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K-Beauty Retail Pioneer CJ Olive Young’s Mutual Growth & Compliance Initiative
CJ Foods and T&R Biofab aim to synergize their unique expertise and technologies to bring innovative food products to the market CJ Foods, a business unit of South Korea-based CJ CheilJedang, announced that it entered into a joint development agreement (JDA) with T&R Biofab to develop alternative meat using three dimensional (3D) bioprinting technology. T&R Biofab is a med-tech company that develops artificial tissues using its world-class technology in the field of regenerative medicine based on 3D bioprinting. Through this collaboration, the two innovative Korean companies will leverage synergies between the food industry and the 3D printing medical field to elevate new plant-based alternative protein products that meet up consumers’ expectations on taste, texture, appearance, and nutrition. Plant-based alternative protein food products beyond the limitations of today’s offerings are seen as new growth engines for both companies. The plant-based food market is estimated to be worth USD 29.4 billion in 2020 and is poised to grow to USD 162 billion by 2030, according to Bloomberg Intelligence. Plant-based food has emerged as a major trend, extending beyond animal welfare concerns to be recognized for its positive impact on health, nutrition, and the environment. Nevertheless, one challenge has persisted – achieving the authentic texture and mouthfeel of animal-based foods. “At CJ Foods, we recognize that breakthrough in innovation happens at the interface of distinctly different proficiencies and industries,” stated Dr. Florian Viton, Senior Vice President, Strategic Innovation at CJ Foods. “We see our partnership with T&R Biofab as a unique opportunity to create alternative protein offerings that truly surpass the limitations hindering today’s plant-based products. This exciting collaboration is part of CJ Food’s broader strategy to accelerate our pace of innovation and seed new growth engines in support of CJ Food’s global ambitions,” he added. “As global leaders and public figures increasingly draw attention to the alternative protein food sector, particularly the potential within 3D printed food, it is imperative to underscore that this domain seldom unites genuine food industry experts with accomplished printing specialists,” commented Dr. Paulo Marinho, Head of Scientific Strategy of T&R Biofab. “This partnership stands as a unique instance where these two domains converge and collaborate, each pioneering its own sphere to achieve a shared and essential solution”. CJ Foods remains committed to developing and investing in technologies aimed at securing sustainable food for the future. Notably, it has launched PlanTable, a brand specializing in plant-based foods, and offers plant-based mandu products in both overseas and Korean markets. Last year, CJ Foods also introduced a plant-based beverage brand, Altive, through its in-house food venture program known as INNO 100.
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