Finless Foods Potential to Disrupt $120 Billion Seafood Industry
There is no doubt that people are increasingly concerned about the effect meat and fish consumption is having on the planet. It is thought that about a quarter of greenhouse gas emissions come from traditional agriculture. But money is now surging into these start-ups and in 2013 a Dutch team said they had produced the world’s first lab-grown burger. Despite the hype, mass-produced cultured meat and fish has not yet been regulated for sale to the public anywhere in the world. Companies such as Finless Foods will have to surmount many obstacles. Regulators are scrambling to deal with this new frontier and there is also the issue of price. Finless Foods first wants to achieve parity with the cheapest type of bluefin tuna – currently about $7 (Dh25) for a piece of sashimi. “At the start we think it will be a luxury product,” he said. But they intend to cut the price even more to break into a global seafood market worth $120 billion (Dh440.7bn) a year.