Developers of bioreactors and other technologies used in cell cultured meat production. Industrial scaling and efficiency gains are key areas of interest for the startups in the industry.

Producers of growth media for cell cultured meat production and ingredients for meat and meat analogue (cell cultured, plant-based) producers; which can include cell culture meat paste, culture fat etc. Producers of growth media, mainly focuses on startups developing alternative growth media to fetal bovine serum (FBS) using plant-based or other sources.

Producers of cell cultured beef using cells extracted from animals. Some producers in the industry are developing premium beef ranges as wagyu. Startups have only succeeded in developing prototypes in the minced form; with few creating prototypes of (pieces of) steak using 3D bioprinters.

Producers of cell cultured pork using cells extracted from animals. Startups have succeeded in developing prototypes of bacon and pork belly using cultured muscle and, plant-based proteins and fat.

Producers of cell cultured chicken and duck using cells extracted from animals. Some producers in the industry are developing rare delicacies such as foie gras. Startups have only succeeded in developing products in the nugget form.

Producers of cell cultured seafood using cells extracted from fish. Startups have succeeded in developing prototypes of yellowtail and salmon.

Making meat sustainable over the long term.

Cell-cultured Meat

Overview

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    Cell-cultured meat refers to meat grown in labs, using cells from live animals. Having emerged from cell-culture applications such as antibody protein therapeutics, cell-based therapies, and regenerative medicine, cell-cultured meat technology promises sustainable and humane alternatives to slaughtered meat.&nbsp;
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    The industry still faces multiple challenges on the regulatory front and with regard to scalability of industrial production due to high costs which have delayed mass commercialization. Despite this, the first cell-cultured meat products are beginning to enter the market with Eat JUST&rsquo;s &ldquo;chicken bites&rdquo; being approved for sale in Singapore in December 2020, and Esco Aster being approved to produce cell-cultured meat in September 2021, from the Singapore Food Agency.&nbsp;
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    More recently, the meat shortage in the US led by the closure of meat processing plants during the Covid-19 pandemic and the rise in prices due to surging feedstock prices and labor shortage has drawn attention to cell-cultured meat production, a more sustainable method of sourcing meat proteins with a minimum impact on the environment. Further, the spread of zoonotic diseases such as salmonella and e. coli in the US and the recent Swine Flu outbreaks in China will likely fuel demand for animal-free agriculture.
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US cell-cultured meat addressable market to range between USD 77-211 billion

Market Sizing

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        Cell-cultured meat has a more secure, efficient, and resilient production system compared to traditional meat production in the US  that also gives more control over end products and waste.
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        In the week of April 13-19 2020, daily cattle slaughter fell by nearly 24% year-over-year (YoY) and pig slaughter by 13% YoY.
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COVID19-IMPACT

Market Mapping

<p>Most of the startups in the cell-cultured space are manufacturers of finished imitation beef and pork products with a smaller group focusing on the production of specialty items such as wagyu beef, bluefin tuna meat, and foie gras. A limited number of traditional meat processing and convenience food manufacturing incumbents have begun investing in the cell-cultured meat space.</p><p>The industry’s supply chain is also gradually taking shape, and new startups and incumbents developing supply side expertise should retain a significant advantage as the industry progresses.</p>

The Disruptors

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    The main disruptors aren’t displacing incumbent pure-play cell-based meat producers so much as major traditional livestock and, to a lesser extent, plant-based meat producers active in this space. The top three startups in terms of funding–Upside Foods, Eat Just, and Future Meat Technologies–have all unveiled a product and delivered technical proofs of concept sufficient to garner over USD 1.4 billion in combined funding.
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    Upside Foods leads the industry in funding with USD 606 million (which includes the largest funding round in the cultivated meat industry of USD 400 million, raised in April 2022), followed by USD 440 million for Eat JUST and USD 389 million for Future Meat Technologies. Eat Just has already seen commercial success with its plant-based egg substitute “JUST Egg” and developed market ready cell-cultured chicken nuggets in 2018, which fueled interest from investors. Eat JUST became the first startup to sell cultured meat following approval from the Singapore Food Agency. Startups have yet to master industrial-scale production and competitive pricing relative to slaughtered meat, thus far limiting paths to commercialization.
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Disruptor Funding History

The Incumbents

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    Investments and collaborations provide industry entry for leading meat producers
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    Cell-cultured meat production is a novel technology that only a few startups have achieved, and as such, incumbents in the industry have not yet demonstrated much expertise in the field. Hence, most incumbents have entered the space through strategic investments and partnerships. On the other hand, cell-cultured meat startups lack the expertise in the relevant supply chains, most notably in raw material sourcing, which has in turn driven the need for partnerships with incumbents.
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Cell-cultured Meat

Cell-cultured Meat

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