MeaTech 3D Ltd., an international deep-tech food company at the forefront of the cultured meat industry, has signed a memorandum of understanding with Umami Meats, a Singapore-based cultured seafood company with a focus on developing species that are expected to experience severe supply-side shortages in the coming years due to climate change, overfishing and continuously growing consumer demand, for the joint development of 3D printed cultured structured seafood.
According to The Food Industry Association (FMI), the global seafood market was estimated to be worth USD 110.2 billion by 2022, and is growing at a CAGR of 3.6%. This collaboration opens both companies to opportunities in the Asian market, and Singapore specifically, which is currently the only country that has authorized the production and distribution of cultured meat.
The agreement between MeaTech and Umami Meats is part of MeaTech’s strategy of collaborating with other players in the alternative protein space, and takes advantage of the company’s flexibility in its technological and biological capabilities to develop and print a wide variety of species. With this agreement, MeaTech is adding seafood to its portfolio of bovine, avian, and porcine products currently under development.
MeaTech’s 3D bioprinting technology is capable of producing complex meat products with pinpoint precision at an industrial rate of production, without impacting cell viability. Through the company’s private subsidiary, MeaTech is developing and commercializing its 3D printing capabilities in-house, and to third parties in the food-tech sector.
According to MeaTech, the company also sees this collaboration to develop 3D printed seafood technology as an opportunity to make a valuable contribution to helping preserve marine ecosystems and wildlife while addressing the environmental challenges surrounding the aquaculture and fishing industries.
“We are very pleased about this new agreement which reflects our commercialization strategy of industry collaboration using our unique 3D printing capabilities. We are excited about entering into the seafood sector and believe it will lead us to new market pathways throughout Asia and worldwide,” said Arik Kaufman, Founder and Chief Executive Officer of MeaTech.
“We are delighted to establish this collaboration with MeaTech to expand our product range with their 3D printing capabilities. This partnership will enable us to build upon our technology platform for cultivating fish muscle and fat to produce a variety of structured products that meet the desires of discerning consumers. We believe cultivated seafood holds tremendous potential to provide a local, sustainable source of healthy protein and to address many of the challenges facing our food system and our oceans,” said Mihir Pershad, Founder and Chief Executive Officer of Umami Meats.