f

Editors’ note
—
Meat production is projected to nearly double by 2050 to meet growing global demand. But the way the
world currently produces meat cannot meet this demand and still achieve global climate, food security,
public health, and biodiversity goals. Making meat differently via alternative proteins can help feed a
growing world safely and efficiently, and will be as essential to mitigating climate change as the global
transition to renewable energy. When compared to conventional meat production, alternative protein
production dramatically reduces emissions, requires far less land, eliminates the use of antibiotics in our
food system, and feeds more people with fewer resources.
By reimagining protein, we can produce food that people love and usher in a more sustainable, secure,
and just food future. Countries have committed to halve emissions and protect 30 percent of global land
and ocean ecosystems by 2030. With just seven years to go, investing in alternative ways of making
meat, seafood, eggs, and dairy is essential.
GFI’s annual State of the Industry Reports equip food system stakeholders with a solid, in-depth
understanding of the alternative protein market’s challenges and opportunities. These reports also serve
as a global call to action:

Alternative proteins are a scalable solution that, with proper levels of public and
private support, can help address the biggest challenges of our time and
transform our global food system for the better.
One powerful tool to tackle such challenges is cultivated meat. Meat grown directly from animal cells
will offer consumers a way to consume genuine animal meat without adverse impacts on the
environment, global health, and food security. Cultivated meat has the sensory and nutritional values
meat consumers crave without the downsides of the conventional animal agriculture system. Cultivated
meat and fat can also be used to enhance the sensory experience of plant-based products—an
application we’re particularly excited about.
This report details developments that moved cultivated meat and seafood forward in 2022. The sector
still has miles to go, however, to reach its full potential. Funding and workforce constraints pose two of
the biggest bottlenecks for scientific innovation and scaling. As companies continue to innovate, and as
more talent, research funding, and investments flow into alternative proteins, the entire sector will
accelerate, offering the world a fundamentally different and far more sustainable food future.
With gratitude and deep respect to all those on this journey, we invite you to dig deep into our 2022
State of the Industry Report, Cultivated meat and seafood.

Best,

Caroline Bushnell Liz Specht, PhD Jessica Almy

VP of Corporate Engagement VP of Science and Technology VP of Policy

2022 State of the Industry Report | Cultivated meat and seafood 2

 About GFI’s State of the Industry Report series
GFI’s State of the Industry Report series serves as our annual alternative protein sector
deep-dive. The series compiles business developments, key technologies, policy
updates, and scientific breakthroughs from around the world that are advancing the
entire field. This year’s reports include:
○ Cultivated meat and seafood
○ Fermentation: Meat, seafood, eggs, and dairy
○ Plant-based meat, seafood, eggs, and dairy
○ Global policy: Public support, regulation, and labeling

The Cultivated meat and seafood report synthesizes 2022 updates in the global
cultivated meat industry—the industry dedicated to making real meat and seafood by
growing animal cells. Animal cell culture technology has promising applications beyond
meat production, including dairy, eggs, gelatin, drugs and supplements, and materials.
This report focuses on cultivated meat and seafood. For a full primer on the process of
creating cultivated meat, please visit GFI’s science of cultivated meat page.

Symbols to look for

Throughout the 2022 State of the Industry Report series, look for symbols highlighting how
developments in the past year advanced the alternative protein sector in the areas of health
and nutrition, sustainability, and path-to-market progress. Dig deeper and opportunity icons
are calls to action for researchers, investors, and others seeking to learn more and advance
the field.

Health Sustainability Opportunity Path-to-market Dig deeper

Please note that The Good Food Institute is not a licensed investment or financial advisor, and nothing in
this report is intended or should be construed as investment advice.

2022 State of the Industry Report | Cultivated meat and seafood 3

About the Good Food Institute
—
As a nonprofit think tank and international network of organizations powered by philanthropy, GFI
works alongside scientists, businesses, and policymakers to make alternative proteins as delicious,
affordable, and accessible as conventional meat. In Asia Pacific, Europe, Brazil, India, Israel, and
the United States, our teams are mobilizing the international community to use markets and
technology to replace harmful practices with ones that are better for the climate and biodiversity,
food security, and global health.

We focus on three programmatic priorities:

Cultivating a strong Influencing policy and Supporting industry to

scientific ecosystem securing government advance alternative
GFI’s science and technology investment proteins
teams map out the most GFI’s policy teams ensure that GFI’s corporate teams are
neglected areas that will allow alternative proteins are a part replicating past market
alternative proteins to compete of the policy discussion transformations and
on taste and price. We develop around climate change partnering with companies
open-access research and mitigation and global health. and investors across the
resources, educate and In every region where we have globe to drive investment,
connect the next generation of a presence, we advocate for accelerate innovation, and
scientists and entrepreneurs, government investment in scale the supply chain—all
and fund research that benefits alternative proteins and are faster than market forces
alternative protein paving the way for the alone would allow.
development across the sector. approval of novel proteins
such as cultivated meat.

Stay connected
○ Newsletters | GFI’s suite of expertly curated newsletters puts timely news, insights, and
opportunities right in your inbox. Check out gfi.org/newsletters to find the ones most suitable
for your interests.

○ Monthly seminar series | Each month, we host online seminars with leading experts from
around the world: The Business of Alt Protein series is geared toward a commercially focused
audience on topics related to starting and scaling a good food business. The Science of Alt
Protein series addresses a technical audience and focuses on cutting-edge research
developments that enable alternative protein innovation.

This State of the Industry Report series, as well as all of GFI’s work, is made possible by gifts and
grants from our global family of donors. If you are interested in learning more about giving to GFI,
please visit here or contact [email protected].

2022 State of the Industry Report | Cultivated meat and seafood 4

Table of contents
—
Editors’ note 2
Symbols to look for 3
About the Good Food Institute 4

Executive summary 11

Section 1: Commercial landscape 17

Overview 17
Cultivated meat ventures 20
Involvement by conventional meat
and food companies 24
Partnerships 25
Hybrids 28
Tastings 29
Facilities 30
Industry associations and alliances 32
Consumer insights 33
Nomenclature 36
More than meat: Promising applications for animal cell technology 37
Cultivated meat image library 38

Section 2: Investments 40
Overview 40
2022 investment overview 43
Methodology of investment calculations 45
Most active investors in 2022 50
Liquidity events 51
Other financing 52

Section 3: Science and technology 54

Overview 54
Research across the technology stack 54
Research on environmental and social impacts 60
Research on food safety, nutrition, and public health 62
Scientific ecosystem growth 66

Section 4: Government and regulation 72

Overview 72

2022 State of the Industry Report | Cultivated meat and seafood 5

 Global public funding 72
Global regulation 74
Global coordination 81

Section 5: Forecast 84
Cultivated meat forecasts 84
A deeper dive into alternative protein market forecasts 86
Examining the structure of alternative protein
market forecasts 88
Industry drivers 90
Industry roadblocks 91
Expert predictions 93

Conclusion 95

Acknowledgements 97

2022 State of the Industry Report | Cultivated meat and seafood 6

Executive summary
Executive summary
—
In 2022, cultivated meat and seafood moved closer to our plates than ever before.

Across the areas of science, innovation, talent, and public and private sector support, 2022
delivered major advances and grew momentum for this still early-stage industry—one on the
cusp of transforming 12,000-year-old ways of making meat. New companies, production
facilities, and partnerships were formed. A cultivated chicken product earned the go-ahead
nod from the U.S. FDA. The world’s largest dedicated food technology venture fund was
launched. Fresh consumer insights and market analysis pointed to growing international
interest in cultivated meat adoption. New partnerships and global alliances formed to advance
the science and scaling of cultivated meat.

Cultivated meat and seafood, part of our 2022 State of the Industry Report series, takes a
field-wide view of the progress made over the past year.

Commercial landscape

Major path-to-market Private investment firsts

milestones ○ The largest deals to date for both a
cultivated meat and a cultivated seafood
○ In the U.S., FDA completed its first company occurred in 2022 (UPSIDE
premarket review for a cultivated meat Foods and Wildtype).
product (UPSIDE Foods’ cultivated
chicken), with several other reviews ○ The number of unique investors in
pending. This brought cultivated meat cultivated meat and seafood grew by 19
one step closer to consumers’ plates— a percent to 679 investors total. Median
major de-risking signal for investors. deal sizes by round were generally
higher in 2022 vs. 2021, a year of record
○ In Singapore, GOOD Meat’s cultivated funding.
chicken was served at a handful of iconic
hawker stalls, further demonstrating
cultivated meat’s culinary versatility.

2022 State of the Industry Report | Cultivated meat and seafood 8

Large food companies Power of partnerships
lean in Notable partnerships formed in pursuit of
scale. The U.S.-based Alliance for Meat,
○ There are now more than 70 diversified
Poultry, and Seafood Innovation, the
companies with activity in the cultivated
APAC Society for Cellular Agriculture, and
meat industry, up from 60 companies in
Cellular Agriculture Europe teamed up to
2021.
launch a new global alliance to
○ The world’s top three meat companies collaborate on regulatory work,
(by revenue) are all involved in the consumer research, and nomenclature.
cultivated meat industry.

