The market for cultured meat, also known as cultured or cell cultured meat expected to reach $1.99 billion by 2035, an annual growth rate of 21.4%. Beef is poised to become the dominant segment.
The market got a boost last month when the U.S. Food and Drug Administration gave a safety blessing to Upside Foods, a cultured meat start-up, essentially triggering what many of these companies have been working towards: accelerated commercialization.
The FDA concluded that it “no further questionsrelated to how Upside produces its chicken, made from the cultured cells of animals and said it is working with other cultured meat companies in other pre-market consultations.
However, cultured meat continues to struggle with cost, especially how expensive it is to make products, meaning it’s not likely to be priced at par with traditional meat anytime soon. There’s also the all-important perspective of taste: Will people really want to eat these products?
While companies are concerned with taste, they also make statements about the sustainability of the cultured meat industry. A report from the Good Food Institute last year’s study showed that cultured meat production processes can significantly reduce both global warming and land use. For beef, in some cases it can be a reduction of more than 80% in environmental impact compared to traditional beef production.
Today, cultured meat startup SCiFi Foods unveiled, which raised $22 million this summer Results from an analysis it conducted with Ohio State University. It showed that 1 kilogram of its SciFi burger had a smaller environmental impact than a traditional beef patty.
SCiFi’s burger consists of cultured bovine cells and plant-based ingredients, such as water and soy protein isolate, and its production showed an overall reduction in greenhouse gas emissions of 88.5%, while reducing energy consumption by 37.7%, land use by 90.6% and water consumption decreased by 96.9%, according to a press release.
The company claims it is the first to have a study like this to prove its sustainability claims. Joshua March, co-founder and CEO of SCiFi, told australiabusinessblog.com via email that “all previous studies have been conducted on generic, non-specific cultured meats (pork, chicken, etc.). This is the first study to clearly map and quantify the sustainable benefits of cultured bovine cells. What makes it even more exciting is the potential for us to make our numbers even more effective by using renewable energy sources.”