Multinational seafood companies Mitsubishi Corporation, Pulmuone Co. Ltd. and Thai Union extend MOUs to facilitate the introduction of BlueNalu’s cell-cultured seafood across international markets
SAN DIEGO, October 03, 2023--(BUSINESS WIRE)--BlueNalu, a global leader in the development of cell-cultured seafood, announced today the extension and enhancement of its strategic partnerships with three multinational seafood industry leaders headquartered in the Asia-Pacific (APAC) region. These partnerships will support BlueNalu’s planned introduction of cell-cultured seafood in a number of APAC nations over the coming years, by fostering market insights, understanding regulatory requirements, and developing go-to-market strategies.
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(Left to right) Lou Cooperhouse, President & CEO of BlueNalu, and Sang Yun Lee, Global CTO of Pulmuone celebrate signing of renewed MOU at BlueNalu headquarters. (Photo: Business Wire)
The expanded collaborations include independent Memorandums of Understanding (MOU) with Mitsubishi Corporation in Japan, Pulmuone Co. Ltd. in South Korea, and Thai Union in Thailand, each of whom boasts a rich legacy and strong presence in the global seafood sector.
BlueNalu's strategic alliances with these industry giants are designed to focus on three key areas of collaboration: facilitating comprehensive market research to understand consumer preferences, emerging trends, and evolving market dynamics; identifying and understanding the regulatory requirements unique to each market to expedite the process of gaining approvals and certifications necessary for the distribution of BlueNalu's products; and developing market entry, distribution, and supply chain management strategies to introduce BlueNalu's products to consumers, restaurants, and retailers across the APAC region.
BlueNalu has continually differentiated itself with scalable technologies, and a culinary and market-driven focus that targets premium foodservice opportunities, in both sushi and fine-dining restaurants. The company’s first product under development is the high-value toro portion of bluefin tuna, which is highly sought after in Asia where over 80% of the estimated global supply is consumed. Bluefin tuna is available in very limited supply, can be extremely variable in its quality and sensory attributes, and has faced steep declines in fish stocks due to issues like overfishing and illegal, unregulated and unreported (IUU) fishing.
Lou Cooperhouse, President and CEO of BlueNalu, shared his excitement about these strengthened partnerships, stating, "We are honored to deepen our collaborations with Mitsubishi Corporation, Pulmuone Co. Ltd., and Thai Union, visionary partners who share our commitment to driving innovation and shaping the future of the seafood industry. These extended partnerships in the APAC region underscore our dedication to working collaboratively with local experts in each region that we target, and our ultimate goal to provide our customers with healthy and trusted seafood options that have superior product benefits and align with evolving market conditions."
The renewed collaborations, which began with Pulmuone Co. Ltd. in 2020 and with Mitsubishi Corporation and Thai Union in 2021, represent a shared interest in the commercialization of cell-cultured seafood in Asia and a commitment to sustainable seafood solutions in order to meet rising demand. Global seafood consumption is at an all-time high and continues to increase, particularly in Asia, outpacing the growth in population. Current seafood production from wild-caught and farm-raised sources cannot keep pace with demand according to the United Nations, which projects a supply chain gap representing 28 million metric tons of new seafood production will be needed by 2030. In addition, the global seafood supply is challenged by overfishing, climate change, and environmental contamination like microplastics and nuclear waste. BlueNalu’s cell-cultured seafood is designed as a third solution that can help meet growing demand in a safe and sustainable way.
For more information about BlueNalu, please visit www.bluenalu.com.
BlueNalu’s mission is to develop great-tasting, healthy, safe and trusted cell-cultured seafood products that support the sustainability and diversity of our ocean. BlueNalu is a member of the United Nations Global Compact and aligned with the UN Sustainable Development Goals, a blueprint to achieve a better and more resilient future for our planet. BlueNalu began its operations in 2018 and is based in San Diego, California.
Forward looking statement
This press release contains forward-looking statements including, but not limited to, statements related to the scalability of BlueNalu’s products, the development and commercialization of BlueNalu’s products and the benefits of BlueNalu’s strategic partnerships. These forward-looking statements are based on BlueNalu’s current expectations and inherently involve significant risks and uncertainties. BlueNalu undertakes no duty or obligation to update any forward-looking statements contained in this press release as a result of new information.
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Public Relations & Corporate Affairs Manager