History marks an event as Singapore allows a US startup to release its lab-grown chicken meat, which the business house says is the world’s first regulatory permit ever for selling the so-called cultured or clean meat.
The meat, which is not obtained from slaughtering animals isn’t a plant-based commodity either. The startup called Eat Just is aiming to sell the lab-meat in the form of chicken nuggets “in the very near term”, according to the co-founder and CEO of the firm, Josh Tetrick.
The cost of these will, however, fall in line with premium chicken prices and will first be available in Singapore restaurants, he added.
Concerns rising in view of the changing environment, increasingly harmful health conditions arising from eating meat came from infected animals and the general welfare of these animals is what’s driving people towards approaching an alternate way of consuming meat.
Though there are plant-based substitutes like those started by Beyond Meat, Impossible Foods and Quorn, the demand for real meat is on the rise.
Yet, the so-called clean meat or cultured meat that comes from lab-grown muscle cells of animals hasn’t reached its completion elsewhere due to the high production costs.
Currently, out of all the food products present in Singapore, the country owns only 10% of the production that happens in its homeland. However, it aims to increase that number by the next decade through financing high-tech farming techniques and adopting new methods of meat and other food production.
Eat Just’s CEO, whose company is based in US’s San Francisco, said that discussions with US regulators like Food and Drug Administration and others are also in the developing states though Singapore was a “good bit” ahead of the World power in this aspect.
“I would imagine what will happen is the US, Western Europe and others will see what Singapore has been able to do, the rigours of the framework that they put together. And I would imagine that they will try to use it as a template to put their own framework together,” Mr. Josh said in an interview.
The regulatory body of Singapore said that it granted the permit only after reviewing data pertaining to the process of production, manufacturing control and advanced safety testing to protect the lives of its millions of citizens.
Along with the lab-meat, Eat Just said that it is also looking at producing a mung bean-based egg alternate in Singapore, which is already on the supermarket shelves in the United States.
The firm receives the support of Hong Kong business tycoon Li Ka-Shing and Singapore’s state investor Temasek. The company, that was established in 2011, says it has earned over $300 million (close to Rs.2,200 crores) from its origin date. Mr. Josh said that Eat Just is currently worth $1.2 billion (nearly Rs.8,900 crores).
It is targeting profitability at an operating income level before the end of 2021 and hopes to go public soon after, he added.
Across the world, several companies are midway in their tests for growing fish, chicken and beef in laboratories without having to slaughter animals.
With this, the firms are aiming to go past the only option available today to an alternative that Barclays say can be valued at $140 billion (roughly Rs. 10,34,400 crores) by 2029.
The competition is tough as others have also gotten in the game while many have also gained potential funders for their business houses.
With the backing of Bill Gates and Richard Branson, US-based company Memphis Meats managed to earn profits in 2020 through a contract signed with Japan’s SoftBank and Temasek.
Aspiring to be the first in the race to sell lab-grown shrimp, Singapore’s Shiok Meats is funded by Henry Soesanto of Philippines’ Monde Nissin, which also owns Quorn.