“Cultivated” gains
Innovation fuels momentum
competitiveness with ○ New research showed consumer
conventional products preferences for using “cultivated meat”
over “cell-cultured meat.”
○ Research on cell lines, cell culture
media, and scaffolding is demonstrating ○ A Memorandum of Understanding was
the path to cost reduction and efficient signed by over 30 APAC companies and
scaling. stakeholders agreeing to use “cultivated”
as the common, shared term.
○ Hybrid solutions permeated the
alternative protein space, as food
producers worked to blend plant-based,
fermentation, and cultivated meat
production in the pursuit of products
that reach taste and price parity with
conventional meat. For example, the
world’s first innovation center dedicated
exclusively to hybrid cultivated and
plant-based meat products opened in
Singapore.

2022 State of the Industry Report | Cultivated meat and seafood 9

Figure 1: A spectrum of alternative protein products

Many companies working on cultivated meat will initially release hybrid plant protein/cultivated meat products.

Figure 2: Major highlights for cultivated meat in 2022

2022 State of the Industry Report | Cultivated meat and seafood 10

Investments
Cultivated meat and seafood companies raised $896 million in 2022, bringing the total for the
industry (since 2016) to $2.78 billion. While the 2022 raises represent a deceleration of 33
percent year-over-year (YOY), this rate outperformed the overall global funding decline of 35
percent YOY and outpaced funding for select sectors popular with venture capital funds.
Moreover, both APAC and Europe saw higher cultivated meat investments in 2022 than in the
year prior. In APAC, cultivated meat companies raised more capital in 2022 than in all prior
years combined. The largest deals to date for both a cultivated meat and a cultivated seafood
company occurred in 2022, and the number of unique investors in cultivated meat and seafood
grew by 19 percent to 679 total investors.

Table 1: Invested capital in cultivated meat

All-time
Category 2022 2021 (since 2022 highlights,
2016)

From 2016 to 2022, cultivated

Total invested
$896MM $1.3B $2.8B meat and seafood investments
capital
tripled on average annually.

Invested
2022’s largest investment was
capital deal 77 83 294
$400MM (UPSIDE Foods).
count

Unique The number of unique investors

110 263 679
investors grew by 19% in 2022.

Growth stage
These included Wildtype, UPSIDE
deals (Series B 3 7 12
Foods, and SciFi Foods.
and above)

Liquidity JBS acquired cultivated meat

$39MM $18MM $58MM
events producer BioTech Foods.

2022 State of the Industry Report | Cultivated meat and seafood 11

Science and technology
New research advanced our understanding of cultivated meat and its impacts, while the
research ecosystem grew at universities around the world:

○ 13 multiyear research projects, including those focused on cell lines, serum-free cell
culture media development, and scaffolding were published, many in open-access journals.

○ New and updated life cycle assessments found that cultivating meat is a more efficient
form of meat production compared to conventional meat, resulting in less land use and
reduced air and water pollution.

○ Awareness increased around cultivated meat’s potential to eliminate antibiotics from meat
production, the overuse of which threatens public health on a global scale.

○ Universities worldwide launched seven new alternative protein courses and one certificate
program.

Government and regulation

Governments around the world showed support for cultivated meat in notable ways, from an
uptick in public policymaking and funding for R&D to FDA’s greenlight of a cultivated chicken
product in the U.S.

○ In Europe, the Netherlands announced $65 million in funding for cultivated meat and
precision fermentation, the world’s largest-ever public investment in the cellular
agriculture field.

○ Israel, China, and South Korea all increased policy support for cultivated meat
development.

○ The U.S. Congress directed nearly $6 million in research funds to alternative protein R&D.
California approved the first-ever state investment in cultivated meat research, directing $5
million to R&D across three labs, two of which focus on cultivated meat.

○ Israel launched the largest government-backed cultivated meat consortium to date,

involving the country’s top food producers and academic labs.

2022 State of the Industry Report | Cultivated meat and seafood 12

 Section 1

Commercial landscape
Section 1: Commercial landscape
—
Overview
The past year marked the beginning of a phase-change in cultivated meat and seafood—from
bright idea to delicious reality.
In 2022:
○ FDA gave UPSIDE Foods a regulatory ○ At least 11 new strategic partnerships
“green light” for their cultivated were announced between cultivated
chicken—a major breakthrough for meat companies and major food
cultivated meat in the United States. companies such as ADM, Ajinomoto,
With only a few regulatory steps and Tnuva, bringing the total number of
remaining (a USDA grant of inspection major partnerships to at least 35.
and label pre-approval), cultivated meat
has never been closer to the U.S. market ○ The industry continued to align on
than it is today. “cultivated” as the go-to term: GFI APAC
and the APAC Society for Cellular
○ The total number of publicly announced Agriculture announced a new
cultivated meat companies rose to 156. Memorandum of Understanding stating
Cultivated meat is officially a global that “cultivated” is the preferred
industry. As of the end of 2022, there are English-language term with 36
companies headquartered in 26 different signatories, including almost all
countries in every major world region. producers based in APAC, invested
multinationals, and other public and
○ To date, there are 18 operational private industry players.
facilities worldwide dedicated to
producing cultivated meat or seafood. ○ New research commissioned by GFI
Numerous cultivated meat companies further confirmed the finding that
broke ground on, opened, or announced “cultivated meat” performs best with
facilities, bringing the total number of consumers for appeal and differentiation
planned or operational pilot-scale (or from conventional.
larger) facilities to 27 (the first known
pilot-scale facility opened in 2017).

For everything you need to know and more, read GFI’s statement, FDA’s
explanatory infographic, and press coverage from The New York Times,
Wall Street Journal, and TIME.

2022 State of the Industry Report | Cultivated meat and seafood 14

Figure 3: New and total publicly announced cultivated meat companies, by year founded

Sources: GFI company database, PitchBook, Crunchbase, manufacturer websites.

This graphic includes all publicly announced cultivated meat companies that GFI is aware of, but it may not include all cultivated
meat companies founded in 2022 as many companies begin in stealth mode. For example, in our 2021 Cultivated meat and
seafood report, we reported that 21 new companies were founded in 2021, and that number has since increased to 40 as
companies founded in 2021 launched out of stealth mode in 2022. We anticipate that the 18 companies founded and announced
in 2022 are similarly an underestimate, and we expect more companies founded in 2022 to announce their work in 2023. Readers
can refer to GFI’s company database for an up-to-date count of announced cultivated meat companies.

Commercial firsts
As an industry, cultivated meat and seafood is still in its early days. Each new year brings new
milestones and firsts, and 2022 was no exception:

Distribution firsts
GOOD Meat (the cultivated meat arm of alternative protein company Eat Just)
partnered with chefs at Singaporean hawker stalls (food stands) to serve
Mar 2
cultivated chicken, marking the first time hawker stalls have served cultivated
meat.

GOOD Meat also announced the sale of their cultivated chicken at Singapore’s
Dec 8
Huber’s Butchery, making Huber’s the first butchery to serve cultivated meat.

2022 State of the Industry Report | Cultivated meat and seafood 15

Prototypes

Cultivated meat startup Space F announced South Korea’s first prototypes of

Feb 10 cultivated chicken fillets and nuggets as well as cultivated beef meatballs and
a patty.

Germany-based Alife Foods revealed the first cultivated schnitzel (breaded

Mar 18
cutlet) prototype.

Mogale Meat, a startup based in South Africa, developed Africa’s first

Apr 1
cultivated chicken breast made from cultivated and plant ingredients.

Mzansi Meat, also based in South Africa, developed Africa’s first cultivated
Apr 14
beef burger.

Brazil-based startup Cellva unveiled their first cultivated meat burger

Aug 18 prototype. At the end of the year, they transitioned into developing cultivated
pork fat.

China-based cultivated meat startup Joes Future Foods debuted China’s first
Jun 10
cultivated pork belly at the New Technology Conference.

Jul 26 Pearlita Foods announced a prototype of the first cultivated oyster meat.

Germany-based Bluu Seafood announced the development of cultivated fish

Aug 8
sticks and fish balls made from a blend of cultivated fish and plant proteins.

Believer Meats (formerly Future Meat Technologies) shared their prototype of

Aug 27
cultivated ground lamb meat.

Magic Valley, based in Australia, unveiled their cultivated lamb burger and
Sep 4
taco prototypes.

Meatiply, based in Singapore, debuted three new product prototypes at an

Oct 4 invitation-only tasting, including Asia’s first cultivated smoked duck breast
meat, made from a blend of cultivated and plant-based ingredients.

Nov 17 UK-based 3D Bio-Tissues revealed three cultivated meat fillet prototypes.

Dec 5 Brazilian-based Cellva launched its prototype of cultivated pork fat.

Singapore-based ImpacFat unveiled the world’s first cultivated fish fat, rich in
Dec 7
Omega-3 fatty acids.

2022 State of the Industry Report | Cultivated meat and seafood 16

Cultivated meat ventures
While more than 150 companies are purely focused on cultivated meat or seafood, 70
additional companies have joined the industry through partnerships or product/service
offerings along the cultivated meat technology stack. Most of these companies are active in the
food and beverage or life sciences industries and aim to provide critical inputs, infrastructure,
and expertise to cultivated meat startups. This business-to-business (B2B) activity will be a
valuable force multiplier for the industry.

○ At least 156 dedicated cultivated meat companies have publicly announced themselves, up
from 107 companies in 2021. This number is likely an underestimate of the true number of
cultivated meat companies, as it is common for companies to begin in “stealth mode” and
announce their formation upon hitting a first milestone, like successful fundraising or a
product prototype.

