Thai Union Group

Making meat sustainable over the long term

Cell-cultured Meat

lueNalu is a startup developing cultured seafood using fish cells. The company grows the cells isolated from the fish tissue in a bioreactor with culture media and assembles them into fish products. In December 2019, the startup hosted a culinary demo of its cultured yellowtail. In<a href="https://sp-edge.com/updates/13555"> October 2022</a>, Blue Nalu announced two new technological breakthroughs–single-cell suspension and lipid-loading–which would enable highly scaled production of cultivated seafood. Further, the company plans to begin operations at its commercial facility–equipped with eight 100,000-liter bioreactors and an annual capacity of 6 million pounds of cultured seafood–in 2027.In February 2024, BlueNalu became the first cultivated seafood company to join the National Fisheries Institute, the trade association for the US seafood industry.Key partnerships and customersAs one of its go-to-market strategies and to accelerate the commercialization of cell-cultured meat, BlueNalu has entered into partnerships with several food manufacturers. The startup has<a href="https://sp-edge.com/updates/22423"> partnered</a> with Mitsubishi Corporation, Thai Union, Pulmuone, and Food &amp; Life Companies to focus on the Asia-Pacific region, while the<a href="https://sp-edge.com/updates/5473"> partnership</a> with Nomad Foods focuses on Europe. Under each partnership, the companies will collaboratively conduct market research on consumer insights in the regions, examine regulatory frameworks, and explore opportunities to accelerate the launch of BlueNalu’s cultivated seafood products across the regions.In<a href="https://sp-edge.com/updates/17063"> March 2023</a>, BlueNalu extended its partnership with Nutreco to establish a cell feed supply chain for cultivated seafood. The partnership will entail initiatives to reduce cell feed costs by moving from a pharma-grade to a food-grade ingredient supply. In <a href="https://sp-edge.com/updates/23369">November 2023</a>, BlueNalu signed a memorandum of understanding (MoU) with NEOM, a futuristic city in northwest Saudi Arabia that follows sustainability practices, to commercialize and distribute cultivated seafood products and enhance food security.Funding and financialsIn its latest funding round in <a href="https://sp-edge.com/updates/22541">October 2023</a>, BlueNalu raised USD 33.5 million in series B funding with participation from Agronomics and other new and existing investors. Specific uses of the funds were not disclosed.

Aleph Farms is an Israeli startup developing cell-cultured meat. The company unveiled its first cell-cultured steak in 2018 and demonstrated its ability to grow cells on a textured soy protein scaffolding in 2020. Its flagship product, Aleph Cuts, is a <a href="https://sp-edge.com/updates/15904">kosher-certified</a> whole-cut beef alternative product and was the first cell-cultured beef product to be <a href="https://sp-edge.com/updates/25648">approved</a> for commercial sale.Aleph Cuts have obtained regulatory approval from the Israeli Ministry of Health for its cultivated beef manufacturing process, allowing it to produce and market Aleph Cuts in Israel. It also submitted it for regulatory approval in <a href="https://sp-edge.com/updates/20443">Switzerland</a> and the <a href="https://sp-edge.com/updates/20716">UK</a>. Moreover, the company planned on offering exclusive tastings of Aleph Cuts in Singapore and Israel in limited quantities, subject to regulatory approvals.The company operates out of both the <a href="https://sp-edge.com/updates/13596">US</a>, and Israel. Its 65,000 sq ft <a href="https://sp-edge.com/updates/8639">headquarters</a> in Rehovot, Israel, houses a pilot production facility, a state-of-the-art R&amp;D center, and a community center. In June 2024, Aleph Farms laid off 30% of its domestic workforce due to difficulties securing capital amidst its scale-up process.Key customers and partnershipsIn <a href="https://sp-edge.com/updates/18379">May 2023</a>, Aleph Farms entered into a long-term agreement with Thermo Fisher Scientific (TFS), an industry leader in scientific research and materials, to establish a supply chain for cell-culture growth media. Through the agreement, TFS was to collaborate with Aleph Farms to achieve long-term stability in the growth medium supply chain to provide the necessary conditions for scaled production and price parity with conventional meats. In <a href="https://sp-edge.com/updates/19185">June 2023</a>, world-renowned chef Marcus Samuelsson partnered with the company as an investor, culinary advisor, and launch partner, to work closely on the development and promotion of Aleph Cuts. Further, in July 2023, the company received support from Migros, Switzerland's leading food enterprise, for its regulatory approval process as a part of its strategic collaboration.In <a href="https://sp-edge.com/updates/26828">February 2024</a>, the company partnered with bio-based innovation company BBGI and synthetic biology firm Fermbox Bio to build Thailand's first production plant for cellular agriculture applications. Further, in <a href="https://sp-edge.com/updates/29115">May 2024</a>, it partnered with AI insights platform BioRaptor to lower production costs and streamline production processes.Funding and financialsIn <a href="https://sp-edge.com/updates/4121">July 2021</a>, the startup raised USD 105 million in series B funding led by L Catterton and DisruptAD. The funding was earmarked for scaling manufacturing, expanding its product portfolio, and facilitating global commercialization efforts.

