Stakeholder Foods Courtesy
(Photo : Stakeholder Foods Courtesy)

Throughout history, innovation has often been born out of a desire to address the most critical challenges faced by humankind. One such challenge that continues to grow is  that close to a billion people are undernourished as a result of a lack of access to nutritional food sources. Many companies in the food tech industry are emerging today to tackle food security. Cultured meat has already been identified as one of the best solutions that could potentially make significant progress in this area. 

Steakholder foods. (Nasdaq: STKH. Formerly MeaTech 3D), an Israeli food technology startup founded in 2019, is one of the cultured meat pioneers attempting to change the global food industry with its groundbreaking cultured meat production technologies. While its initial activities have mainly been focused on beef, chicken and pork, the company is currently firing on all cylinders to maximize its growth potential by tapping into new markets and business verticals. 

Steakholder Strong Partnerships are a Testament to its Innovative Offering

Recently, Steakholder announced a collaboration with Umami Meats, a Singaporean cultured seafood company, to develop 3D-printed whole-cut seafood products. The two companies plan to develop species that are endangered because of climate change, strong consumer demand, and overfishing. Steakholder's stated aim is to leverage its leadership in 3D bioprinting to venture into this new business vertical and gain a first-mover advantage in the market.

The global seafood market is estimated to be valued at over $110 billion in 2022, and the Food Industry Association expects the industry to grow at a CAGR of 3.6% through 2032. Asia, in particular, is one of the biggest markets for seafood globally, which makes Steakholder's expansion into this region appear to be a smart strategic move. Unlike many cultured meat startups, Steakholder can benefit from its proprietary 3D bioprinting technology which the company will be able to apply to a variety of verticals. And this is exactly what the company is doing by expanding its horizons into cultured seafood. 

Will Cultured Meat Play a Part in a Sustainable Future?

Just a couple of decades ago, the idea that meat could be produced without having to raise or slaughter animals was thought to be impossible. Today, however, it appears to be just a matter of time before a majority of our meat will actually be produced by cellular agriculture. 

Factory farming animals have been identified as one of the biggest contributors to carbon emissions globally as policymakers are moving swiftly to dramatically reduce greenhouse gases to achieve ambitious environmental sustainability goals. The United Nations has even called for people to cut down on meat consumption to save the planet. Yet despite these calls for action, it is estimated that the demand for meat will increase by a staggering 70% by 2050. Cultured meat, or clean meat, which is grown and developed in a bioreactor, is increasingly becoming the most viable and sustainable option to meet the rising demand for meat while also addressing future security and environmental challenges. 

The cultured meat industry was valued at just $1.64 million in 2021, but according to Allied Market Research, the industry is set to reach a value of over $2.78 billion by 2030, growing exponentially at a CAGR of over 95.8%. This exceptional growth expected in the next eight years should help Steakholder and other companies in this space vying for position to unlock many new growth opportunities.

Steakholder's Appeal as an ESG-Oriented Business

Beyond disrupting the global meat and seafood markets. Steakholder sees its collaboration with Umami Meats as an opportunity to have a positive environmental impact on oceanic ecosystems and wildlife. "Up until now, our product development activities have been oriented primarily around cultured bovine, avian and porcine products, and we have looked closely at the environmental impact of these specific sectors. We are eager to expand our impact potential to the fishing industry as well." said Arik Kaufman, CEO at Steakholder Foods. 

Conclusion

Steakholder seems to be moving in the right direction to help disrupt the multi-billion-dollar global seafood industry while building on its progress with livestock and poultry. If the company can continue its current strategy of collaboration with other cultured meat players, it should find itself on an accelerated path into new markets and business verticals, a result that will surely keep investors on the edge of their seats.