○ In addition, there are now more than 70 diversified companies with activity in the
cultivated meat industry, up from 60 companies in 2021. Mature food and supply
companies join the cultivated meat sector through investment, acquisition, or production of
inputs for cultivated meat, including bioreactors, growth factors, cell culture media, cell
lines, scaffolds, or ingredients for end-product formulation. Examples of major diversified
companies with involvement in cultivated meat include Nestlé, Merck KGaA, Mitsubishi,
JBS, Kerry, and CP Kelco.

2022 State of the Industry Report | Cultivated meat and seafood 17

Table 2: Distribution of companies by country and region

Sources: GFI company database, PitchBook, Crunchbase, manufacturer websites.

This graphic includes all publicly announced cultivated meat companies that GFI is aware of, but it may not include all cultivated
meat companies founded in 2022 as many companies begin in stealth mode. We expect more companies founded in 2022 to
announce their work in 2023. Readers can refer to GFI’s company database for an up-to-date count of announced cultivated meat
companies.

Please visit this link for a full list of all known cultivated meat companies.

2022 State of the Industry Report | Cultivated meat and seafood 18

Figure 4: Number of companies by technology focus

Source: GFI Company Database

2022 State of the Industry Report | Cultivated meat and seafood 19

In terms of technology, many of the cultivated meat companies that exist today began as
vertically integrated. They manage most stages of the technology stack in-house, often looking
to the life sciences industry for inputs such as cell culture media and bioreactors that have not
yet been optimized for cultivated meat production. While many companies are still involved in
multiple stages of the technology stack, as the cultivated meat industry matures, the B2B
ecosystem will continue to develop as companies seek to specialize in one or two steps of
cultivated meat production.

“Availability of industry-specific products and services is

beginning to increase, and this accelerates progress among the
product-focused cultivated meat companies. For instance, there
now are a few players focused on growth factors, and some will
be able to offer drastically higher volumes and lower cost
compared to the traditional pharma/life science suppliers
within the next 12-18 months. Availability of such inputs will
de-bottleneck scale-up and cost-down. The biggest bottleneck
to growth will be the ability of teams to plan with the volatile
economic situation and lower capital availability. Efficiently
using equity—and other financing sources where possible—to
drive progress while de-risking the business as much as
possible will be the name of the game.”

– Friederike Grosse-Holz, Director, Blue Horizon

2022 State of the Industry Report | Cultivated meat and seafood 20

Involvement by conventional meat
and food companies
All of the top five U.S. meat companies as well as the top five U.S. consumer packaged goods
(CPG) food companies are involved with alternative proteins in some capacity. As of 2022, the
number two ranked CPG food company and the top three meat companies (by revenue) are
involved in the cultivated meat industry.

Table 3: Conventional companies with involvement in alternative proteins

Table 4: Conventional companies with involvement in cultivated meat

2022 State of the Industry Report | Cultivated meat and seafood 21

○ In 2021, Nestlé began a partnership ○ JBS acquired cultivated meat startup
with Believer Meats (formerly Future BioTech Foods in 2022 and announced
Meat Technologies) to develop products the development of a cultivated meat
with plant-based ingredients and R&D center in Brazil. JBS completed the
Believer’s cultivated meat. When acquisition in May and announced that
announcing the partnership, Nestlé also they had chosen Florianópolis, Brazil as
indicated that they were evaluating the site of the center.
options for producing their own
cultivated meat. ○ Cargill has invested in nine cultivated
meat deals to date.
○ Tyson Foods invested in cultivated
meat companies UPSIDE Foods in
2018 and Believer Meats in 2021.

Partnerships
Collaborations with key research, production, and distribution partners are essential for scaling
the cultivated meat sector. Here are some of 2022’s publicly announced partnerships:

Research and development

Large food companies or institutions with existing R&D infrastructure can serve as valuable
partners to cultivated meat startups.

○ Israel-based cultivated seafood startup ○ Singapore-based cultivated seafood

Wanda Fish signed licensing company Shiok Meats signed a
agreements with Tufts University. partnership with Minh Phu Seafood,
Wanda Fish will support a two-year Vietnam’s largest conventional shrimp
cultivated seafood research program in producer, to develop a combined R&D
exchange for exclusive intellectual facility focused on cultivated shrimp.
property access.
○ Cultivated meat company Meatable,
○ Israel-based SuperMeat announced a based in the Netherlands, announced a
strategic partnership with large “Future of Meat” innovation center with
Japanese food manufacturing company Singapore’s plant-based butcher Love
Ajinomoto to pool R&D capabilities to Handle to create hybrid meat products.
develop cultivated meat products. The center is scheduled to open in 2023
and is supported by the Singapore
Economic Development Board.

2022 State of the Industry Report | Cultivated meat and seafood 22

Product development
Given that most cultivated meat products will first launch as hybrid plant-based/fermentation
products, there is a substantial opportunity for cultivated meat startups to partner with other
alternative protein companies on joint product development.

○ Israel-based cultivated meat company Steakholder Foods (formerly MeaTech 3D) announced
that their subsidiary Peace of Meat signed a strategic agreement with mycoprotein company
ENOUGH to develop hybrid cultivated and fermentation-based products.

Scale-up
Scale is the main obstacle to—and an opportunity for—lowering the price of cultivated meat. A
number of partnerships in 2022 focused on scaling cultivated meat production, with
companies sharing technology, infrastructure, and inputs.

○ Major Israeli food producer Tnuva ○ GOOD Meat entered into a strategic
announced a collaboration with partnership with ingredients supplier
biotechnology company Pluristem to ADM, who will help optimize cell culture
develop and commercialize cultivated nutrients to accelerate GOOD Meat’s
meat products. production process.

○ One of Asia’s largest food and biotech ○ Singapore-based cultivated seafood

companies, CJ CheilJedang, is startup Umami Meats partnered with
entering the cultivated meat industry Israel-based Steakholder Foods
in partnership with KCell Biosciences, (formerly MeaTech) to apply their 3D
a startup focused on cell culture printing technology to the development
media. The companies will construct a of Umami’s cultivated seafood
cell culture media facility in Busan, products.
South Korea.
○ Singapore-based Gaia Foods (a
○ SuperMeat signed a Memorandum of subsidiary of cultivated seafood
Understanding with large poultry company Shiok Meats) and
company PHW. The companies plan Switzerland-based Mirai Foods entered
to collaborate on the manufacture a strategic partnership to develop
and distribution of SuperMeat’s cultivated beef. The companies will
cultivated meat. collaborate on ingredients
manufacturing and distribution, with
plans to launch cultivated beef in
Singapore and Switzerland.

2022 State of the Industry Report | Cultivated meat and seafood 23

Distribution
While cultivated meat is commercially sold in just one country in 2022 (Singapore), a number
of companies landed new distribution partnerships that will allow consumers across regions to
access cultivated meat products upon regulatory approval.

○ San Diego-based cultivated seafood ○ Mexico-based cultivated meat company

company BlueNalu collaborated with Micro Meat announced a partnership
sushi restaurant operator Food & Life with U.S.-based Orbital Assembly, a
Companies to develop bluefin tuna for developer of space-based business
Food & Life Companies’ 1,000+ parks with variable gravity, to install
restaurants across Japan, South Korea, their meat production equipment in
Singapore, Thailand, mainland China, OA’s Pioneer-class space stations.
Hong Kong, and Taiwan.
○ U.S.-based cultivated meat company
○ Cultivated chicken company SuperMeat Orbillion Bio announced a partnership
signed a Memorandum of Understanding with meat company Luiten Food. The
with Migros, Switzerland’s largest retailer collaboration aims to bring cultivated
and leading meat manufacturer. Migros wagyu beef to Europe, pending regulatory
will invest in SuperMeat and leverage approval. The partnership will provide
their distribution and manufacturing Orbillion Bio with access to Luiten's 1,200
network to help SuperMeat scale their distribution points, and the companies
cultivated chicken. plan to eventually develop manufacturing
facilities in Europe.

For a full list of companies with initiatives in cultivated meat and seafood,
visit GFI’s company database.

2022 State of the Industry Report | Cultivated meat and seafood 24

 Hybrids
As costs decrease and production volumes go up, cultivated meat and seafood
companies are well-positioned to launch commercially as soon as they secure
regulatory approval. Once a regulatory path to market is secured, any near-term
commercial launches will still be small-scale, with limited product availability and
premium positioning owing to the relatively high cost of producing small volumes.

Hybrid products—cultivated meat and fat supplemented with plant-based or

fermentation-derived proteins—can accelerate launches and make ingredients more
accessible while improving the taste and sensory appeal of alternative protein
products. Adding plant-based protein to cultivated meat not only decreases cost but
may also add beneficial nutritional attributes like fiber.

Most companies preparing to go to market will enter with hybrid products that have a
mix of cultivated and plant-based ingredients, a trend we expect to continue in the
near future.

Now is the time for successful market players that have a voice in
the market, and start ups to define common goals and to start
working on products that could potentially define the market in
the future. That is exactly what we envision with our strategic
cooperation with MIRAI Foods. We want to develop Germany’s
first hybrid plant based/cultivated fat burger. We have been very
successful at implementing vegan meat alternatives. But we have
also understood that there is a proportion of consumers that is
not ready to fully switch to a vegan diet. Hence, we think—if it‘s
the sensory part that is holding consumers back—a hybrid
product will be the optimal solution!