Preserving aquatic life for future generations

Sustainable Aquaculture

ViAqua Therapeutics is a biotechnology company that has developed an orally administered RNA-particle platform to improve disease resistance in aquaculture. Founded in 2014 and based in Haifa, Israel, ViAqua focuses on creating RNA-based solutions to combat major viral diseases affecting global shrimp aquaculture. The company's technology uses a proprietary double-strand RNA (dsRNA) particle encapsulation that triggers an anti-viral RNAi response in shrimp cells to fight and suppress diseases. ViAqua's first product is a feed supplement designed to enhance resistance to viral infections in shrimp, with the initial application targeting White Spot Virus (WSSV). This virus causes annual losses of around USD 3 billion and a 15% reduction in global shrimp production. The company's solution aims to provide production stability for farmers while also creating an opportunity to increase output per farm without increased risk.
ViAqua produces its capsule products using commercial, industrial processes and is scaling up production to take its first product to market. The company plans to begin production in India in early 2024. While currently focused on shrimp production, ViAqua's delivery technology has potential applications in other areas of aquaculture and beyond. The company has already initiated proof of concept for parasitic diseases in shrimp and is working to develop a formulation for fish, including a joint project targeting Scale-Drop Disease Virus (SDDV) in Barramundi. Additionally, ViAqua sees potential for its RNAi technology in poultry and against diseases that affect pollinating bees.
Key customers and partnerships
ViAqua has established a commercial partnership through a joint development and marketing agreement with Skretting, a Nutreco company, to bring its product to market. This collaboration, which began in 2018, aims to develop a functional feed product for the aquaculture market. The partnership leverages Skretting's expertise in aquafeed and its global reach in shrimp markets to effectively deliver ViAqua's solution to farmers.

Alchemy Foodtech is a food science and technology company that develops novel active food ingredients that fights diabetes. The company believes the ideal healthcare system to diabetes is one that doesn't let you get it in the first place. By combining disruptive food, bio and medical technologies into everyday food, Alchemy Foodtech  provides diabetics with far better disease management and also the general public with diabetes prevention.

Jellagen is a Med-Tech company offering high-grade native collagen sourced from jellyfish. jellyfish collagen is applicable for tissue engineering, regenerative medicine, stem cell research, and a wide variety of cell culture applications. currently supply native collagen for cell culture research supplied in solution or powder.

Orgafeed is a sustainable protein provider specialized in insect protein for pet food. The company has introduced “Laika” - a sustainable pet brand offering dog foods

Aleph Farms is an Israel-based food technology company designing new ways to grow quality animal products that improve sustainability, food security and animal welfare in our food systems. Founded in 2017, the company utilized cellular agriculture technology to unveil the world’s first cultivated thin-cut steak in 2018, the world’s first cultivated ribeye steak in 2021, and cultivated collagen in 2022. Under its product brand, Aleph Cuts, the company will launch its first product, the Petit Steak, grown from the non-modified cells of a premium Angus cow. For its contributions to climate leadership including a net zero commitment made in 2020, it has received top accolades from the World Economic Forum and the United Nations.

ViAqua Therapeutics Ltd develops drugs and therapeutics for aquaculture. The company was founded in 2014 and is based in Israel.ViAqua Therapeutics is developing the first orally administered treatment for aquaculture.The Company’s management bring a broad range of business development, technology development, management, and industrial biotech experience.

JOYNCO is an O2O company to develop the retails, restaurants and products based on culture and customer integrated experiences.

BlueNalu is a cellular aquaculture company that satisfies the global appetite for seafood in a fresh, sustainable, and humane way. It offers consumers with great tasting, healthy, safe, and trusted seafood products, that support the sustainability and diversity of the oceans.

HydroNeo believe that it is time to bring the futur to shrimp farmers worldwide. hydroneo comprehensive Smart Farm Management System will change the way shrimp farming has been done in the past and will tackle some of the biggest challenges the industry is facing.hydroneo see ourselves as the trusted partner of shrimp farmers by providing state of the art technology and offering one-stop solutions while creating value for customers and the environment.

Flying Spark is engaged in the research and development of methodologies and processes for the production of high-quality protein powders from fruit fly larvae, which it grows and processes. The products of the company include protein powders and oil for application in food products for human consumption, animal feed and cosmetic products.

