3D-printed alternative meat

The food of the future?

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Increasing public awareness of environmental problems is sowing the seeds of change when it comes to consumer preferences. For example, a GlobalData survey in Q3 2022 revealed that 68% of global consumers felt that a product being ‘sustainable or made from renewable resources’ was either an ‘extremely important’ or ‘quite important’ factor for their product choices. In the same survey, it was also found that 22% of global consumers consider ‘plant-based’ to be an essential feature of the products they buy.

Demographics and development will continue to drive meat production

However, despite many consumers shifting towards lower meat or vegetarian diets in recent years, global meat production has continued to rise. According to the UNFAO, meat production in 2020 exceeded 337 million tons. This represented a 45% increase from production levels in 2000. Population growth combined with rising protein consumption in developing economies powered this growth, and there is a clear relationship between socioeconomic development and rising meat consumption. For example, according to UNFAO figures, China’s annual per capita meat consumption increased from 13.62kg in 1980 to 60.59kg in 2017. In addition, the demand for meat is only likely to increase further. Countries such as India continue to have extremely low levels of per capita meat consumption and averaged five to 10kg per year in 2017. While it is still possible to maintain a balanced vegetarian diet, the problem of protein deficiency in developing economies has not been sufficiently taken into account within international development strategies. Therefore, while many consumers in developed economies are turning towards non-meat diets, curbing overall meat production remains unlikely if we are to feed a global population that is still expanding, albeit at a slower rate.

In addition to the high carbon emissions associated with producing meat, the increased likelihood of crop failure and famine under the impacts of climate change will make protein sufficiency at a global level increasingly difficult. As a result, agricultural tech (or AgriTech) is receiving increasing investment as companies pose innovative solutions as a means to bridge this nutritional shortfall. One of these technologies has been the use of 3D printing for culturing meat and plant alternatives. 3D printed methods lay down animal cells layer by layer. The cells are combined with cross-linked protein polymers and extruded into a bioreactor that incubates the product until it is ready. It is hoped that the use of 3D printing technology will increase the efficiency of lab-based cultivation methods.

3D printing is gaining traction

In May 2022, Redefine meat secured $250 million in venture financing. Similarly, in September 2021, Shanghai-based food tech start-up CellX raised $4.3 million in its second round of funding, having recently debuted its 3D-printed cell-based pork meat at a tasting event.

A number of other companies have also continued to push the frontiers of this technology in recent years. In 2019, Aleph Farms became the first company to cultivate a steak in space using a bioprinting solution. Back on Earth, many companies have also continued to expand their product ranges. In July 2022, SavorEat launched its kosher, vegan, gluten-free, allergen-free pork pies and vegan turkey burgers.

However, although 3D-printed meat and plant alternatives appear to offer a solution to feeding a growing (and often protein-deprived) global population while not sacrificing the planet, its adoption is unlikely to be smooth sailing. In 2021, a GlobalData survey revealed divided opinions about lab-grown meat, with 50% of global consumers finding the prospect of lab-grown meat unappealing to some extent, while the other 50% of respondents found the prospect somewhat appealing. Adding 3D printing to the mix is unlikely to sway the strong opponents to lab-grown meat, so adoption will likely be hampered in the short term. Despite this, the rate of innovation taking place in this niche market is promising. As a result, key milestones can be expected from this technology in the coming years.

Suddenly the prospect of a 3D-printed turkey does not seem so remote, even if it is unlikely to happen this Christmas.

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In spite of a flurry of results from high-profile FMCG companies over the last week revealing that price hikes volumes have remained fairly resilient, largely due to the strength of their brand reputation and credentials, we do forecast the market to become even more challenging in H2. Those companies exposed to the dairy category have felt the pinch sooner than the cereal & bakery firms such as Grupo Bimbo, with Danone’s volume growth sitting at a muted +0.9% in H1 2022 and Nestlé’s milk products and ice cream category reporting a 3.3% drop in volumes.

Dairy products and baked goods are categories that are especially exposed to private label trading down. They both rank in the Top 3 food categories in which consumers noticed price hikes – 60% became aware of price increases in dairy across the last two months, and 58% say the same about bakery and cereal products (GlobalData’s UK Monthly Retail Tracker – June). Private label alcoholic and non-alcoholic drinks are least likely to be typically bought, illustrating that consumer loyalty is stronger in beverages. Distinctive tastes, which private labels are less able to replicate, set brands apart, so beverage companies will be less exposed to the risk of trading down versus dairy companies.

