Singapore has allowed the American start-up Eat Just to sell chicken grown in its laboratory, which the company claims is the world’s first so-called “clean meat” product that has received regulatory approval. The clean meat does not come from slaughtered animals.
Co-founder and CEO Josh Tetrick (Josh Tetrick) said that the meat, which will be sold in chunks, will be offered with premium chicken when it is first launched in a restaurant in Singapore in the “near future”. Price pricing.
Due to concerns about health, animal welfare and the environment, the demand for common meat substitutes has surged. Plant-based alternatives are increasingly being used on supermarket shelves and restaurant menus, and these alternatives are popular with companies such as Beyond Meat, Impossible Foods and Quorn.
However, due to high production costs, so-called clean or cultured meat grown from animal muscle cells in the laboratory is still in its infancy.
Singapore is a city with a population of 5.7 million and currently only produces about 10% of its food, but it has formulated ambitious plans to increase this level by supporting high-tech agriculture and new food production methods in the next ten years.
Josh Tetrick said the San Francisco-based company is also in dialogue with US regulators, but Singapore is “leading” before the US.
“I think what will happen is that the United States, Western Europe and other countries will see what Singapore has been able to do, and the rigor of the framework they have built. I would imagine that they will try to use it as a template to put their own Put the frame together,” he said in an interview.
The Food Authority of Singapore stated that it had reviewed the data related to process, manufacturing control and safety testing before approval.
Eat Just said it will produce the product in Singapore and plans to start commercial sales of mung bean-based egg substitutes in the United States.
Eat Just was founded in 2011 and its supporters include Hong Kong tycoon Li Ka-shing and Singapore state-owned investor Temasek. Tetrick said that since its inception, it has raised more than US$300 million (approximately 22 billion rupees), with a total value of approximately US$1.2 billion (approximately 89 billion rupees).
He added that its goal is to reach the profitability level of operating income by the end of 2021, and hopes to be listed soon thereafter.
There are more than a dozen companies around the world that are testing laboratory-grown fish, beef and chicken, hoping to break into an unproven part of the alternative meat market. Barclays estimates that its value may reach 140 billion U.S. dollars (approximately) by 2029. 10,34,400 crore).
Competitors have also attracted some eye-catching investors.
Memphis Meats in the United States raised funds this year through a deal led by Japan’s SoftBank and Temasek, and Bill Gates and Richard Branson are also its backers.
Singapore’s Shiok Meats aims to be the first company to sell laboratory-grown shrimps and is supported by Henry Soesanto of Monde Nissin in the Philippines, which also owns Quorn.
© Thomson Reuters 2020
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