PitchBook分析师注：新型成分（英）

1PitchBook Data, Inc.Nizar Tarhuni Executive Vice President of Research and Market IntelligencePaul Condra Global Head of Private Markets ResearchJames Ulan Director of Emerging Technology ResearchInstitutional Research GroupAnalysisAlex Frederick Senior Research Analyst, Agtech and Foodtech alex.frederick@pitchbook.comDataHarrison Waldock Data Analystpbinstitutionalresearch@pitchbook.comPublishingDesigned by Chloe LadwigPublished on July 31, 2025ContentsEMERGING TECH RESEARCHNovel IngredientsTracking innovation, investment, and market shifts in next-gen food componentsPitchBook is a Morningstar company providing the most comprehensive, most accurate, and hard-to-find data for professionals doing business in the private markets.Key takeaways•Investment trends: VC funding in novel ingredients peaked at $5.3 billion across413 deals in 2021, then dropped to $1.5 billion across 207 deals in 2024.•Exciting startups abound: Leading startup innovators include Climax Foods, C16Biosciences, Geltor, Wildtype, and Oobli.•Leading companies: Several startups in the novel ingredients sector—such asImpossible Foods, Oatly, NotCo, and TurtleTree—have already achieved globalsuccess by leveraging cutting-edge technologies like precision fermentation andAI-driven formulation. The likelihood of new unicorns emerging in this spaceremains high, especially for companies offering scalable, disruptive solutions inareas like metabolic health, sustainable fats, and novel proteins.•Valuation shifts: In 2025 YTD, the median valuation for a late-stage startupclimbed to $35.5 million, up 28.4% versus the 2024 annual median. The medianpre-seed/seed valuation rose 53.5% to $14.6 million over the same period.Median late-stage deal value climbed 73.6%, but average pre-seed/seed dealvalue declined 50.3%.•Health, sustainability, and functionality drive sector transformation: The novelingredient sector is undergoing a significant transformation driven by consumerdemand for healthy, sustainable, and functional foods.•Alternative protein market leadership: Alternative proteins dominate themarket with strong growth and investment, while novel sweeteners, salts, andfats & oils are also expanding, each facing unique technical, regulatory, andsensory challenges.•The market for health-impact ingredients is growing: Novel health-impactingredients, including prebiotics, probiotics, natural GLP-1 agonists, and cognitiveenhancers, are gaining momentum due to rising consumer interest and scientificvalidation, though regulatory hurdles remain.•Regional investment and partnerships: Europe leads investment in novelingredients by deal count and value, followed by North America. There is growingKey takeaways 1Introduction2VC and investment trends 4Technologies and processes 7Market landscape and drivers 16Business models 172Analyst Note: Novel Ingredientsinvolvement from the Asia-Pacific region, supported by active accelerator programs and corporate partnerships.•Exit opportunities: The biggest e