Breaking News
Investing Pro 0
Cyber Monday Extended SALE: Up to 60% OFF InvestingPro+ CLAIM OFFER

Israel's Redefine Meat serves up plant-based whole cuts of beef

Economy Nov 16, 2021 17:28
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
5/5 © Reuters. A chef arranges a 3D printed plant-based steak mimicking beef, produced by Israeli start-up Redefine Meat as part of an event marking the international commercial launch of its New-Meat product range in a restaurant in Tel Aviv, Israel November 15, 2021. 2/5
 
RDI
0.00%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

TEL AVIV (Reuters) - Israeli startup Redefine Meat on Tuesday expanded operations into Europe where it hopes to reach thousands of restaurants by the end of next year and served for the first time its plant-based whole cuts of alternative meat.

The 3D-printed beef substitute was rolled out in Israel, as well as Germany, the Netherlands and the United Kingdom. A mix of soy and pea protein, chickpeas, beetroot, nutritional yeasts and coconut fat, it mimics flank steak, which is also known as bavette.

The company, which until now worked with about 150 restaurants in Israel, said the whole cuts will broaden the appeal of alternative meat products that have mostly been limited to ground-beef dishes, including hamburgers and sausages.

"This is the money-maker. This is the reason we have meat," CEO Eshchar Ben-Shitrit said.

Their larger cuts of alternative meat are more complicated to produce and still evolving.

"We're scaling up the capacity. Every batch that we make is five times larger than the previous batch. So we're changing ... the machines, the flow and we're also changing the product attributes," he said.

The company plans to build five factories across Israel, Europe, the United States and Asia in the coming few years.

As technology advances and improves the taste and variety of alternative meats, sales in the sector could reach $140 billion by 2029, about 10% of the world meat market, Barclays (LON:BARC) estimates.

Competition is already high, with players including California's Beyond Meat (NASDAQ:BYND) and Impossible Foods and Spain's Novameat.

Redefine Meat previously announced it had secured $35 million in funds and said it has also raised a greater amount, but would not disclose how much.

"We raised the largest amount by far that 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 cultivate meat in the lab from cow cells, raised $105 million.

Israel's Redefine Meat serves up plant-based whole cuts of beef
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email