On Wednesday, we witnessed a significant step forward in the development of lab-grown meat: Upside Foods and Good Meat gained approvals to commence commercial sales of lab-grown chicken. This marks a key milestone in the development of lab-grown meat. This means that actual meat that has been created in a laboratory may soon be available for purchase at supermarkets.
The discovery has the potential to revolutionize animal agriculture, which is a major contributor to the worldwide production of greenhouse gases; nevertheless, the new product will probably require a public relations effort before the general public will accept the idea. When they hear about promising new businesses, investors can’t wait to get their hands on them. This is the most recent update.
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The development of meat generated in laboratories
There has been a flurry of start-ups on the scene ever since the first lab-grown burger made news in 2013. These start-ups are dedicated to making cell-cultured meat a realistic commercial reality. In 2013, the first lab-grown burger made headlines. The potential value of the business is estimated to reach $2.1 billion by 2033 and $13.7 billion by 2043, according to a report published by IDTechEx, which explains why angel investors and venture capital firms are pouring money into the market.
In the previous year, Eat Just, the company that owns Good Meat, was successful in raising $25 million from the Chinese private equity firm C2 Capital Partners, which is backed by Alibaba. Additionally, it was revealed same year that it had entered into a contract with the biotech equipment business ABEC for a period of seven years to handle the full process of designing and manufacturing the bioreactors that are required to generate lab-grown meat.
In the case of Upside Foods, the company became a unicorn following the completion of its Series C investment round in the previous year, which brought in a total of $400 million. In addition to Temasek and the Abu Dhabi Growth Fund, Bill Gates is listed as a long-term investor in the company. The round was sponsored jointly by both of these entities.
Other businesses are making rapid progress toward catching up. While the British startup Uncommon recently raised $30 million in its most recent funding round, in which OpenAI CEO Sam Altman was one of the investors, Multus Biotechnology recently secured $9 million in its Series A funding round.
The United States is not the first government to give its blessing to meat grown in a laboratory; Singapore already beat everyone to the punch in 2020 by giving its blessing to a product manufactured by Good Meat. The early adoption in the East Asian country has proved that production capacity is a key challenge the business needs to overcome; in Singapore, it only produces up to six pounds a week. The industry as a whole needs to find a solution to this problem.
Given the high cost involved in the production of meat in the first place, there are also worries regarding the prices of the products. According to an analysis study from the year 2020, the cost of generating one pound of lab-cultured meat is seventeen dollars, but the cost of manufacturing one pound of beef is only two dollars.
