[ad_1]
Lab-Grown Meat Company Upside Foods has become the first company in the world to receive FDA approval for a cultured meat product, after strong support expressed by the United States government on the issue of cultured meat. This revolutionary move bodes well for additional industry leaders like Steakholder Foods (NASDAQ: STKH ).
Changes in the Cultured Meat Regulatory Landscape
In September, the White House issued an executive order that could mean a large-scale expansion is on the global horizon for companies that use biotechnology to produce lab-grown meat.
The announcement directs US agencies, including the Food and Drug Administration (FDA) and the US Department of Agriculture (USDA), to begin the regulatory process to advance biotechnology and biomanufacturing in the direction of a bioeconomy. For companies that develop cultured beef, poultry and fish, it is a hopeful step closer to the production and consumption of the products in the United States.
Following this, it was recently announced that after a rigorous evaluation, UPSIDE Foods became the first company in the world to receive a “No Questions” letter from the US Food and Drug Administration (FDA) for cultured meat, poultry or seafood.
Eric Schulze, Vice President of Product and Regulatory at Upside Foods recently said in an article that his California-based cultured meat company is “ready to compete in the industry with conventional meat producers and hopes to sell the products within a year”.
Among the objectives stated in the National Biotechnology and Biomanufacturing Initiative of the United States Government is the call to “improving and expanding production capacity and domestic biomanufacturing processes, as well as increasing pilot and prototype efforts in biotechnology and biomanufacturing to accelerate the translation of basic research results into practice.”
The State of Lab-Grown Meat
Lab-grown meat is produced from stem cells taken from live animals, then grown in a medium that allows them to multiply into meat products. Industry leaders of lab-grown meat tout the products as an alternative to animal slaughter, resulting in a healthier product with fewer antibiotics. Supporters also have the process address food insecurity, amid concerns from the Food and Agriculture Organization of the United Nations that by 2050, the current agricultural systems in place will not be able to feed the growing world population.
In correlation with the executive order of the president, the process of meat grown in the laboratory is said to limit carbon emissions. A 2011 study reported by the University of Oxford indicates that the production of cultured meat could generate 96 percent more greenhouse gas emissions than traditional cultured meat.
But global agencies have been slow to regulate cell farming, ensuring that all safety requirements are firmly in place and product labeling reflects the strict requirements of all current food products. To date, Singapore is the only country in the world where farmed meat is legally consumed.
Meanwhile, the emerging industry is bursting at the seams ready for approval. According to the Good Food Institute, $1.38 billion will be collected only in 2021 by cultured meat companies. The agency said there were 107 industry start-ups in 2021 and 25 countries around the globe have at least one laboratory-grown meat company that develops and tests products.
Companies like Steakholder Foods (NASDAQ: STKH ) could be next
Regulation and commercialization of the industry could spell tremendous growth for other major players in the cultured meat industry. One of the main players that the market is currently keeping an eye on is the Israeli company Steakholder Foods (NASDAQ: STKH), the company, formerly known as MeaTech 3D, has developed a bioprinting technology that is scalable and can produce a custom and total cut. products Using ink formulated from stem cell lines and an advanced 3D printer, the company has the ability to cut meat based on a digital design that emulates traditional cuts.
Steakholder’s technology has the potential to support farmed meat companies around the world, further disrupting the industry even as it begins to take off.
Starting in 2019, Steakholder Foods has taken steps in countries around the world in preparation for the approval of laboratory meat. In 2021, the company produced the largest ever steak, a 3.67-ounce cut. In 2022, the company secured a patent in the United States for its technology. Patents followed in Australia and New Zealand.
Recently, Steakholder Foods announced the acquisition of a brand in Japan, which has been in discussions on a regulatory framework for the production and consumption of laboratory-grown meat in the country. The firm has also partnered with Umami Meats of Singapore to add seafood and fish products to its line, a strategic move to cater to the palates of consumers in Japan and surrounding Asian areas.
With US regulators beginning to grow meat products green, the main players have achieved a substantial expansion, with companies like Steakholder positioned to benefit massively from this change.
PESG Research is a digital think tank under The Future Markets Research Tank, offering commentary and exploration into the current and future state of the Pharma, BioTech and Sustainability industries. Click here to read our disclaimers or follow the link: https://www.pesgresearch.com/disclaimers
Contact Media
Company name: Search PESG
Contact person: Media Relations
Email: Send email
Country: United Kingdom
website: pesgresearch.com/
[ad_2]
Source link