Mihir Pershad said We are thrilled to be combining our deep knowledge and experience in cultivated seafood with Steakholder Foods’ innovative 3D bio-printing technology
Steakholder Foods Ltd., an Israeli cultured-meat company that has been globally recognized for its 3D-bio printing technology, is poised to expand market opportunities in Singapore following the announcement of a collaboration with cultivated fish and seafood company, Umami Meats.
The news announced in early January is a major step forward for Steakholder Foods (NASDAQ: STKH), which launched in 2019 (formerly MeaTech 3D, Ltd.) and quickly become an industry leader in the field of cultivated beef, pork, and poultry. The start-up has been eyeing expansion, especially in Asian markets with the addition of fish and seafood products to its lineup.
The company’s initiative with Singaporean Umami Foods is especially significant since Singapore is the first and only country in the world that has so far approved the sale of facility-made meat products. In addition to expanding operations in a country actively embracing alternative meat production, the seafood and fish market is prime for the opportunity, with an estimated value of $110 billion and expected to increase 3.6% annually over the next decade.
The two companies will work together to produce cultivated eel and grouper with a prototype projected to be completed by the end of the first quarter of 2023. Funding for the project is provided through a grant of up to $1 million from the Singapore Israel Industrial R&D Foundation (SIIRD).
