Published on 1 Nov 2023 on Insider Monkey via Yahoo Finance
16 Biggest Lab Grown Meat Companies in 2023
In this article, we will take a detailed look at the 16 Biggest Lab Grown Meat Companies in 2023 with insights into the funds raised by companies. For a quick click 5 Biggest Lab Grown Meat Companies in 2023.
In 2013, scientist Mark Post and his team in the Netherlands introduced to the world the first burger made with lab-grown meat. This unique burger was made from stem cells taken from a cow's shoulder. It took three months to turn these cells into a patty with 20,000 tiny pieces of muscle. This unique burger’s cost was $330,000, and it was not delicious. But since then, scientists have been working hard to make lab-grown meat cheaper and tastier. By 2020, Mark Post's team had made significant progress. They lowered the cost of their lab-made burger to just $11 per patty. Other companies also use this technology. For example, Memphis Meats in San Francisco makes meatballs, chicken, and duck. They start with cells from animals and grow muscle tissue in layers inside bioreactors.
The cultivated meat industry made significant progress in 2022, with advances in science, innovation, talent, and public and private sector support. New companies, production facilities, and partnerships were formed, and a cultivated chicken product received approval from the US FDA. The lab-grown meat market, valued at $2.3 million in 2021, is projected to reach $960.7 million by 2030, growing at a CAGR of 80.7%. The growing demand for animal cruelty-free products, fueled by environmental and animal welfare concerns, drives the market's growth. Moreover, cultivated meat startups raised a record $1.95 billion in 86 deals globally in 2021, with Israel accounting for nearly a quarter of that funding.