CellMEAT to Bring First Cell-Based Dokdo Shrimp to Korea, US and Singapore in 2024, Predicts

April 27, 2022 — CellMEAT, a cell-based shrimp producer, plans to carry its flagship Dokdo shrimp to the Korean, US and Singapore markets by 2024.

The Korea-based firm has simply raised $8.1 million in a Sequence A funding spherical, which will probably be used to launch its Seoul heart able to producing 100 kg per day, mentioned Heejung Kim, COO of CellMEAT. FoodIngredientsFirst.

“As soon as CellMEAT’s Seoul heart is efficiently launched, we are going to increase Sequence B funding for a full-scale manufacturing facility,” says Kim.

She expects the corporate to obtain between $30 million and $40 million within the subsequent spherical of funding to considerably enhance its present manufacturing capability of 10 kg per day in its prototype labs.

$5 per kilo of farmed shrimp
Whereas CellMEAT beforehand talked about producing shrimp at $20 per kg, the corporate revealed to the FoodIngredientsFirst who expects to market their shrimp at lower than US$5 per kg.

Whereas that is already significantly cheaper in comparison with common shrimp, it’s a vital assertion concerning Dokdo shrimp, which is a premium regional delicacy. In accordance with Kim, it prices about $160 per kg.

In the meantime, cell-based shrimp competitor Shiok Meats hopes to launch its personal cell-based shrimp at $50 per kg in 2023.

“If one other firm has a distinct worth, that’s nice,” says Shikha Malhotra, group chief to the CEO of Shiok Meats, FoodIngredientsFirst.

Explaining that on the time of launch, Shiok Meats expects the price of shrimp to be $50 per kg, the corporate anticipates decreasing media prices when it “achieves economies of scale”.

“We now have all the time been and proceed to be sensible by way of deadlines and our targets; Lowering from $10,000 per kg to a couple hundred {dollars} (per kg) right now has been difficult however extraordinarily satisfying as we advance our R&D milestones.”

Shiok Meats dumplings, made utilizing 3D printer expertise, will arrive at a choose Singaporean restaurant in 2023 (Credit score: Shiok Meals).Jumbo Alternatives in Dokdo
CellMEAT plans to provide three completely different sizes of shrimp, all the time utilizing cells from the regional Dokdo selection.

The Dokdo shrimp is bigger than the widespread shrimp, reaching sizes of 20 to 25 cm. The peach-colored crustacean can solely be discovered within the Arctic Ocean and within the seas of Japan, Bering and Okhotsk, dwelling in waters – typically deeper than 300 meters –.

The biggest selection inhabits the waters of Dokdo Island between Korea and Japan.

A couple of fish within the sea
In the meantime, Shiokmeats is forecasting commercialization within the subsequent yr.

“We’re on observe to carry the primary shrimp product to market by 2023 by a premium restaurant in Singapore,” provides Malhotra.

Shiok Meats plans to launch in one other Asian nation “the place components like demand, laws, expertise and development potential are all aligned,” explains Malhotra. The corporate is looking for native collaborations and partnerships to gasoline its enlargement plans.

She anticipates that 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. We now have all the time been open to collaboration as all of us have to work collectively to attain large-scale manufacturing,” says Malhotra.

A earlier interview for FoodIngredientsFirst revealed that Shiok Meats works with 3D printing so as to add texture to synthesized shrimp meat grown from remoted stem cells. With its expertise, the corporate claims to have the ability to develop crustaceans 4 instances quicker than typical pure manufacturing.

motivated shoppers
Shoppers are more and more prepared to go for different grown meals. With 78% of shoppers surveyed in Singapore saying they’re prepared to strive cultured seafood and meat, based on Shiok Meals market analysis.

Curiously, in one other firm survey, this time surveying the Hong Kong market, they discovered that meals security is the highest motivator among the many public to just accept cultured meat, with 43% of respondents citing it as their high precedence.

Different issues, similar to sustainability and environmental affect, attracted 40% of respondents.

These numbers characterize appreciable help from shoppers, particularly within the seafood market sector, the place air pollution and micro organism could be dangerous to well being. Shopper well being issues are an perception Pearlita Meals, a cell-based market participant within the oyster area of interest, revealed earlier this month to FoodIngredientsFirst.

motivated governmentsSingapore’s Minister of Sustainability and Setting opens Shiok Meals’ superior R&D facility in 2021 (Shiok Meals Credit).
Each Shiok Meats and CellMEAT are supported by their respective governments to launch modern merchandise. The latter is actively working in a analysis group for the long run excessive value-added meals expertise initiative of the South Korean Ministry of Agriculture.

Nonetheless, Korea has but to go a definition for classy meat, which explains CellMEAT’s plans to launch in Singapore, the primary nation on this planet to approve cell-based merchandise.

Regardless of this, the corporate obtained funds between 2020 and 2021 from the Ministry of Small and Medium Enterprises (PME) and Startups. It’s at the moment receiving funding from the Korean Institute of Planning and Expertise Evaluation in Meals, Agriculture and Forestry, which is because of finish in 2025.

Shiok Meats additionally obtained assist from Enterprise Singapore.

“We’re lucky to have the help of the Authorities of Singapore by donations and investments over the previous three and a half years, which have helped us construct our labs from the bottom up, rent the correct expertise and plan for bigger manufacturing amenities. ” says Malhotra.

By Marc Cervera

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