Ne8t Foodtech hopes to transform the plant-based milk market with a sustainable biotech-driven food called Milkful that is said to taste just like dairy milk.
Like other plant-based milk alternatives for the lactose intolerant such as oat and soymilk, Milkful reduces water, land use and carbon emissions. However, it claims to be the best of the lot in terms of flavor and mouthfeel, making it more appealing to lovers of dairy milk.
Chief executive Aaron Pang Ching-yin hopes to launch mass production of Milkful by the end of this year or early next year.
Pang founded the start-up in 2021 along with his brother Alex Pang Chun-yin and Kethena Tang Wing-tung.
Milkful's base ingredient is oats, as it is one of the best plants in terms of sustainability, he says. Other ingredients include coconut, pineapple and peaches, all of which can be easily grown year-round in Asia.
Innovative biotechnology is used to transform these ingredients into a plant-based product that tastes just like dairy milk and Ne8t Foodtech has applied for a patent for this technology.
Nine of out 10 people who tried Milkful in blind tests across 60 cha chaan tengs and 120 restaurants in Hong Kong thought it was dairy milk, he says.
Ne8t Foodtech currently has two Milkful products -- evaporated and full milk -- which are expected to retail at HK$14 and HK$9 per 400ml bottle, respectively. It believes it could break even, with subsidies, if it sells around 1,000 bottles each at wholesale prices every month.
It expects greater demand for evaporated Milkful as this type of milk is widely used to make Hong Kong's famous milk tea.
Ne8t Foodtech also has chocolate milk and milk tea under development and hoping to raise seed financing this year.
TASTE OF SUCCESS: Alex Pang and Kethena Tang.
