SOUTH KOREA – South Korea has taken a significant step in advancing its cultivated meat industry with the launch of the Bio Future Food Industry Association.
This new organization, founded under the auspices of the Korean biotechnology sector, aims to support and develop the country’s cell-cultivated meat market.
The Association comprises 32 members, including pioneering cell agriculture firms like Simple Planet, SeaWith, CellQua, and TissenBioFarm, alongside established food conglomerates such as Daesang and CJ CheilJedang.
By fostering collaboration among these companies, the Association seeks to enhance South Korea’s competitive edge in the global cultivated meat market.
At its inaugural meeting, held at the COEX convention center in Seoul’s Gangnam district, Dominic Jeong, CEO of Simple Planet, was elected as the first chairman.
Jeong, who holds a Ph.D. in Chemical and Biological Engineering from Seoul National University and has interned at Harvard Medical School, is a seasoned entrepreneur.
He founded Simple Planet in 2021 to focus on cultivated meat production and has successfully raised US$7.5 million to fuel the company’s growth.
Jeong articulated the Association’s mission during the inauguration, emphasizing the need to unite bio future food companies to promote mutual cooperation and devise strategies to boost global competitiveness in the rapidly expanding cultured meat market.
The Association’s agenda includes serving as a liaison with government bodies, organizing regular seminars, establishing a global network, and facilitating cooperative programs among its members.
These initiatives aim to streamline efforts within the industry and support the development of cultivated meat products in South Korea.
In conjunction with the Association’s launch, South Korea has designated the Gyeongbuk Cell-Cultivated Foods Regulatory-Free Special Zone (RFSZ) to expedite the commercialization of cultivated meat.
This special zone, with a budget of ₩19.9 billion (US$14.4 million), will operate over the next five years until 2028.
It aims to overcome regulatory hurdles, set industry standards, and cultivate a skilled workforce tailored for the cell-cultivated food sector.
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