Subcategories within dairy, such as yoghurt, a certain type of cheeses, white milk and children’s products will be targeted, as the private label has come fairly close to the original tastes and families will need to trade down everyday essentials.

Meanwhile, plant-based milk or speciality cheeses will be less impacted due to lower trust levels in private label alternatives and less choice – restricting the ability to trade down in these subcategories.

Globally, opinion on private label quality is generally good, with only 5% believing it to be low and 62% giving it a positive rating. These quality perceptions do vary across regions, with the Netherlands claiming the top spot in being the most positive. When consumers are assured of quality, they are more likely to venture into more experimental products, making way for more innovation in private labels.  In regions with more positive perceptions of private labels, we expect the grocers to maximise private label opportunities to steal share from the brands – especially those also in markets where consumers are particularly facing intense financial pressure.

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One solution might well be to grow our own meat. Cultured meat is not a steak that enjoys Stravinsky, but is a hugely exciting prospect nevertheless. Grown in vitro from animal cells, lab-grown meat could cut greenhouse emissions and water pollution, avoid the need for antibiotics and chemicals, and even improve the nutritional value of our diets, all without harming any animals.

The meaty numbers behind meat emissions

The possibility of a sustainable future for international meat production looks bleak. The UN estimates that livestock contributes over 14% of man-made greenhouse emissions. The UK Committee on Climate Change notes that, although approximately 40% of global habitable land is used for livestock farming, meat delivers less than 20% of the total food supply. Therefore, cutting our meat consumption is crucial to preventing a climate catastrophe.

Cultured meat could be a vital part of this sustainable future. Compared with conventional meat, these lab-grown products require dramatically less land and water while producing much lower emissions, allowing them to provide a meaty taste without moral compromises.

How much money for meatless?

As consumers become increasingly conscious of meat’s environmental and ethical implications, consumption is falling. A 2021 Oxford University study found that, between 2008-09 and 2018-19, the proportion of meat eaters fell by 3% points while the proportion of people identifying as vegetarian or vegan rose by 3% points. Simultaneously, demand for sustainable alternatives is rapidly increasing, with the value of major meat substitutes markets growing at a compound annual growth rate (CAGR) of almost 9% between 2017 and 2021, according to GlobalData forecasts.

With this spike in consumer interest, manufacturers have become more engaged, leading to an influx of investment into the cultured meat market and powering the development of ever more affordable products. As GlobalData reports, in contrast to the thousand-dollar products of a few years ago, today’s cultured meats are only nine or ten times more expensive than conventional meat, with the promise of prices decreasing rapidly in the future. This will help cultured meat become an affordable and environmental household staple.

Investments and developments

Cultured meat is a clear investment opportunity, with early ventures offering the chance for a substantial share in a new global market.

This year alone, GlobalData figures show that millions of dollars have been poured into cultured meat companies. In December 2021, Israel-based Future Meat Technologies secured $347 million in venture financing while in May 2022, JBS, a Brazilian meat-processing firm, acquired BioTech Foods, which develops cultured meat technologies, for $100 million. These considerable sums suggest investors are eager to secure a place in this growing market.

The future: lunch from the lab?

The world of cultured meat is fast-moving, with manufacturers finding cheaper processes and developing increasingly meat-like products. Most importantly, by substituting livestock for lab-grown meats, vast areas of land can be replaced with photosynthesising plants, carbon emissions can be slashed, and agricultural water use can be dramatically reduced. Food fresh from the farm might be our ecologically problematic present, but lunch from the lab could be our environmentally-friendly future.

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The limited-edition 160g packs, available from March through May 2022, are wrapped with baking sheets that double as printed baking templates, instructions, and recipes for baking kuih raya with milk chocolate. The templates are designed with cut-out moulds to aid novice cooks in measuring out ingredients correctly.

Each pack features one of six recipes for making biscuit, cookies, cake, and pudding, while two recipes are exclusively available online on the dedicated campaign website. Additionally, the company has planned exclusive livestreaming sessions with a celebrity chef, Anis Nabilah, to go through each of the recipes.

