Cultured Meat in 2020
Market Research from ATKearney
Cultured meat is created through exponential cell growth in bioreactors.
While several of the first start-ups in this field have done public and private tastings of various prototypes, no commercial products are sold yet.
Compared to plant-based meats cultured meat is biologically very similar to traditional meat resulting in a similar sensory profile, making cultured meat more acceptable to the average consumer.
Compared to traditional meat the cost inputs for cultured meat are far less. Less land, less water, less plant-feed. More efficient.
There have also been investments in cultured seafood, leather, silk, egg white, milk, gelatin, and horn.
Major Companies in the Space
Future Meat plans to use the proceeds to expand research and development efforts and build a cultured meat manufacturing facility to begin production next year.
S2G Ventures, a Chicago-based venture capital fund that invests in food and agriculture, and Emerald Technology Ventures, a Swiss-based firm, led the $14 million round, Future Meat announced Thursday.
Future Meat has managed to reduce production costs to $150 per pound of chicken and $200 per pound for beef.
By 2022, Future Meat plans to launch a second line of entirely lab-grown meat that will cost less than $10 per pound.
In February 2018, Future Meat’s co-founder and chief scientist Yaakov Nahmias said the company had brought the production price down to $800 per kilogram and would reach $5 to $10 per kilogram by 2020.
Memphis Meats expects to use the funds to build a pilot production facility, continue to grow its world-class team, and to hit a major milestone of launching products into the market. The company has not yet announced a date for product launch and is working with regulatory agencies to ensure a timely and safe market entry.
The Series B round is led by SoftBank Group, Norwest and Temasek. Also joining the round are new and existing investors including Bill Gates, Richard Branson, Threshold Ventures, Cargill, Tyson Foods, Kimbal Musk, Fifty Years and CPT Capital. This round extends the Memphis Meats coalition to Asia, which is a strategically valuable market for cell-based meat and faces significant challenges in meeting growing demand for meat.