– Patrick Bühr, Head of Research & Development, Rügenwalder Mühle

2022 State of the Industry Report | Cultivated meat and seafood 25

Tastings
While cultivated meat is not yet on the market (except in Singapore, as of this report’s April
2023 publication), many companies hold private tasting events for policymakers, investors,
journalists, and other stakeholders. Such sampling events continued in 2022, enabling more
people to get a taste of the future of meat:

GOOD Meat brought their

cultivated chicken to the global
stage by organizing a tasting at
this year’s COP27 event, with
support from GFI APAC.

Photo: GOOD Meat

Israel-based SuperMeat held a blind tasting event of their cultivated chicken

Jan 23 product, alongside conventional chicken, for chefs, journalists, and
professional tasters.

MeaTech 3D and their subsidiary Peace of Meat held a tasting event for
Mar 30 investors featuring chicken nuggets made from cultivated and plant protein
ingredients.

SOSV and Apeiron Investment Group held the “Taste the Future” event
Apr 1
featuring samplings of plant-based, fermented, and cultivated proteins.

Apr 14 Mzansi Meat served their cultivated beef burger at an event in Cape Town.

Celebrations during Israel’s Independence day featured samples of

May 17
alternative protein products, including SuperMeat’s cultivated product.

2022 State of the Industry Report | Cultivated meat and seafood 26

 China-based cultivated meat startup Joes Future Foods debuted China’s first
Jun 10
cultivated pork belly at the New Technology Conference.

Feed9Billion and the Singapore Restaurant Week organized a “VVIP”

Aug 30 cultivated-meat tasting dinner with dishes provided by Aleph Farms, Umami
Meats, Avant Meats, and Shiok Meats.

Singapore’s cultivated seafood company Umami Meats debuted their

Oct 10
structured fish filet and fish cakes at Singapore’s Agri-Food Week.

GOOD Meat brought their cultivated chicken to the global stage by organizing
Nov 11
a tasting at this year’s COP27 event, with support from GFI APAC.

ImpacFat offered tastings of their cultivated fish fat (incorporated into

Dec 7
plant-based meat) at Big Idea Ventures’ Demo Day in Singapore.

South Korea-based CellMEAT featured its cultivated shrimp at a tasting

Dec 8 hosted at Sigolo, a restaurant in Seoul. The company announced they were
ready to go to market pending regulatory approval.

Facilities
The scale-up of a bioprocess, whether to produce biofuels, therapeutic antibodies, or
cultivated meat, generally occurs in four phases: lab scale, pilot scale, demonstration scale,
and commercial (industrial) scale. The pilot scale, in particular, is an essential proof of concept
that enables companies and investors to assess raw-material and production costs as well as
product yield.

Demonstration-scale and industrial-scale cultivated meat facilities will produce hundreds or

thousands of kilograms of cultivated product annually. This means that, after securing a
regulatory path to market, companies are likely to have the capacity to supply a limited number
of restaurants in the subsequent one to three years, along with producing samples for
regulators and key industry partners.

A number of companies opened, announced, or broke ground on new cultivated meat

facilities in 2022, bringing the total known number of planned pilot-scale (or larger) facilities
to 27 worldwide.

2022 State of the Industry Report | Cultivated meat and seafood 27

Figure 5: Current and future cultivated meat production facilities

Facilities that opened in 2022:

○ Cultivated meat startup Aleph Farms ○ UK-based Ivy Farm Technologies
moved their headquarters to Rehovot, opened a pilot plant capable of
Israel. The new HQ includes a pilot producing 2.8 tons of cultivated meat
production facility, capable of producing per year, the largest of its kind in
10 metric tons/year, and an R&D center. Europe.

○ Germany-based bioengineering ○ India-based FermBox launched a new

company The Cultivated B. announced 40,000-liter state-of-the-art cell
the opening of a 130,000-square-foot manufacturing facility in Karnataka,
cellular agriculture facility in Ontario, India, with single-use bioreactor
Canada, in partnership with Ontario volumes and multiple bioreactor suites
Genomics, a government-funded ranging from four liters to 2,000 liters
nonprofit. for every stage of development of
cultivated meat products.
○ Australian cultivated meat company
Vow opened Factory 1, a facility
capable of producing 30 tons of
cultivated meat per year, which is the
largest of its kind in the southern
hemisphere.

2022 State of the Industry Report | Cultivated meat and seafood 28

Facilities that broke ground in 2022:
○ GOOD Meat, the cultivated meat ○ Believer Meats, formerly known as
subsidiary of Eat Just, broke ground on Future Meat Technologies, broke
a new cultivated meat facility, located in ground on a 200,000-square-foot
Singapore, which will be capable of facility in North Carolina that will have
producing up to 50 tons of cultivated the capacity to produce at least 10,000
meat per year. metric tons of cultivated meat per year.

Facilities that were announced in 2022:

○ Israel-based cultivated meat company ○ Gourmey, a cultivated meat startup
Steakholder Foods (formerly MeaTech) based in France, plans to construct a
plans to build a cultivated fat pilot plant 46,000-square-foot commercial
capable of producing 20 tons per year in production facility and R&D center in
Antwerp, Belgium, where Peace of Paris to manufacture and
Meat (a subsidiary of MeaTech) is commercialize their first product line
headquartered. after raising a €48 million ($47.1
million) Series A round led by Earlybird
○ CellMEAT, a cultivated seafood startup Venture Capital.
based in South Korea, is constructing a
3,600-square-foot facility in Seoul. It ○ One of the first cultivated meat
will have a mass production capacity of companies, Mosa Meat, announced an
100,000 kg per year and is projected to expansion of their Maastricht-based
become operational in early 2023. pilot and R&D facility.

Industry associations and alliances

A number of new regional cultivated meat industry associations were formed in 2021. In 2022,
several of these organizations joined forces to advance the global cultivated meat industry. The
U.S.-based Alliance for Meat, Poultry, and Seafood Innovation, the APAC Society for Cellular
Agriculture, and Cellular Agriculture Europe teamed up to launch a new global alliance.

Industry associations and alliances can support regulatory transparency, conduct and share
consumer research, and secure alignment on nomenclature.

2022 State of the Industry Report | Cultivated meat and seafood 29

Consumer insights
It is critical to note that consumer research on cultivated meat products is being performed
largely in a pre-launch environment. It is GFI’s expectation that as products come to market
and more consumers become familiar with the concept and the experience of eating cultivated
meat, that results of consumer surveys and testing can improve in cultivated meat’s favor.

Consumer awareness and familiarity

When it comes to consumers’ familiarity with cultivated meat, research and responses vary, yet
show some consistent trends. A high percentage (ranging from 38 to 64 percent) of consumers
say they are not at all familiar with cultivated meat. A 2021 study showed that 59 percent of
U.S. consumers said they were not at all familiar with cultivated meat, and only seven percent
stated they were very or extremely familiar. Consumer research conducted in December 2022
by GFI and Embold Research found that only 32 percent of respondents reported having heard
of cultivated meat before. This familiarity gap leaves a huge opportunity for consumer
education and exposure.

Consumer willingness to try

On the measure of U.S. consumers’ willingness to try cultivated meat, we again see varying
data but a general trend. Based on consumer studies from 2017 to 2019 that all asked—in
nearly identical ways—about consumers’ “willingness to try” cultivated meat, just one in five
respondents were not willing to try cultivated meat and more than 60 percent were willing to
try. Many of these studies also demonstrate that after cultivated meat technology is explained
to consumers, for example via an explanation of the cell culture process, the qualities of the
product, and a brief explanation of social, public health, and environmental benefits, consumer
support for cultivated meat increases. The effect of this consumer education is even higher for
groups who report being very or extremely willing to try cultivated meat.

This same question was presented in the 2021 study mentioned above, but without the option
of “unsure,” and revealed similar results with one in five again not being likely to try cultivated
meat, but this time 80 percent being at least somewhat likely to try cultivated meat. Provided
an option to select “unsure,” we might infer that results may align closely with the above.

The 2022 GFI and Embold Research also tested U.S. consumer willingness to try cultivated
meat—it found that 45 percent said they were willing to try it, followed by 23 percent who
would buy it. This underscores the importance of efforts to effectively market products and
provide consumer education. We also noted that few consumers report a willingness to pay
more for cultivated meat than for conventional meat, which emphasizes just how critical it is
for the industry to make progress toward price parity. When asked explicitly about reasons for
their interest in trying cultivated meat, respondents identified curiosity and novelty as the top
motivators, followed by environmental reasons, animal welfare, and global food security.

2022 State of the Industry Report | Cultivated meat and seafood 30

Consumer research and demographic insights around the world
○ In FMI’s Power of Meat 2022 report, meat-eating consumers (vegans, vegetarians, and
pescatarians excluded) were surveyed, with 29 percent responding that they were willing
to try cultivated meat and 31 percent neutral. Appealing to this consumer segment is
critical as meat-eating consumers are the largest demographic—and the ultimate target
demographic to win over with cultivated meat products.

○ When broken down by generation, many studies reveal meaningful shifts in willingness to
try and buy cultivated meat, with each subsequent younger generation expressing a
higher likelihood of both trying and purchasing.

● For example, the FMI report shows 27 percent of Gen Z are willing to try
cultivated meat compared with 60 percent of Boomers stating they are unwilling
to try cultivated meat.

● In hypothetical scenarios, older consumers choose farm-raised beef over

plant-based or cultivated more often compared to younger consumers.

