C has simply given the green light to U.S. start-up Brick to sell its lab-produced chicken. The firm says it is the world’s first regulatory approval for so-called clean. Meat does that does not come from the animals involved.
Josh Tetrik, co-founder and CEO, say the meat sold as a nugget will be priced at a premium price. When it first launches “in Singapore” at a restaurant in Singapore.
The demand for regular meat substitutes is increasing due to concerns about health, animal welfare and the environment. Beyond Meat, Impossible Foods, and a selection of plant-based alternatives. Quorn is a growing feature of supermarket shelves and restaurant menus.
The so-called clean or cultured meat. Which is grown from animal muscle cells in a lab. It is still in the neonatal stage despite the high production costs.
Singapore, a state of 5.. million cities, currently produces only about 10 percent. This food has ambitious plans to expand it over the next decade by supporting high-tech farming and new ways of producing food.
Josh Tetric said the San Francisco-based company was talking to U.S. regulators. But Singapore was a “better bit” than the United States.
“I think what will happen is that the United States, Western Europe and others will see what Singapore has done, the rigidity of the structure that they put together. And I would imagine that they would try to use it as a template to “put their own structures together,” he said in an interview.
The Singapore Food Agency said it reviewed information related to processing, production control and safety testing before approval.
Brick has just said it will make the product in Singapore, where it plans to start making a mug bean-based egg alternative sold commercially in the US.
Founded in 2011, Brick Just counts Hong Kong tycoon Lee Ka-shing and Singapore-based investor Temasek among its supporters. Tetrik says it has raised more than $ 300 million (about Rs 2,200 crore) since its inception, and is valued at an estimated 1.2 billion (about Rs 7,900 crore).
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It targets profitability at an operating income level before the end of 2021. It will be expected to reach the public soon, he added.
More than two dozen companies worldwide are testing lab-processed. Fish, beef and poultry, hoping to split into an unproven segment of the alternative meat market, with Barclays estimating that by 2022 it could reach 140 billion (approximately Rs 10,34,400 crore).
Competitors have also attracted some attractive investors.
The US-based Memphis Meets raised funds. This year in a deal led by Japan, Softbank,Temasek, and also counts. Among supporters of Bill Gates and Richard Branson.
Sheok Meats of Singapore, whose goal is to become the first company to sell lab-produced shrimp. It was back by Henry Socanto of Monte Nissin in the Philippines, who also owns Corn.
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