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NAPA - Investments in next generation materials to replace animal-based products in fashion, and other industries, fell by more than 50 per cent last year, according to a new report from the Material Innovation Initiative (MII).

The MII's 2022 State of the Industry report reveals that next-gen material companies raised US$456.75 million in 2022 - compared to US$980 million in 2021, falling back to around 2022 levels.

"2022 represented a more challenging investment atmosphere for the next-gen materials industry than 2021. However, looking at the 10-year track from 2013 to 2022, the capital invested and the number of deals continued their upward momentum," said the report.

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