6th April 2022 Content supplied by: SuperMeat
PHW and SuperMeat Formalize Agreement to Bring Cultured Meat to the Masses
PHW Group, one of Europe's largest poultry producers, and SuperMeat, a leading food-tech company developing cultivated meat products, have announced the official signing of a Memorandum of Understanding (MoU) that will solidify the brands' joint mission to bring cultivated meat products, including chicken, turkey, and duck, to European consumers.
With this signed MoU, PHW Group and Supermeat will work together to be among the first to develop, manufacture and distribute cultivated meat at a large scale for consumers – challenging current perceptions of cultivated meat. Using SuperMeat's proprietary cultivated meat platform, they will be able to offer cultivated meat products that meet consumers' expectations across taste, texture, and nutritional composition – without the use of animals.
PHW Group has been an active player in the alternative protein market and has invested in a diverse portfolio of alternative protein products, including participating in SuperMeat's previous funding round. The Group is the only company from the meat industry to rank among the 50 Sustainability & Climate Leaders. Its ongoing investment in alternative ways of manufacturing some of the world's most staple meat proteins is part of this commitment to advance more sustainable meat practices.
"PHW Group envisions a future diet, which is going to be sustainable and balanced. That's why we are highly committed to the field of alternative proteins," said Peter Wesjohann, Chairman of the Board of PHW Group. "Within this segment, SuperMeat is a key element of our protein platform strategy and an outstanding partner in the food tech sector. Cooperating with SuperMeat to jointly establish cultivated meat in the European market will also support the EU Green Deal initiative. We look forward to commencing this journey with SuperMeat in Europe."
SuperMeat is the first B2B cultivated meat company to address the entire category of poultry meat, providing a complete solution to cultivated meat production. Already, the brand has showcased the versatility of its meat development at its pilot production plant, The Chicken – the world's first production-to-fork facility for local cultivated meat production.
"We are honored to grow our partnership with PHW, a company that repeatedly demonstrates its commitment to more sustainable, great-tasting, safe food products," said Ido Savir, Chief Executive Officer of Supermeat. "At SuperMeat, we are always seeking brands that align with our own personal values and mission. The agreement with PHW will support our goal of building and scaling a sustainable, localized, and efficient meat manufacturing value chain by integrating with the existing operations of today's leading food companies."
According to a recent report from McKinsey & Company, the cultivated meat industry could account for as much as 0.5% of global meat supply by 2030, representing a $25 billion market. Further, a PHW survey revealed more than half of consumers have already expressed interest in trying cultivated meat, and this partnership is a key step in making this a reality. The combined capabilities and know-how of both companies will allow for impactful progress across this process, building the industry for the future.
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Date Published: 6th April 2022
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