“Kuih Raya Dari Hati” is a follow-up to a similar campaign in 2021 that provided baking recipes in each pack. These campaign are intended to alter consumers’ perceptions of Cadbury Dairy Milk, effectively promoting it as a standalone indulgent treat, as well as a cooking ingredient for other sweet treats. These activations tap into the consumer inclination to prepare meals and snacks at home in lieu of dining out-of-home since the onset of the Covid-19 pandemic.

This trend has gained strength over the first quarter of 2022, as revealed by GlobalData’s consumer survey, largely due to the surge in the Omicron variant. Mondelez’s Ramadan pack can strongly appeal to half of the Malaysian respondents in the survey who have either started cooking meals at home from scratch, or were doing so more frequently during the last three months on account of Covid-19, and a quarter of respondents who continued to do so during the quarter.

Mondelez’s “Kuih Raya Dari Hati” campaign is an example of how brands can align their marketing strategies to resonate with varying consumer behaviours in the new normal. Chocolates makers are expected to step up spending on marketing activities and retail promotions to ensure the relevance of their top brands in the post-Covid-19 scenario. Such activities will play a pivotal role in accelerating the growth of the Malaysian chocolates market in the coming years.

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Ukraine is a producer of wheat, maize, barley, rye, potatoes and buckwheat and, together with Russia, it supplies nearly a quarter of global wheat, with Egypt being a key Ukrainian market. Ukraine is known as ‘the breadbasket of Europe’ due to its expansive fertile farmlands with rich dark soil, it plays a critical part in many countries’ bakery and cereal production. China, Italy and Spain – which are key regions for the global bakery and cereal landscape – are part of its top export markets for maize*. Middle East and Africa (MEA) countries, such as Egypt and Morocco, rely heavily on Ukraine imports for wheat, and supply chain disruptions will cause a rise in prices for these products globally. The categories that this will affect the most are morning goods, bread and rolls, and dough products, such as pizza bases and pastry shells

Russia’s invasion of Ukraine, and its own high export tax as the world’s largest exporter of wheat, threatens the sector. The repercussions of this are going to be varied: from social unrest and hunger to rising demand in other regions and rising prices. The timing is unfortunate, coming off the back of the pandemic-fuelled supply chain issues, poor wheat harvests in Russia and price hikes. With Covid-19 and the Russian conflict causing key issues for international shipments, a push for local products is expected, with the localism trend limiting the effect major global events can have on a products’ supply chain.

*Data based on Comtrade

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The value marked an increase of 126.1% over the previous month of $391.03m and a rise of 114.5% when compared with the last 12-month average, which stood at $412.15m.

Comparing venture financing deals value in different regions of the globe, North America held the top position, with total announced deals in the period worth $687.6m. At the country level, the US topped the list in terms of deal value at $687.6m.

In terms of volumes, North America emerged as the top region for food industry venture financing deals globally, followed by Asia-Pacific and then Europe.

The top country in terms of venture financing deals activity in November 2021 was the US with 19 deals, followed by the China with nine and India with two.

In 2021, as of November, food venture financing deals worth $5.58bn were announced globally, marking an increase of 70.3% year on year.

food industry venture financing deals in November 2021: Top deals

The top five food industry venture financing deals accounted for 75.9% of the overall value during November 2021.

The combined value of the top five food venture financing deals stood at $670.8m, against the overall value of $884.2m recorded for the month.

The top five food industry venture financing deals of November 2021 tracked by GlobalData were:

1) Mirae Asset Global Investments $500m venture financing deal with Impossible Foods

2) The $58m venture financing of Future Farm USA by BTG Pactual Participations,Enfini Ventures,Go4it Capital,Monashees,Rage Capital,Turim MFO and XP

3) BTG Pactual Participations,Enfini Ventures,Go4it Capital,Monashees,Rage Capital,Turim MFO and XP $52.8m venture financing deal with Fazenda Futuro

4) The $30m venture financing of TurtleTree Labs by Verso Capital Partners

5) Andy Roddick,Brooklyn Decker,CIC Partners,Dirk Nowitzki,Kendra Scott and Morgan Stanley Expansion Capital $30m venture financing deal with Tiff’s Treats Holdings

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The value marked an increase of 122.8% over the previous month of $893.36m and a drop of 2.9% when compared with the last 12-month average, which stood at $2.05bn.

Comparing M&A deals value in different regions of the globe, Asia-Pacific held the top position, with total announced deals in the period worth $1.3bn. At the country level, the Japan topped the list in terms of deal value at $550m.