○ In 2022, GFI Europe conducted a survey examining consumer attitudes in France,

Spain, Germany, and Italy. The survey, which had 4,096 respondents, found that more
than half of consumers report reducing their conventional meat consumption, and more
than half of consumers were willing to buy cultivated meat. Read more.

○ Also in 2022, GFI APAC released first-of-its-kind data on consumer sentiments toward
alternative seafood products in four key Asian markets: Singapore, Thailand, South
Korea, and Japan. The results broadly showed that local consumers are curious about
cultivated seafood but want such products to meet or exceed the taste, texture,
“freshness,” and health benefits of conventional seafood—a standard most believe the
sector has not yet achieved. Dive in.

○ A new report by BCG examines the cultivated meat landscape in the United Kingdom,
including an exploration of the environmental, health, and economic benefits of
cultivated meat and levers to grow the cultivated meat market. Report authors estimate
that cultivated meat may reach price parity with conventional meat in the 2030s, noting
that cell culture media costs must go down and bioreactor economics must improve in
order to reach price parity. Read the report.

Messaging appeal
The research conducted in December 2022 by GFI and Embold Research also tested the
appeal of different messaging about the various benefits of cultivated meat. A message on
health benefits was the most appealing message. It described that cultivated meat can be
grown without added hormones, steroids, or antibiotics, in facilities with cleaner conditions

2022 State of the Industry Report | Cultivated meat and seafood 31

than conventional meat processing facilities, which reduces the risk of both foodborne
illnesses and future pandemics. This finding indicates that health messaging can be part of
the toolbox when performing consumer education or marketing around cultivated meat.
Messages on climate change, environmental benefits, the taste and eating experience, and
food security were the next most appealing messages, and it could be worth exploring which
aspects of those messages are most effective.

Familiarity within the food industry:

Chefs at the ready to support cultivated meat’s debut
Because cultivated meat will first be produced at small scale and at premium prices,
it’s likely that most companies will initially launch their products in a small number of
restaurants. Price and volume aside, launching in restaurants can be an attractive
go-to-market strategy because it allows for more consistency in the consumer
experience. At restaurants, companies can better guarantee that their product will be
prepared in certain ways.
Given the role of restaurants in the debut of cultivated meat, chef interest in cultivated
meat is critical. Some companies have made notable strides in chef engagement:
UPSIDE Foods is partnering with chef Dominique Crenn, co-owner and chef of
Michelin-starred restaurant Atelier Crenn to develop dishes with their cultivated
chicken, and GOOD Meat added chef José Andrés to their Board of Directors.
In addition, a 2022 survey commissioned by food-tech company SuperMeat and
conducted by independent market research consultancy Censuswide found that 86
percent of the 251 chefs/foodservice professionals polled are interested in serving
cultivated meat.
A 2022 survey conducted by GEA Group found that out of 1,000 professional chefs
surveyed, 80 percent noted that they were familiar with cultivated meat. GEA noted:
“The survey data suggest that many chefs are keenly aware that cultured meat and
similar products might redefine how people will eat in the future, and they see the
need to closely observe and keep up with such a fundamental trend.”

After the recent announcements, cultivated meat has an opportunity to

be cooked and served by the hospitality industry in the very near
future. Word of mouth and first hand experience of encountering
cultivated meat, will spread the word, creating further consumer
demand and overcoming reservations of the concept. I believed in the
product back in 2013, and with the abundance of recent funding, the
future of cultivated meat within the hospitality industry is within reach.

– Richard McGeown, first chef to cook cultivated meat

2022 State of the Industry Report | Cultivated meat and seafood 32

Nomenclature
GFI and many industry leaders have aligned on the term “cultivated meat” to describe meat
cultivated from animal cells as the leading naming convention. Multiple consumer studies and
industry stakeholders support this term: 75 percent of 44 industry CEOs preferred the term in
a 2021 GFI survey, and in 2022, 36 key industry stakeholders joined GFI APAC and APAC
Society for Cellular Agriculture to sign a Memorandum of Understanding declaring “cultivated”
as the preferred English-language term for cultivated food products.

Additionally, the GFI and Embold research demonstrates consumer preferences for using
“cultivated meat” over “cell-cultured meat” and other terms.

○ When asked which terms they would be ○ When consumers were asked how
comfortable seeing on an ingredient list effective different terms are at
on food packaging (select all that distinguishing between this type of
apply), “cultivated meat” performed the meat and conventional meat, cultivated
best out of all terms tested, with 33 meat and cell-cultured meat performed
percent of respondents selecting similarly to each other and better than
cultivated meat, while only 15 percent other terms. Overall, there is still ample
selected cell-cultured meat. room for consumer education on the
distinction between this product
○ When asked which names they could category and conventional meat.
imagine using personally (select all that
apply), 26 percent of respondents ○ Cultivated meat was also the most
selected cultivated meat, while only six appealing term to consumers, but all
percent of respondents selected terms scored much more highly on
cell-cultured meat. unappealing than appealing, again
highlighting a need for category
positioning and consumer education.

Overall, this research supports the continued use of “cultivated meat” by the industry. This
term offers the strongest combination of accuracy, ability to differentiate, and direct consumer
preference. Despite momentum building around “cultivated meat,” continued use and
exposure will be critical to cementing it as the standard term.

2022 State of the Industry Report | Cultivated meat and seafood 33

More than meat: Promising applications for
animal cell technology
While animal cell cultivation for the purposes of making food is primarily used for meat
production, the technology has a number of additional applications beyond meat. Select
highlights from companies using cell cultivation to produce milk, eggs, collagen, or other
products include:

○ Me&, which is based at the Hudson ○ Vancouver-based Fiction Foods is

Institute of Medical Research in developing cultivated chicken eggs.
Melbourne, Australia, is developing
cultivated breast milk. ○ India- and U.S.-based Brown Foods
announced a prototype of cultivated
○ Wild Earth, a U.S.-based pet food dairy milk.
company, developed a cultivated chicken
broth for dogs, which is expected to ○ San Francisco-based VitroLabs is
launch to consumers in 2023. developing cultivated leather.

○ Israel-based startup Wilk announced a ○ Celleste Bio, based in Israel, produces

prototype of the world’s first cultivated cultivated chocolate.
milk fat for yogurt.
○ Clean Food Group, based in the UK, is
○ North Carolina-based Jellatech working on developing cultivated palm
announced a prototype of cultivated oil alternatives.
collagen, which can be used across
○ California Cultured has developed
multiple industries including cosmetics,
prototypes for cultivated chocolate and
pharmaceuticals, and food.
coffee.
○ Israel-based cultivated meat company
Aleph Farms also added cultivated
collagen to their portfolio.

Like cultivated meat, these emerging cultivated product categories have the potential to
disrupt their respective categories if the technology proves scalable and economically viable.

Adjacent markets may also serve as high-value opportunities for market entry, or opportunities
to differentiate product portfolio and revenue while cultivated meat is still at relatively small
scale and high cost.

2022 State of the Industry Report | Cultivated meat and seafood 34

Cultivated meat image library
News articles about cultivated meat often feature
images of unrecognizable shapes in a petri dish, held by
a blue-gloved hand. These images are not effective at
grounding the reader in an accurate vision of cultivated
meat production, which at scale occurs in a facility in
many ways more similar to a brewery than a lab, nor
the familiar and delicious-looking end product. GFI’s
library of Creative Commons-licensed images of
cultivated meat seeks to advance a more authentic
representation of both cultivated meat production and
products and better position cultivated meat for broad
consumer appeal.

If you have images you’d like to contribute,

share your photos with us.

Are we missing something from this Commercial Landscape section?

Did we get something wrong? We’d appreciate your feedback via this form.
 Section 2

Investments
Section 2: Investments
—
Overview
From 2010 to 2022, alternative protein While this challenging market environment
companies raised $14.2 billion, nearly may continue for some time, the downturn
doubling the amount invested on average itself and alternative proteins’ status as an
every year, though with high variance from increasingly important ESG opportunity
year to year. Following the first disclosed provide potential upside for investors and the
investment in cultivated meat and seafood in industry. Deal valuations are starting to come
2016, such companies have raised $2.8 down, and startups are more willing to make
billion, with investments on average tripling deal term concessions, shifting dealmaking in
every year. This trend of rapid growth slowed investors’ favor. The alternative protein
in 2022, with funding for both alternative industry—and the cultivated meat and seafood
proteins as a whole and cultivated meat and category in particular—is still in its early
seafood companies slowing alongside a stages, with ample opportunity for investors to
broad global deceleration in investment enter the space or double down on their
across multiple sectors. commitment. The $896 million invested in
2022 represents nearly one-third of all-time
Cultivated meat and seafood companies investment. Moreover, ESG interest remains
raised $896 million in 2022, representing a high and private impact funds have $113
deceleration of 33 percent year-over-year billion in dry powder (funds that have yet to be
(YOY). This modestly outperformed the invested), creating a tailwind for alternative
overall global venture funding decline of 35 proteins, which are increasingly being viewed
percent YOY and outpaced funding for select as an ESG-aligned sector.
sectors popular with venture capital funds,
such as fintech where funding fell by 46 The outlook for cultivated meat and seafood is
percent. Fewer investments took place amid bright. The U.S. FDA’s completion of their first
challenging macroeconomic and market premarket review of a cultivated meat product
conditions, including falling public equity (for UPSIDE Foods), and its indication of
markets, steeply rising interest rates driven several additional reviews in progress, signaled
by elevated inflation, the ongoing pandemic, a major de-risking event for investors.
severe climate events, and the invasion of PitchBook expects this major milestone to
Ukraine. In fact, public equity markets fell by drive record funding in 2023, drawing a parallel
the most since the great financial crisis of to the surge in investing following Singapore
2008. Venture-capital-backed public granting regulatory approval to a cultivated
companies performed especially poorly, with chicken product in 2020.
the PitchBook VC-backed IPO Index falling
by more than 60 percent in 2022.

