It has been announced that Japanese dairy giant Megmilk Snow Brand is partnering with Singaporean global agrifood supplier Agrocorp International to produce and distribute plant-based ingredients to accelerate the shift toward sustainable food production in Malaysia and other locations in Asia.
The two parties have established a joint venture (JV) to launch a factory in Malaysia producing pea protein and starch isolates for Asia’s plant-based food manufacturing sector. It has been revealed that Agrocorp will contribute for 51% and Megmilk for 49% of the required USD 21 million investment.
This partnership aims at capitalizing on the strengths of both companies as they intend to meet the rising plant-based food and beverage demand in Asia. Tellingly, the Good Food Institute’s latest State of the Industry Report plant-based food investments in the region increased by 30% to USD 372 million.
Japan has witnessed a boom for plant-based soybean F&B production. Megmilks’ Medium-Term Management Plan 2025 identified plant-based foods as an important growth area, while Agrocorp expanded into plant protein ingredients with the launch of its first facility in Canada. Agrocorp also launched its plant-based brand HerbYvore in Singapore, debuting with a vegan paneer made with pea protein processed at the company’s Canadian factory.
(Sources: Vegconomist; Green Queen)