SpaceF Selected for Government Cultured Meat Development Project Worth 20 Billion Won

[Asia Economy Reporter Kim Bo-kyung] SpaceF, a cell agriculture specialized company, announced on the 3rd that it has been finally selected for the main research phase in the cultured meat sector of the Alchemist project supported by the Ministry of Trade, Industry and Energy.

The SpaceF research team, together with Seoul National University, Sejong University, Daesang, and Lotte Fine Chemical, will receive 20 billion KRW in research funding over the next five years to conduct research for the development and industrialization of cultured meat production technology. The Alchemist project is a competitive research and development (R&D) program aimed at solving future industrial technology challenges through theme-based competitive tasks.

Recently, interest in alternative meat has increased due to carbon neutrality, animal ethics, and food security, and cultured meat is regarded as the most representative field of alternative meat. Cultured meat is an alternative protein produced by culturing muscle and fat stem cells outside the body without slaughtering livestock, and it is predicted to become a leading future food source.

According to data from the Korea Agro-Fisheries & Food Trade Corporation, the global alternative meat market size last year was $5.348 billion, growing 40% in five years compared to the market size of $3.817 billion in 2016.

Kim Byung-hoon, CEO of SpaceF, said, "Globally, as interest grows in future food security, global warming, animal welfare ethics, and efficient use of resources, the cultured meat-related market is expanding," adding, "Through this project selection, we plan to advance cultured meat technology and grow as an R&D-based cell agriculture company."

SpaceF introduced a prototype developed by culturing stem cells extracted from animal muscles in a culture medium in March last year. In August last year, it succeeded in raising 7 billion KRW in Series A investment involving Daily Partners, Daesang, and others.

This content was produced with the assistance of AI translation services.