- 'Redefine Meat', an Israeli startup creating plant-based, 3D-printed beef substitutes, is expanding its product into Europe.
- This plant protein has a unique appeal, because it mimics flank steak, whereas other beef alternatives have mostly been limited to ground beef dishes like burgers.
- According to Barclays, sales in the alternative meat sector could reach $140 billion by 2029.
- Redefine Meat is also working on replicating a wider variety of large beef cuts as it evolves.
Israeli startup Redefine Meat 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.
Have you read?
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 estimates.
Competition is already high, with players including California's Beyond Meat (BYND.O) and Impossible Foods and Spain's Novameat.
What’s the World Economic Forum doing about climate change?
Climate change poses an urgent threat demanding decisive action. Communities around the world are already experiencing increased climate impacts, from droughts to floods to rising seas. The World Economic Forum's Global Risks Report continues to rank these environmental threats at the top of the list.
To limit global temperature rise to well below 2°C and as close as possible to 1.5°C above pre-industrial levels, it is essential that businesses, policy-makers, and civil society advance comprehensive near- and long-term climate actions in line with the goals of the Paris Agreement on climate change.
The World Economic Forum's Climate Initiative supports the scaling and acceleration of global climate action through public and private-sector collaboration. The Initiative works across several workstreams to develop and implement inclusive and ambitious solutions.
This includes the Alliance of CEO Climate Leaders, a global network of business leaders from various industries developing cost-effective solutions to transitioning to a low-carbon, climate-resilient economy. CEOs use their position and influence with policy-makers and corporate partners to accelerate the transition and realize the economic benefits of delivering a safer climate.
Contact us to get involved.
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.
Reporting by Ari Rabinovitch; editing by Barbara Lewis.