2022 State of the Industry Report | Cultivated meat and seafood 37

This positive outlook is also supported by Europe saw higher cultivated meat
2022 investment data. Despite the investments in 2022 than in the year prior. In
challenging market environment, the largest fact, in APAC, cultivated meat companies
deals for both a cultivated meat and a raised more capital in 2022 than in all prior
cultivated seafood company to date occurred years combined. In addition, the number of
in 2022 when UPSIDE Foods raised a $400 unique investors in cultivated meat and
million Series C and Wildtype raised a $100 seafood grew by 19 percent to 679 total
million Series B. Moreover, both APAC and investors.

Alternative proteins are a scalable

solution to global challenges
Despite alternative proteins’ clear ESG benefits, they currently
face underinvestment as a climate, biodiversity, public health, and
food security solution. Countries have committed to halve
emissions and protect 30 percent of global land and ocean
ecosystems by 2030. With just seven years to go, investing in
alternative ways of making meat, seafood, eggs, and dairy is
essential. In their paper What gets measured gets financed, the
Rockefeller Foundation and Boston Consulting Group (BCG)
identified alternative proteins as a critical climate mitigation
solution and estimated that alternative proteins have an annual
unmet funding need of more than $40 billion. Both private
investors and governments have a critical role to play to ensure
that alternative protein companies have the funding they need to
help alleviate the multiple global crises.

2022 State of the Industry Report | Cultivated meat and seafood 38

 New ESG frameworks raise the bar on sustainability
transparency of meat

In 2022, GFI and FAIRR developed a new, gap-filling set of ESG frameworks for the
alternative protein industry that equip companies to assess and report
environmental and social impacts of their business practices and their products,
helping meet demand from investors, governments, and consumers for greater
transparency.

The first-of-their-kind frameworks enable greater disclosures of the climate, water

and land use, biodiversity, labor, and food security impacts of companies and their
products, encouraging improvements in company practices and enabling
comparisons between companies involved in alternative proteins and companies
involved in animal protein products. The frameworks also enable investors to
source high-quality ESG data from companies regarding their alternative protein
offerings.

By 2025, an estimated third of global assets will be managed according to ESG

principles. And while ESG reporting is currently voluntary, mandatory and globally
standardized reporting is likely only a matter of time, with government-mandated
climate reporting anticipated by 2025. As ESG considerations are increasingly
integrated into risk mitigation and decision-making, a greater need exists for
standardized industry-specific assessments that enable data validation and
comparability. While such frameworks exist for many other industries, the new GFI
& FAIRR ESG frameworks now play that role for the alternative protein sector.

Increased visibility of the long-term environmental and social impacts of

alternative proteins compared with those of conventional proteins can catalyze
further investments that meet global sustainability goals and accelerate the
transition to a more secure and equitable protein production system.

Investors and companies interested in exploring how they can adopt the GFI &
FAIRR frameworks to enhance their ESG assessment and reporting practices are
encouraged to reach out to GFI’s Corporate Engagement team for support.

2022 State of the Industry Report | Cultivated meat and seafood 39

Table 5: 2022 investment overview

Invested capital Largest investment Unique investors

$896 million in 2022 $400 million 110 new in 2022

(32% of all-time investment) (UPSIDE Foods) (19% growth from 2021)

$2.78 billion total 679 total (2016–2022)

(2016–2022)

Invested capital deals Growth stage deals Liquidity events

(Series B and above)

77 in 2022 3 in 2022 $39.1 million

in 2022
294 total (2016–2022) 12 total (2016-2022)
$57.8 million
total (2016–2022)

Source: GFI analysis of data from PitchBook Data, Inc.

Note: Data has not been reviewed by PitchBook analysts. See the Methodology of investment calculations section for GFI’s data
collection methodology and definitions of “invested capital.” The total deal count includes deals with undisclosed amounts.

2022 State of the Industry Report | Cultivated meat and seafood 40

Figure 6: Annual investment in alternative proteins (2010–2022)

Source: GFI analysis of data from PitchBook Data, Inc.

Note: Data has not been reviewed by PitchBook analysts. The total deal count includes deals with undisclosed amounts.

2022 State of the Industry Report | Cultivated meat and seafood 41

Figure 7: Annual investment in cultivated meat and seafood (2016–2022)

Source: GFI analysis of data from PitchBook Data, Inc.

Note: Data has not been reviewed by PitchBook analysts. The total deal count includes deals with undisclosed amounts.

Methodology of investment calculations

GFI conducted a global analysis of cultivated meat investments using data from PitchBook Data,
Inc. Our analysis uses a list we custom built in PitchBook of companies that focus primarily on
cultivated protein products or on providing services to those who produce them.
We excluded the many companies that are involved in meat cultivation but not as their core
business, such as Merck KGaA, Darmstadt, Germany as the funding these companies devote to
cultivated meat is undisclosed. We also exclude alternative-protein-focused companies that are
involved in cultivated meat and one or more additional protein categories if they are more focused
on plant-based or fermentation, and include those companies in the category they are most
involved in. Some companies use another alternative protein production platform to produce
inputs for cultivated meat, for example using precision fermentation to produce growth factors.
Those companies were included in this total as cultivated meat suppliers and excluded from our
fermentation dataset. We included cultivated milk and egg companies as well as cultivated meat
pet food companies, though they are not the primary focus of this report.
Some companies included in our list may also offer products or services that apply to another
protein category. For example, Finless Foods is included in our cultivated meat and seafood
dataset, but they also produce plant-based seafood. Meanwhile, the $200 million that Eat Just
raised in March 2021 for use across their product lines and the $267 million raised for their GOOD
Meat division in the funding round completed in September 2021 are categorized under cultivated

2022 State of the Industry Report | Cultivated meat and seafood 42

 meat. All other Eat Just funds raised are categorized under plant-based (the company was
founded as a plant-based egg company, and their business is focused on both plant-based eggs
and cultivated meat today).
PitchBook profiled 132 cultivated meat companies, 114 of which have disclosed deals. Of these
114 companies, 102 have deals with publicly disclosed amounts. Because our aggregate
calculations include only companies with deals and deal sizes disclosed to PitchBook, they are
conservative estimates.
For the purposes of this report, invested capital/investment comprises accelerator and incubator
funding, angel funding, seed funding, equity and product crowdfunding, early-stage venture
capital, late-stage venture capital, private equity growth/expansion, capitalization, corporate
venture, joint venture, convertible debt, and general debt completed deals. Liquidity events
comprise completed mergers, acquisitions, reverse mergers, buyouts, leveraged buyouts, and
IPOs, while other financing comprises completed subsequent public share offerings and private
investment in public equity. We do not include capital raised through a SPAC IPO until the entity
has merged with or acquired a target company.
Please note that the figures published in this report may differ from prior figures published by GFI
as we and PitchBook continually improve our datasets.

Figure 8: Investments in cultivated meat and seafood by region (2016–2022)

Source: GFI analysis of data from PitchBook Data, Inc.

Note: Data has not been reviewed by PitchBook analysts. North America includes Canada and the United States only. Latin
America includes Mexico, as well as South American and Central American countries. The total deal count includes deals with
undisclosed amounts.

2022 State of the Industry Report | Cultivated meat and seafood 43

 MUFG recognizes that alternative proteins, including cultivated
meat, have the potential to address numerous anticipated global
challenges, especially food insecurity and climate change.
However, this potential is not adequately recognized, and the
difficulties of securing sufficient financing may limit the industry's
evolution, particularly for cultivated meat. MUFG is committed to
empowering a brighter future for alternative proteins by utilizing
our global resources to invest in the industry and support human
capital development and partnerships.

– Ichika Sakon, Vice President of Industry Research and Creation

Division at MUFG Bank

Figure 9: Investment in cultivated meat and seafood: Top 10 countries (2016–2022)

Source: GFI analysis of data from PitchBook Data, Inc.

Note: Data has not been reviewed by PitchBook analysts. The top 10 countries were selected based on 2022 invested capital. We
are aware of additional investments in these countries, including China, that are not captured by our methodology. The total deal
count includes deals with undisclosed amounts.

2022 State of the Industry Report | Cultivated meat and seafood 44

Table 6: Deal type summary statistics (2016–2022)

Deal type Median Median Median Maximum Deal count

2016-2020 2021 2022 (all years) (all years)

Seed $1.8MM $2.4MM $2.1MM $20.9MM 89

Series 1, 2 $6.6MM $0.5MM $4.6MM $6.6MM 6

Early stage VC $2.3MM $1.3MM $1.6MM $60MM 80

(uncategorized)

Series A, A1, A2 $10.7MM $15.5MM $15.2MM $48MM 36

Series B, B1 $131MM $34MM $55MM $347MM 9

Series C N/A N/A $400MM $400MM 1

Series F1 N/A $200MM N/A $267MM 2

Source: GFI analysis of data from PitchBook Data, Inc. The total deal count includes deals with undisclosed amounts.