Red Lobster is the seafood restaurant company. its vision is to be where the world goes for seafood now and for generations.    Red Lobster is an innovative, values-based company that focuses on providing guests the ultimate seafood dining experience and continues to grow by focusing on Great Seafood, Great People and Great Results.

Thai Union Group produces shelf-stable seafood products for a global customer base. The company’s product  portfolio includes tuna, shrimp, salmon, sardine and mackerel, cephalopod, bakery, and pet food products. Its brand portfolio includes Sealect, Fisho, Bellottaas, Chicken of the Sea, John West, King Oscar, Petit Navire, Parmentier, Mareblu, and Century. As a company committed to innovation and globally responsible behavior, Thai Union is proud to be a member of the United Nations Global Compact, and a founding member of the International Seafood Sustainability Foundation (ISSF). In 2015, Thai Union introduced its SeaChange® sustainability strategy. Thai Union’s on-going work on sustainability issues was recognized in 2018 and 2019 by being ranked number one in the world in the Food Products Industry in the Dow Jones Sustainability Index, achieving a 100th percentile ranking for total sustainability score.

<div> Thai Union Group PCL (SET: TU) is one of the world's largest seafood producers, with annual sales exceeding THB 136.2 billion (USD 3.9 billion) and a global workforce of over 44,000 employees. Founded in 1977 as a canned tuna processor and exporter, Thai Union has grown into a multinational company with operations across Europe, North America, Africa and Asia. Thai Union's product portfolio includes ambient (shelf-stable), frozen, chilled and pet food products. Its global brand portfolio features market-leading names such as Chicken of the Sea, John West, Petit Navire, Parmentier, Mareblu, King Oscar, and R&uuml;gen Fisch. The company also owns Thai-leading brands like SEALECT, Fisho, Qfresh, and Monori. Thai Union has placed a strong emphasis on sustainability through its SeaChange initiative. Key focus areas include responsible sourcing, safe and legal labor practices, responsible operations, and supporting local communities. The company aims to source 100% of its branded tuna from fisheries that are either Marine Stewardship Council certified or engaged in Fishery Improvement Projects. Thai Union has been recognized for its sustainability efforts, being listed on the Dow Jones Sustainability Indices for 10 consecutive years. Thai Union is diversifying beyond its core seafood business. The company has invested in alternative proteins, including plant-based seafood products. In 2016, Thai Union acquired a minority stake in Red Lobster, the popular global restaurant chain. The company is also expanding into pet food and ingredients businesses derived from its seafood processing. </div>

Thai Union

Thai Union Group's Q2 profits rise 14.2%

Producers of cell-cultured seafood using cells extracted from fish. Startups have succeeded in developing prototypes of yellowtail and salmon

Producers of cell-cultured pork using cells extracted from animals. Startups have succeeded in developing prototypes of bacon and pork belly using cultured muscle and plant-based proteins and fat

Producers of cell-cultured beef using cells extracted from animals. Some producers in the industry are developing premium beef ranges such as Wagyu. Startups have only succeeded in developing prototypes in the minced form, with a few creating prototypes of (pieces of) steak using 3D bioprinters

Producers of cell-cultured chicken and duck using cells extracted from animals. Some producers in the industry are developing rare delicacies such as foie gras. Startups have only succeeded in developing products in the nugget form

Producers of growth media for cell-cultured meat production and ingredients for meat and meat analog (cell-cultured, plant-based) producers, which can include cell culture meat paste, culture fat, etc. Producers of growth media mainly focus on developing alternative growth media to FBS using plant-based or other sources

Developers of bioreactors and other technologies used in cell-cultured meat production. Industrial scaling and efficiency gains are key areas of interest for startups in the industry

A new wave of meat, fish, and poultry alternatives are driving this hyper-growth industry into the mainstream

Plant-based Meat

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<div>
 French seafood brand Petit Navire, owned by Thai Union, has collaborated with Algama Foods, a microalgae startup, to launch a new plant-based fish product line known as Cap Végétal.
 This range includes three distinct flavors of canned marinated plant-based fish and two types of ready-to-eat salads. Ingredients used in these products are wheat, soy, algae oil, and sea lettuce, offering a beneficial source of protein and omega-3. Carrefour will exclusively market the Cap Végétal line starting this month.
</div> Analyst QuickTake: 
 This partnership follows Thai Union's <a href="https: 
//sp-edge.com/updates/15668"> investment </a> in Algama Foods last year, aiming to expand its alternative protein business and meet sustainability goals. Algama Foods does not sell retail products and focuses on providing R&amp;D processes for other producers.

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