Rehovot-based "deep tech" cultured meat developer MeaTech 3D Ltd has signed a memorandum of understanding with Singapore's Umami Meats for the joint development of 3D-printed cultured structured seafood, the company announced Tuesday.
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The global seafood market is estimated to be worth some $110.2 billion by the end of 2022. Umami Meats focuses 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.
MeaTech's 3D bioprinting technology can reportedly produce complex meat products at an industrial rate, without impacting cell viability. The company is developing and commercializing its 3D-printing capabilities in-house and to third parties in the food-tech sector, and the MoU with Umami Meats is another step in MeaTech's strategy of collaboration with other players in the alternative protein sector.
This collaboration opens a door for both companies into the Asian market, and Singapore specifically, which is currently the only country that has authorized the production and distribution of cultured meat.
MeaTech founder and CEO Arik Kaufman said, "We're very pleased about this new agreement which reflects our commercialization strategy of industry collaboration using our unique 3D printing capabilities. We're excited about entering into the seafood sector and believe it will lead us to new market pathways throughout Asia and worldwide."
Mihir Pershad, founder and CEO of Umami Meats added, "We're delighted to establish this collaboration with MeaTech … 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."
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