Note: Data has not been reviewed by PitchBook analysts. These figures represent summary statistics of invested capital rounds
with disclosed deal amounts. Deal count includes rounds with undisclosed amounts. Due to their limited number and size, this
table excludes angel, accelerator and incubator, capitalization, corporate, convertible debt, equity and product crowdfunding, joint
venture, late-stage VC, and private equity rounds. It also excludes uncategorized rounds.
1
The Series F rounds are those of Eat Just.

2022 State of the Industry Report | Cultivated meat and seafood 45

Figure 10: 2022 key funding rounds

Source: GFI analysis of data from PitchBook Data, Inc.

Note: Data has not been reviewed by PitchBook analysts. “2022 key funding rounds” includes investments in the 75th percentile or
higher for each funding round category that includes more than three deals. For funding round categories that include three deals
or fewer, all deals are included.

2022 State of the Industry Report | Cultivated meat and seafood 46

Table 7: Most active investors in 2022

2022 cultivated Total deal

Investor Logo Investor type Headquarters
meat deal count count

Big Idea
Venture capital New York, USA 14 36
Ventures

SOSV /
Venture capital Princeton, USA 9 35
IndiBio

CULT Food Vancouver,

Venture capital 5 14
Science Canada

San Francisco,
AgFunder Venture capital 4 5
USA

Better Bite Christchurch,

Venture capital 4 5
Ventures New Zealand

Sustainable
Food Venture capital Raleigh, USA 4 10
Ventures

Agronomics Venture capital Douglas, UK 3 15

Brinc (Private Accelerator / Hong Kong,

3 10
Equity) Incubator China

Minneapolis,
Cargill Corporation 3 7
USA

CPT Capital Venture capital London, UK 3 20

Milk & Honey

Venture capital Tel Aviv, Israel 3 3
Ventures

Source: GFI analysis of data from PitchBook Data, Inc.

Note: Data has not been reviewed by PitchBook analysts. “Most active investors in 2022” includes any organization that
made three or more publicly disclosed investments in a cultivated meat company during calendar year 2022. The total deal
count includes deals with undisclosed amounts.

2022 State of the Industry Report | Cultivated meat and seafood 47

Liquidity events
Two key liquidity events—also known as exits, representing the sale of an equity owner’s
interest in a company typically through a merger, acquisition, buyout, or IPO–took place in
2022, hinting at what the future may hold for cultivated meat and seafood companies.

In a deal that was announced in 2021, but closed in 2022, JBS, the world’s largest meat
company, acquired Spanish cultivated meat company BioTech Foods for $39 million.
Demonstrating their interest in cultivated meat, JBS also committed to building a new
production plant in Spain for BioTech Foods and launching a Research & Development Center in
Biotechnology and Cultured Protein in Brazil.

Meanwhile, signaling further industry maturity, cultivated meat company UPSIDE Foods
acquired cultivated seafood company Cultured Decadence in January for an undisclosed
amount, expanding their product capabilities.

We expect to see an increased number of mergers and acquisitions in the coming year as
companies with stronger financial footing—incumbents and startups alike—acquire firms with
valuable technologies, manufacturing processes, and talent that are struggling to maintain a
financial runway in today’s challenging funding environment.

“While the economy has slowed down, innovation continues

to accelerate in the alternative protein sector. Companies
that start during this economic downturn will build efficient
operations and have a running start as the economy
improves again. Historically, some of the best companies
have been started during difficult economic times including
Airbnb, Uber and WhatsApp."

- Gautam Godhwani, Managing Partner, Good Startup

2022 State of the Industry Report | Cultivated meat and seafood 48

Other financing
In addition to more traditional financing methods, some public companies pursue financing
paths such as subsequent public share offerings and private investment in public equity
(PIPE) deals.

The only cultivated meat and seafood company to have raised such financing in 2022 is
Steakholder Foods (previously MeaTech), which is traded publicly on the NASDAQ stock
exchange. The company raised an undisclosed amount of capital via a PIPE in June 2022. As
cultivated meat and seafood companies mature and a higher number begin trading publicly, we
will see a higher number of other financing rounds.

The Good Food Institute is not a licensed investment or financial advisor, and nothing in the State of the
Industry Report series is intended or should be construed as investment advice.

Are we missing something from this Investments section?

Did we get something wrong? We’d appreciate your feedback via this form.

2022 State of the Industry Report | Cultivated meat and seafood 49

 Section 3

Science and technology

Section 3: Science and technology
—
Overview
Across the cultivated meat ecosystem, scientific and technological progress accelerated in
2022. Findings from research projects that began several years ago are now getting published
in open-access journals and platforms, especially in areas related to cell lines, serum-free cell
culture media development, and scaffolding. Research is also broadening, with studies
involving global teams of experts in food safety, computational modeling, environmental and
social sciences, and food and meat science.
As the industry matures, companies are publishing their findings and sharing resources, which
helps build the foundation for future research endeavors. This section highlights some of the
key scientific advancements and signals of 2022.

For a comprehensive introduction to the current state of the science in cultivated meat, visit
GFI’s science of cultivated meat page.

Research across the technology stack

Companies and academic laboratories continue to push the
boundaries of cultivated meat research. Thanks to a small
group of generous donors, GFI awarded research grants for
15 innovative projects focused on cultivated meat and
seafood in 2022. See below for highlights from our grantees
and other research teams across the technology stack.

Figure 11: Cultivated meat process flow

2022 State of the Industry Report | Cultivated meat and seafood 51

Cell lines

Definition: For cultivated meat and seafood to match the variety of conventional products on the
market, high-quality cell lines from many species will be required. A variety of cell types may be
applicable to cultivated meat, from pluripotent stem cells to adult stem cells capable of becoming
fat, muscle, or connective tissues. Researchers are working to develop and characterize new cell
lines and to better understand the properties of different cell types—growth potential, metabolism,
media requirements, and effects on the properties of the final product—that will determine how
suitable each cell type is for cultivated meat.

Want to learn more? Check out articles by GFI grantees Masatoshi Suzuki and Ivana
Gadjanski on cell lines for cultivated meat, and by grantee Mukunda Goswami on uses
for fish cell lines.

2022 research highlights:

A lack of readily available cell lines from In a paper in NPJ Science of Food, Dr. Yusuke
relevant species and cell types has been an Tsuruwaka of Keio University and Dr. Eriko
ongoing obstacle to scientific progress in Shimada of Kyoto University and UC Davis
cultivated meat. Fortunately, 2022 showed described a fibroblast-like line established
an uptick in research on cell line from the fin of a thread-sail filefish. One
development. interesting feature of this cell line is its ability
to be easily differentiated into a variety of
Dr. David Kaplan’s lab at Tufts University lineages, including muscle and fat. This
published a preprint article describing the result warrants a fresh look at the
Mack1 cell line, the first publicly available transdifferentiation of fish cells, as it may
continuous myogenic (muscle) line from fish. indicate that finding appropriate cell lines
This spontaneously immortalized Atlantic from fish is substantially easier than we
mackerel line is available for purchase by might have assumed based on results from
academic and nonprofit labs and can mammals. Dr. Georgina Dowd’s group at The
differentiate into muscle fibers as well as New Zealand Institute for Plant and Food
taking on an adipogenic-like (fat) phenotype Research also described a spontaneously
depending on the media in which the cells immortalized myofibroblast precursor line
are cultured. This study also provides a from Australasian snapper.
useful roadmap for future fish cell line
development work and offers some new A paper from Professor Per Bruheim’s group at
research tools for fish cell culture work. The the Norwegian University of Science and
Kaplan lab’s mackerel work was an offshoot Technology describes the isolation of primary
of a GFI-funded project on cell line muscle cells from European lobster. This is the
development from Atlantic salmon, and his first published report of a primary muscle cell
lab receives federal funding from USDA. isolation from lobster, which provides a solid
starting point for future studies of cultivated

2022 State of the Industry Report | Cultivated meat and seafood 52

crustaceans and for efforts to create Finally, Dr. Kaplan’s lab published a preprint
immortalized lines. This paper also helps paper describing a bovine (cow) cell line that
address the problem of a lack of validated was immortalized by expressing bovine TERT
antibodies for use in seafood species. and CDK4. Academic or nonprofit groups
interested in accessing the line should reach
out directly to the research team.

Cell culture media

Definition: Cell culture media contains the nutrients and growth factors needed to cultivate cells
outside the body. As the primary input into the cultivated meat process, it is currently the largest
cost and environmental impact driver of cultivated meat production. Additional research is needed
to derive animal-free formulations that match the metabolic requirements of each cell line, in
addition to creating a supply chain of more affordable, animal-free, and food-grade ingredients.

Want to learn more? Check out this review article by GFI grantee David Block and
discover how to differentiate cultivated seafood cells in this review by GFI scientists
and colleagues.

