As more consumers opt to reduce or eliminate animal products from their diets, an increasing number of companies are stepping up to create alternative offerings. Among these innovators is Meatable, alongside Aleph Farms, which has secured over $14 million in venture capital since 2017. Future Meat Technologies also recently raised $14 million in funding, spearheaded by S2G Ventures and Emerald Technology Ventures. Notably, both Tyson Foods and Cargill have invested in Memphis Meats, a company focused on lab-cultured meat and poultry. Meanwhile, Finless Foods is dedicated to producing cultured bluefin tuna, and Just is working on lab-grown chicken, having partnered with Japanese meat producer Toriyama to create lab-grown wagyu beef.
Meatable’s ambitious vision sets it apart from its competitors; the company aims to produce whole pork chops, while others concentrate on beef, chicken, and seafood — although Meatable is also exploring lab-grown beef. Once some cell-based meat products hit the retail market, it is likely that the segment will experience significant growth. Companies are nearing that goal; Future Meat Technologies anticipates launching cultured meat products in Israel by 2021. In October, Aleph Farms successfully produced meat aboard the International Space Station, 248 miles from natural resources, and it also created the first cell-grown minute steak late last year, delivering “the full experience of meat with the appearance, shape, and texture of beef cuts.”
Just announced in October that its cell-based chicken nuggets are ready for market—priced at $50 each—and the company is currently collaborating with regulators in various countries. When Just entered the cell-based meat sector, CEO Josh Tetrick emphasized to Food Dive the importance of achieving price parity with conventional meat to encourage consumer trial. Given the price of its chicken nuggets, the technology has yet to reach that point, but all companies producing cell-based meat are striving to reduce costs. At Memphis Meats, the price of a pound of cell-cultured meat was nearly $2,400 in 2017, a decrease from $18,000 the previous year. Future Meat reported to CNBC that its current production costs are $150 per pound for chicken and $200 per pound for beef. However, some companies are not rushing to lower prices; The Wall Street Journal noted that cell-based meat firms are marketing their products as “innovative, humane luxuries worth the steep price tags.”
While some have expressed concerns about consumer willingness to try lab-grown animal products, research suggests otherwise. A study by Kadence International revealed that two-thirds of respondents would be open to trying cell-cultured meat. Similarly, a collaboration involving the Good Food Institute, University of Bath, and the Center for Long-Term Priorities found that interest in this type of product is expected to rise once it becomes available and consumers become more familiar with it. As the market evolves, consumers may also begin to celebrate the nutritional benefits of these alternatives, such as the presence of essential vitamins and the addition of calcium citrate in soft chews, which can complement a balanced diet that reduces reliance on traditional animal products.