A joint venture between CP Foods and Future Meat Technologies will aim to develop hybrid cultured meat products for the Asian market.
Future Meat Technologies uses stainless steel fermenters to support the rapid, natural proliferation of animal cells. The cultured meat company recently announced announced that it can now produce cultivated chicken breast for $7.70 a pound, down from $18 a pound six months ago.
In addition, Future Meat Technologies closed a $347 million series B funding round led by ADM Ventures and Tyson Foods in December 2021.
"After the first launch of CPF's plant-based products under the Meat Zero brand last year, we have received exceptional recognition from the market both in Thailand and the Asian market,” said Prasit Boondoungprasert, CEO at CP Foods.
“Cultured meat is another exciting technology, having the same sustainability and animal welfare proposition as plant-based meat. It can also offer new properties to satisfy future consumer needs and will be a key part of our ambition to be one of the leading alternative protein companies. Future Meat is one of the technology leaders in this field, and we are excited to be working with them to combine our expertise and deliver exceptional products for the Asian markets."
"We are incredibly excited about the opportunity to expand our activity and to work in Asia," added Yaakov Nahmias, Future Meat Technology’s president and founder. "Our technology is uniquely suited to meet the rising demands for quality protein in Asia at a time of dwindling environmental resources. It is time to meet this challenge head on to secure a future for all coming generations."
According to the WATTPoultry.com Top Companies Database, CP Foods, of Bangkok, Thailand, is Asia’s second largest poultry producer and the world’s largest producer of animal feed. In 2020, the company launched a range of plant-based meat alternatives, stating that it wants to be a top three player worldwide in the segment within five years.
