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27 Apr 2022 — CellMEAT, a cell-based shrimp producer, plans to carry its flagship Dokdo shrimp to markets in Korea, the US and Singapore by 2024.
The Korea-based enterprise simply bagged US$8.1 million in a sequence A spherical of funding, which it’s going to use to launch its Seoul middle with a capability to supply 100 kg per day, Heejung Kim, COO of CellMEAT tells FoodIngredientsFirst.
“As soon as CellMEAT’s Seoul middle is efficiently launched, we are going to elevate sequence B funding for a large-scale manufacturing facility,” says Kim.
She expects the corporate to obtain between US$30 to US$40 million within the subsequent spherical of funding, to considerably scale up its present manufacturing capability of 10 kg per day in its prototype labs.
US$5 per kilogram cultured shrimp
Though beforehand, CellMEAT talked about producing shrimp at US$20 per kg, the corporate revealed to FoodIngredientsFirst that it expects to market their shrimp at below US$5 per kg.
Whereas that’s already significantly cheaper in comparison with common shrimp, it’s a vital declare referring to Dokdo shrimp, which is a regional premium delicacy. In line with Kim, it’s priced at round US$160 per kg.
In the meantime, cell-based shrimp competitor Shiok Meats expects to launch its personal cell-based shrimps at US$50 per kg in 2023.
“If one other firm has a special worth level, that’s nice,” says Shikha Malhotra, chief of employees to CEO at Shiok Meats, tells FoodIngredientsFirst.
Explaining that on the time of launch, Shiok Meats expects the price of the shrimp to be at US$50 per kg, the corporate anticipates bringing the prices of the media down after they “obtain economies of scale.”
“Now we have all the time been and proceed to be practical by way of timelines and our objectives; getting from US$10,000 per /kg down to some hundred {dollars} (per kg) at present has been difficult however extraordinarily satisfying as we progress with our R&D milestones.”
Shiok Meats dumplings, made with 3D printer know-how, will arrive at a choose Singapore restaurant in 2023 (Credit: Shiok Meals).Jumbo alternatives in Dokdo
CellMEAT plans to supply three totally different sizes of shrimp, all the time utilizing cells of the regional Dokdo selection.
Dokdo shrimp is larger than common shrimp, reaching sizes of 20 to 25 cm. The peach-colored crustacean can solely be discovered within the Arctic Ocean and the Seas of Japan, Bering and Okhotsk, dwelling in waters – generally deeper than 300 meters –.
The biggest selection inhabits the Dokdo island waters between Korea and Japan.
Multiple fish within the sea
In the meantime, Shiokmeats is forecasting commercialization subsequent yr.
“We’re on monitor to carry the primary shrimp product to market by 2023 by way of a premium restaurant in Singapore,” provides Malhotra.
Shiok Meats plans to launch subsequent in one other Asian nation “the place elements like demand, rules, expertise and progress potential are all aligned,” explains Malhotra. The corporate is in search of collaborations and native partnerships to gas its enlargement plans.
She anticipates future funding will assist the corporate attain extra business markets and diversify its product providing with new related species.
“We want the very best for this business. Now we have all the time been open to collaboration as all of us have to work collectively to succeed in mass scale manufacturing,” says Malhotra.
A earlier interview for FoodIngredientsFirst revealed Shiok Meats work with 3D printing so as to add texture to synthesized shrimp meat grown from remoted stem cells. With its know-how, the corporate claims to have the ability to develop crustaceans 4 instances quicker than standard pure manufacturing.
Motivated shoppers
Shoppers are more and more keen to go for various cultured meals. With 78% of shoppers surveyed in Singapore saying they’re up for attempting cultivated seafood and meat, in accordance with Shiok Meals’ market analysis.
Apparently, in one other survey from the corporate, researching this time the Hong Kong market, they discovered that meals security is the first motivator among the many public to just accept cultivated meat, with 43% of respondents citing it as their primary precedence.
Different considerations, resembling sustainability and environmental influence, appealed to 40% of respondents.
These numbers signify a substantial backing from shoppers, particularly within the seafood market sector, the place air pollution and micro organism could be well being hazards. Client well being considerations are an perception that Pearlita Meals, a cell-based market participant within the oyster area of interest, revealed earlier this month to FoodIngredientsFirst.
Motivated governments
The Singaporean Minister for Sustainability and the Atmosphere inaugurates Shiok Meals superior R&D facility in 2021 (Credit Shiok Meals).
Each Shiok Meats and CellMEAT rely on the help of their respective governments to launch revolutionary merchandise. The latter is working actively in a analysis group for the high-value-added future meals know-how initiative of the Ministry of Agriculture of South Korea.
Nevertheless, Korea has not but accredited a definition for cultivated meat, which explains CellMEAT’s plans to launch in Singapore, the primary nation on the planet to approve cell-based merchandise.
Nonetheless, the corporate obtained funds between 2020 and 2021 from the Ministry of small and medium enterprises (SME) and Startups. At present, it’s receiving funds from the Korea Institute of Planning and Analysis for Know-how in Meals, Agriculture and Forestry, that are anticipated to finish in 2025.
Shiok Meats has additionally obtained help from Enterprise Singapore.
“We’re lucky to have had the help from the Singapore Authorities by way of grants and investments within the final three and a half years, which have helped us construct our labs from the bottom up, rent the fitting expertise, and plan for bigger manufacturing services.” says Malhotra.
By Marc Cervera
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