The demand for plant-based innovation is growing at a rapid pace.
A recent report by BIS research estimated that the plant-based market will reach $480.43 billion by 2024. Figures like these suggest the plant-based market is no longer niche; consumers are hungry for meat and dairy alternatives.
The announcement yesterday of Memphis Meats closing a $161 million funding round marks the largest funding in the history of the cell-based meat industry, and will likely enable Memphis Meats to reach the historic achievement of bringing its products to consumers.
According to a report from The Good Food Institute, investors have put more than $16 billion into U.S. plant-based and cell-based meat companies during the last 10 years.
The Good Food Institute found that global cell-cultured meat companies saw a flurry of activity in 2018 with 12 firms raising $50 million in 14 deals.
A large barrier for scaling up production for mass markets is still the price. To make cell-cultured meat affordable to the average consumer, a handful of companies are racing to be first to market with affordable beef, chicken, fish or crustacean products.
Israeli startup Aleph is developing a cell-grown minute steak and. Another Israeli startup company is Future Meat Technologies which focuses on developing a new generation of manufacturing technologies that enables the cost-efficient production of fat and muscle cells, the core building blocks of meat.
looking forward to the testing stage :) convincing people that the product is tasty and safe.