First came plant-based meat, then lab-grown chicken. Now entrepreneurs are betting that the next big thing in food technology will be animal-free dairy.

Ryan Pandya, chief executive of Perfect Day, which makes dairy ingredients through a laboratory process similar to that used to produce synthetic insulin, once had high hopes of building his own consumer food brands. But as other faux-foods pioneers struggle to win over wary consumers and investors, Pandya is shifting away from his company’s own brands and focusing on selling milk proteins that can be used by multinational food companies in their supply chains.

Bloomberg Businessweek