Reuters was told by the European start-ups that the lab-grown meat, which was introduced to the world 6 years ago in the form of a $280k hamburger, could hit supermarket shelves at $10 per patty within two years.
According to the Good Food Institute market researcher, Consumers who are concerned about the animal welfare, climate change, as well as, their own health are powering interest in the so-called clean meat, with the number of linked business start-ups mounting from 4 at the end of 2016 to more than 24 two years later.
There is also a boom in the Plant-based meat alternatives. Shares in Beyond Meat have boosted more than three times in price since its initial public offering (IPO) in May. Beyond Meat & Impossible Foods, each sells 100 percent plant-based meat alternatives to fast-food chains and retailers across the United States.
And cultured meat which is grown from animal cells could be next on the hit-list menu, with producers eyeing regulatory approval as they reduce the costs and improve the technology.
The first cultured beef hamburger was created in 2013 by Mark Post who is the co-founder of Mosa Meat which is a Dutch start-up at a cost of $280,400, funded by co-founder of Google ‘Sergey Brin’, however Mosa Meat and Spain’s Biotech Foods state that the costs of production have fallen dramatically since then.
Spokesperson of Mosa Meat told Reuters that the burger was expensive in 2013 since it was a novel science & we were producing not at a huge scale. Once the production gets huge, we project the cost of production of hamburger around €9. The spokesperson added that it could ultimately become even cheaper than a conventional hamburger.
Co-founder of Biotech Foods ‘Mercedes Vila’ highlighted the significance of moving from lab to factory. He said that their goal is to reach production scale & have regulatory approval by 2021.