear production models to circular ingredient systems.”

These approaches have reflected a growing recognition that the fastest route to adoption is not necessarily through new categories, but through improving existing ones.

Ingredients that solve problems

That thinking has been reinforced by a wave of companies focused on ingredient functionality rather than end products.

Crush Dynamics, ranked #92, has developed fermentation-derived ingredients from pressed grapes designed to enhance flavor, improve texture, extend shelf life, and reduce sugar and sodium. CEO Kirk Moir said the company’s recognition reflected its ability to “deliver measurable results,” a phrase that has become increasingly important across the sector.

The emphasis on measurable outcomes has also been evident in high-value protein ingredients.

Vivici (ranked #49) has launched its precision-fermented lactoferrin ingredient in the USA, targeting a protein historically constrained by cost and scarcity. “The question that will define the health and wellness industry for years to come is how can we help the body’s own system maintain health from within,” said CEO Stephan van Sint Fiet.

Verley (#36) has taken a similar route with whey proteins, securing US$38 million in Series A funding as it moved into commercial deployment. Its focus has been less on replacing dairy and more on enhancing functionality in high-protein applications.

Onego Bio (#54), meanwhile, has targeted egg proteins, partnering with Sigma Foods to evaluate its fermentation-derived Bioalbumen ingredient in real-world formulations. CEO Maija Itkonen said the ingredient had been developed to address volatility in egg supply chains.

“Bioalbumen is a powerful tool to support ESG goals for global food manufacturers and strengthen product stability at a time when the egg industry is increasingly vulnerable,” she said.

Across these examples, the value proposition has been consistent. These are not consumer-facing innovations. They are tools for manufacturers, designed to solve specific formulation, cost, or supply challenges.

Scaling fermentation beyond the lab

Running in parallel has been a second, equally important shift: the move from pilot-scale validation to industrial execution.

MicroHarvest (#29) has committed to a 15,000-ton fermentation facility in Germany, marking a transition from laboratory success to industrial manufacturing. The company’s model, based on fast-growing microorganisms, has been designed to deliver protein independently of land, climate, or seasonality.

Nutrition from Water (NXW) (#188) has taken a similar approach through microalgae fermentation, partnering with Jiangsu Jiangshan Pharmaceutical to accelerate its path to scale. CEO Federico Duarte said the partnership had materially changed the company’s trajectory.

“In our scale-up plan we originally had forecast reaching profitable scale economics in the latter half of 2028 and we can now do this by beginning of 2027,” Duarte said.

What connects these companies is not just their use of fermentation, but how they are approaching scale. Increasingly, that has meant working with existing industrial infrastructure rather than building new capacity from scratch.

Cauldron (#63) has focused directly on this bottleneck, developing a continuous fermentation platform designed to improve productivity and cost efficiency at industrial scale. CEO Michele Stansfield said, “For biomanufacturing to compete in industrial sectors, bioproducts have to deliver on costs, scale, and quality. Bioprocess innovation is how we get there.”

The emphasis has shifted from proving that fermentation works to proving that it works economically.

Plant-based evolves beyond first generation

Alongside fermentation, plant-based companies have also undergone a recalibration.

Heura Foods (#14), which secured a €20 million (US$21.5 million) loan from the European Investment Bank in May 2025, has focused on improving nutritional quality, simplifying ingredients, and scaling production through partnerships.

CEO Marc Coloma said, “Innovation is our tool to live longer and better. We are committed to simple processes, legumes, healthy fats, and science in the service of collective well-being.”

The company’s strategy has reflected a broader shift within plant-based, away from highly engineered analogs and toward products that can compete on health, processing, and cost.

MATR Foods (#26) has taken that evolution further, combining fermentation with whole-food ingredients to produce clean-label meat alternatives. Following a €40 million (US$43 million) raise, the company has moved to scale production and expand internationally.

“We are very excited to take our production to scale and internationalize the business,” said CEO Randi Wahlsten. “We are looking forward to finally being able to meet the demand of the many customers and chefs who have been unwavering in their support and enthusiasm for MATR products.”

The emphasis on culinary quality, minimal processing, and organic inputs has highlighted a segment of the market where performance is measured not just technically, but gastronomically.

Yield, cost, and the economics of adoption

If there is a single metric that cuts across the FoodTech 500, it is not emissions reduction or protein yield in isolation. It is economic performance.

The Protein Brewery, ranked #10, pointed to structural pressure in conventional protein markets, noting that whey protein isolate prices in the USA had risen between 50% and 110%, with supply expected to remain constrained through 2026. Its Fermotein ingredient has been developed as a response to that gap, combining protein and fiber in a single input.

At the product level, companies have begun to focus on improving efficiency within existing categories rather than replacing them.

The Better Meat Co. (#31) has developed a fungi-derived ingredient designed to increase yield in meat products. CEO Paul Shapiro described the impact in simple terms.

“When you cook meat… you’re going to end up with about 70g of meat,” he said. “When you add Rhiza mycoprotein… you're going to have about 85g at the end. So right there, that's a 15% increase in your yield.”

That kind of improvement has implications far beyond sustainability. It directly affects margins, pricing, and supply efficiency.

The same economic discipline has shaped how companies approach scale.

Mosa Meat (#21), which has secured €58 million (US$63.8 million) over the past two years, has focused heavily on cost reduction. CEO Maarten Bosch said the company had reduced production costs by 99.999% compared with its first prototype.

“With the backing of our world-class investors, we have successfully turned a science project into a tasty and affordable product without compromising on our original vision,” Bosch said.

BlueNalu (#32) has taken a different route, focusing on premium foodservice markets as an entry point. Its US$11 million financing, led by existing investors, has supported scale-up and regulatory engagement rather than immediate mass-market expansion.

Across both approaches, the strategy has been similar: start where the economics work, then expand.

A layered system, not a single solution

Taken together, the companies featured in this year’s FoodTech 500 have illustrated a sector moving into a more industrial phase.

What has emerged is not a single pathway, but a layered system.

Some companies are building entirely new sources of protein through fermentation and cellular agriculture. Others are improving existing products through functional ingredients and hybrid formulations. A third group is unlocking high-value proteins that have historically been constrained by supply.

These approaches do not compete directly. They reinforce each other.

The result is a more complex, but also more realistic, picture of how the protein transition is likely to unfold.

It will not be driven by a single breakthrough or a single category replacing another.

It will be driven by a series of incremental improvements across cost, performance, and supply, each making the system slightly more efficient, slightly more resilient, and slightly more scalable.

As D’Antino noted, the companies in this year’s ranking represent more than technological progress. They reflect a sector aligning innovation with implementation.

The question is no longer whether new protein technologies can be developed.

It is whether they can meet the demands of a global food system that is already under pressure.

And increasingly, the companies in the FoodTech 500 are starting to answer that question with something more concrete than ambition.

You can download the full FoodTech 500 here.