[Special Article] Veat Law Firm Partner Attorney Songdo-yeong, "Current Status and Development Strategies of Cell Culture Food"
Article posted in 2022-09-27 11:22:05 | VEAT
Law firm Veat’s special article for Food & Drinks News’ 26th Anniversary, featuring Partner Dong-yeong Song of Veat, discusses the global status and development strategies of cell-cultured food.
‘Game changer’ future food, requiring manpower & capital for large-scale production
Increased meat consumption due to population growth & environmental protection as an industrial development driver
Future livelihood… Cell-cultured meat 4500 billion USD market share by 2040
Support beyond technological leadership requires regulatory support for standards & safety labeling
Need to check regulatory trends in various countries and collect data through industry consolidation
Source : Food & Drinks News (http://www.thinkfood.co.kr)_Special article by Partner Dong-yeong Song of Law firm Veat
In this article, Partner Dong-yeong Song of Law firm Veat anticipated fierce competition for technological leadership in cell-cultured meat, based on the changes in the market and policy environment surrounding cell-cultured meat. Furthermore, he stated that for the development of the cell-cultured meat industry and market, establishing standards and specifications is a mountain that must be overcome for the development of related industries. Although the South Korean government is accelerating the improvement of laws and regulations for the development of the cell-cultured meat industry, as there is still no established safety standard or specifications, or social consensus regarding cell-cultured meat, hasty legislation could lead to more drawbacks than benefits.
For now, it is best to carefully examine the level of technological development and specific issues, while managing the industry’s development through temporary standards and specifications. Given that sufficient empirical data may not be available for amending related standards and specifications, it is necessary to quickly gather data through industry clustering, such as applying for “Regulatory Freedom Special Zone and Regional Specialized Development District Act” and related areas, and based on this data, to establish related standards and specifications.
Law firm Veat’s special article for Food & Drinks News’ 26th Anniversary is available at the link below.