In terms of volumes, North America emerged as the top region for food industry M&A deals globally, followed by Europe and then Asia-Pacific.

The top country in terms of M&A deals activity in November 2021 was the US with nine deals, followed by the UK with four and Spain with three.

In 2021, as of November, food M&A deals worth $22.21bn were announced globally, marking an increase of 18.3% year on year.

food industry M&A deals in November 2021: Top deals

The top five M&A deals accounted for 89.5% of the overall value during November 2021.

The combined value of the top five food M&A deals stood at $1.78bn, against the overall value of $2bn recorded for the month.

The top five food industry M&A deals of November 2021 tracked by GlobalData were:

1) Kozosushi $550m acquisition deal with Meat Crest

2) The $455.13m acquisition of Munchworld Marketing Sdn and Munchy Food Industries Sdn. by Universal Robina

3) Glanbia Co-operative Society $355.79m acquisition deal for 40% stake in Glanbia Ireland

4) The $229.02m acquisition of Bright Food (Group) by Bright Real Estate Group

5) Flour Mills of Nigeria $194.4m acquisition of 71.69% stake in Honeywell Flour Mills

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Nature of Disruption: XGuard suite provides self-protection against remote code execution and malware deployments. The software allows customers to comply with the new UN R155 guideline, identify and prevent cyber-attacks on their devices without having to change their R&D or validation processes. It can detect all legitimate binaries, including executable files, and automatically tightens the system based on the results. The platform can also generate a function calling graph that includes all function calls and returns. It delivers in-depth forensics of attack attempts, reducing root cause analysis time. XGuard’s patented middleware abstracts the integration layer to the chip and OS layers, allowing the security platform to be CPU (central processing unit) and OS (operating system) agnostic. This allows for the addition of new OS and chip platforms to the supported environments with minimal effort. Built-in checks in the Karamba XGuard platform can prevent binaries from being modified or functions from being removed. During the software development lifecycle, it requires no developer intervention or upgrades. Karamba XGuard is compatible with both off-the-shelf and custom-built environments. It can record and report extensive root cause analysis details to security forensics professionals, allowing code owners to detect vulnerabilities that hackers try to exploit. The platform is designed for embedded devices, and the automatic full-image analysis claims to offer runtime protection with less than 5% CPU cost and a 10% increase in disc image size.

Outlook: Cyberattacks on IoT devices and connected vehicles have resulted in stringent regulatory requirements on a national and individual level. Manufacturers of IoT devices and automobile Original Equipment Manufacturers (OEMs) face an urgent need to comply with such requirements without altering their R&D processes, delaying time to market, or raising product production costs. Karamba addresses this issue with the XGuard platform by offering security throughout the device’s lifetime for the IoT and automotive industry. This security solution locks down the gadget to its factory settings, preventing hackers from exploiting hidden security flaws. It also removes the requirement for security upgrades. Karamba has raised $10M in a Series B funding round in December 2021 led by automotive startup VinFast with participation from investors including South Korea’s Samsung Venture Investment (SVIC), YL Ventures, and Liberty Mutual. It intends to use the funds to build its product with ML capabilities and expand its commercial expansion to geographies such as North America, Asia, and Europe.

This article was originally published in Verdict.co.uk

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Nature of Disruption: The robotic device’s platform provides motor and cognitive rehabilitation services. The platform consists of four elements including the robot that interacts with the patient, an AI system that leverages a 3D sensor to control the robot, an application for use by health care staff to set up and track sessions, and a cloud-based storage system that includes information and analytics from all of the rehabilitation processes. The Inrobics app enables the users to control and set up the session with the robot. The app also provides a dashboard with real-time insights into the users’ development. The 3D sensor enables the platform to track the movements of the patient in real-time.

Outlook: Inrobics Social Robotics’ platform aims to improve rehabilitation therapies employing imitation-based activities and a series of exercises as well as provide additional tools for health care staff to optimize these sessions. It was designed by pediatric professionals and geriatric professionals and is suitable for home use as a remote rehabilitation resource to improve family balance and quality of life. The platform enables the therapists to receive data on patient activity and results, track patient progress using collected data, and modify the treatment plan based on progress with a focus on three areas including cognitive, physical, and emotional.

This article was originally published in Verdict.co.uk

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