An Israeli start-up creates fake 3D-printed steaks
TEL AVIV (Reuters) – Israeli startup Redefine Meat on Tuesday expanded its operations in Europe where it hopes to reach thousands of restaurants by the end of next year and served its whole cuts of alternative meat for the first time at herbal basis.
The 3D-printed beef substitute has been rolled out in Israel, as well as in Germany, the Netherlands and the UK. A blend of soy and pea protein, chickpeas, beets, nutritional yeast and coconut fat, it mimics beef flank steak, also known as flank steak.
The company, which has so far worked with about 150 restaurants in Israel, said any cuts would broaden the appeal of alternative meat products that were mostly limited to ground beef dishes, including burgers and sausages.
“It’s the money maker. It’s the reason we have meat,” CEO Eshchar Ben-Shitrit said.
Their larger cuts of alternative meat are more complicated to produce and continue to evolve.
“We are increasing capacity. Each batch we make is five times larger than the previous batch. So we’re changing… the machines, the flow and we’re also changing the attributes of the product,” he said.
The company plans to build five factories in Israel, Europe, the United States and Asia in the next few years.
As technology advances and improves the taste and variety of alternative meats, industry sales could reach $140 billion by 2029, or around 10% of the global meat market, Barclays estimates.
Competition is already strong, with players such as Beyond Meat and Impossible Foods from California and Novameat from Spain.
Redefine Meat previously announced it had secured $35 million in funding and said it had also raised a larger amount, but would not disclose the amount.
“We raised by far the biggest amount an Israeli alternative meat company has ever raised,” Ben-Shitrit said.
For perspective, earlier this year Israel’s Aleph Farms, which is developing a method to grow meat in the lab from cow cells, raised $105 million.