2022 research highlights:

Traditionally, most lab-scale cell culture has grown in serum-free conditions. They also
relied on the use of serum, a complex mixture showed that microalgae could be used as a
derived from animal blood that contains nutrient supplement for culturing bovine cells.
growth factors, other proteins, hormones,
lipids, and nutrients. While serum is effective Formulation of cell culture media remains a
at maintaining cell health, its use in cellular challenge because each medium formulation
agriculture is not viable at scale due to a will need to be adapted to the needs of the
number of challenges including limited species and cell type being cultivated, as
availability, batch-to-batch variability, and shown by scientists at UC Davis. To
poor sustainability. Research on serum-free accelerate formulation optimization, the UC
media advanced in 2022, with publications Davis team created an algorithm that can
from Mosa Meat demonstrating serum-free help researchers reduce the number of
bovine muscle cell differentiation and experiments needed to identify the
proliferation and serum-free fat cell culture ingredients required for cells grown under
protocols that can be applied across species. set conditions.
Researchers at the Tokyo Women’s Medical
Growth factors are currently the highest-cost
University devised a circular cell culture
ingredient within cell culture media, and
system in which microalgae could be used to
several studies demonstrated substantial
consume the toxic metabolite ammonia while
progress on reducing their cost. For example,
supplying nutrients to mouse muscle cells

2022 State of the Industry Report | Cultivated meat and seafood 53

a study funded by GFI and New Harvest albumin at less than a tenth of the cost.
demonstrated methods to produce and Furthermore, researchers at the Austrian
purify low-cost growth factors in bacteria. Center for Biotechnology showed that
The study was also the first to test a variety food-grade ingredients such as
of species-specific growth factors and found methylcellulose can play a stabilizing role in
that some variants outperformed commercial cell culture media similar to that of albumin,
versions. The research team’s in-house resulting in media formulations that require
production of growth factors resulted in a significantly lower quantities of costly
255-fold (for FGF2) or a 720-fold (for growth factors and albumin proteins.
TGF-β1) lower cost than commercially
available equivalents, and between a 4-fold Finally, GFI-Europe and EIT Food awarded
and a 7-fold lower cost for the complete four grants to assist in lowering media costs
media. These cost reductions were achieved through strategies such as hydrolysates from
with lab-scale production, indicating the microalgae, improved thermostability of
potential for much greater cost reduction growth factors, and expression in plants or
when produced at a commercial scale. cell-free systems.

Other proteins commonly used in the cell Take a deeper dive into the anticipated
culture media such as albumin and costs, production volumes, and regulatory
transferrin are often added in such high considerations for growth factors in this
quantities that they can account for the analysis published by GFI in collaboration
majority of media cost. Researchers at Tufts with Laurus Bio, Core Biogenesis, LenioBio,
University demonstrated that albumin and the Future Ready Food Safety Hub.
proteins from plants such as rapeseed can
functionally replace recombinant animal

Scaffolding

Definition: Many approaches to producing cultivated meat use some form of 3D scaffolding to
provide structure to the final product; facilitate nutrient, oxygen, and waste transport; and provide
cues that can help the cells differentiate and mature as desired. Research into scaffolding for
cultivated meat focuses on identifying the best materials (or combinations of materials) and
developing innovative manufacturing technologies for scalable and cost-effective scaffolds.

Learn more about scaffolding in this review article published by a team of GFI
scientists and research fellows.

2022 State of the Industry Report | Cultivated meat and seafood 54

2022 research highlights:
A key milestone in 2022 was the publication cell attachment for growth in bioreactors) for
of the first few papers tackling the challenge cultivated meat. As part of a GFI-funded
of creating structured cultivated seafood project, Dr. Marcelle Machluf’s lab developed
products. Researchers at Zhejiang University edible microcarriers composed of chitosan
used a bioink-containing fish gelatin and and collagen in a 9:1 ratio, which could
alginate to bioprint structured constructs support the growth of cells from mice,
containing large yellow croaker satellite cells rabbits, sheep, and cows. The labs of Dr.
and adipose-derived stem cells. Hanry Yu and Dr. Dejian Huang developed
edible gelatin-coated alginate microcarriers
Researchers at Keio University, Kyoto
capable of supporting the growth of pig,
University, and UC Davis described the use of
chicken, and mouse muscle cells as well as
a mostly scaffold-free technique to produce a
mouse fat cells. Dr. David Block’s lab showed
cultivated fish prototype, in this case from
that edible filamentous fungal pellets could
thread-sail filefish. The first phase of the
be used as microcarriers for both yeast and
Algae2Fish project—funded by GFI and led by
myoblasts. Dr. Yanan Du’s lab created
Dr. Frederico Ferreira at the University of
centimeter-scale cultivated pork meatballs
Lisbon—was published in 2022, documenting
by growing fat and muscle cells on porous
the successful fabrication of
gelatin microcarriers and then aggregating
κ-carrageenan-based scaffolds capable of
the cell-laden microcarriers using 3D-printed
being used as bioinks and supporting the
molds and transglutaminase. Supported by
growth of L929 mouse fibroblasts. The
GFI, Dr. Amy Rowat’s lab at UCLA
eventual goal of this project is to grow sea
demonstrated the use of edible grooved
bass cells on this material and to incorporate
microcarriers to create a small, cookable
electrospun fibers to guide cellular alignment.
cultivated meat patty. Dr. Rowat will continue
Building on previous work on the use of her lab's investigation of edible microcarriers
textured vegetable protein (TVP) in cultivated and cultivated meat research more broadly
meat scaffolding, Dr. Jinkee Hong’s lab through a $600k grant from USDA, a $1
demonstrated that coating TVP with fish million BRITE Fellow award from the
gelatin and agar improved the textural and National Science Foundation, and research
cell adhesive properties of the scaffold. Dr. funding from the state of California. Dr. Mona
Shulamit Levenberg’s lab explored the use of Pedersen’s lab explored the use of edible
RGD-functionalized alginate as a scaffold for microcarriers from food industry by-products
bovine muscle and fat cells. The researchers for use in growing satellite cells for cultivated
also took advantage of the reversible gelation meat. Finally, a group from the Cultivated
properties of alginate to combine small Meat Modeling Consortium published a
pieces of scaffold laden with mature muscle preprint paper describing their work to
or fat cells into a “marbled” construct. computationally model the growth of cells on
There was significant progress on producing microcarriers in a stirred-tank bioreactor.
edible microcarriers (tiny beads that enable

2022 State of the Industry Report | Cultivated meat and seafood 55

Bioprocess design

Definition: The bioprocess for cultivated meat encompasses production lines of bioreactors
outfitted with sensor equipment, integrated with cell-harvesting and food-processing equipment,
and designed with automation in mind. Production lines can be constructed in various ways, and
research is needed to determine the best-suited bioreactors and technologies required to create
and scale a spectrum of cultivated meat product types.

Learn more about bioprocessing in this review article by GFI grantee Che Connon and
colleagues.

2022 research highlights:

Once a research group has developed used to better understand bioreactor design
appropriate cell lines and cell culture media, and predict cell performance during
they can begin to scale up their bioprocess. scale-up. Another study by researchers at
In 2022, scientists from Believer Meats University College London characterized the
published details on their pilot-scale process, properties of a novel bioreactor impeller
showing very high cell densities of over 100 design that can provide a low-shear
million cells per milliliter (360 grams per environment for mixing cells, an important
liter) under continuous perfusion culture, factor in the scale-up of animal cell cultures.
which is the highest density reported in any In its inaugural request for proposals, the
cultivated meat research paper to date. Cultivated Meat Modeling Consortium funded
a team of U.S. researchers to develop
However, many laboratories remain in the
genome-scale metabolic models of porcine
research and development phase of deriving
(pig) cells, which can be used to optimize cell
cell lines and optimizing cell culture media,
culture media formulations.
and much of the published work to date in
bioprocessing is conceptual or model-based. Additional studies that incorporate
For example, researchers at the University of bioprocess models are discussed below in
Tennessee published a review article sections on environmental impact and
covering computational fluid dynamics progress toward price parity.
modeling for cultivated meat, which can be

Check out our research grants page to explore grant opportunities and meet the
scientists leading open-access cultivated meat research. You can also find
external funding opportunities via our research funding database.

2022 State of the Industry Report | Cultivated meat and seafood 56

 I think the most significant drivers of progress, on the academic side,
have been the establishment of cell lines, like immortalized bovine
satellite cells, and published serum-free media formulations for relevant
cells, from academia and companies like Mosa Meat. I think the biggest
bottleneck will be developing cost-efficient ways to study how to scale
bioprocesses. I’m particularly excited to see how sensors can impact
approaches towards scale-up.

– Michael Saad, PhD candidate

Research on environmental and social impacts

Several studies published in 2022 increased our understanding of the environmental and
socioeconomic impacts of cultivated meat production and generated new food safety insights.

Environmental impact
To understand the environmental impact of production, scientists use life cycle assessment
(LCA) to quantify the energy and materials required across the entire value chain to produce a
given product. In 2022, two LCAs for cultivated meat were published.

The first study examined production in hollow fiber bioreactors using lab-scale data collected
from researchers at the University of Bath. The study identified key ways to reduce the
environmental impact of cell culture media, including increasing the metabolic efficiency of cell
lines, sourcing amino acids from plant hydrolysates, and using renewable energy at the
production facility and throughout the supply chain.

A second LCA was published by researchers at The Ohio State University using pilot-scale data
from cultivated meat producer SCiFi Foods. The study was the first to assess a hybrid burger
product (composed of 17 percent cultivated bovine cells, 10 percent soy protein isolate, seven
percent coconut oil, and other ingredients). Producing data that showed similar environmental
benefits as plant-based burgers currently on the market, the study found that compared to a
conventional beef burger, the hybrid burger could:

○ Generate 87 percent fewer greenhouse gas emissions.

○ Require 90 percent less land.
○ Require 96 percent less water.

2022 State of the Industry Report | Cultivated meat and seafood 57

In early 2023, an LCA that incorporated data from more than 15 companies involved in the
supply chain for cultivated meat was updated and published in the International Journal of LCA.
The study, which was previously published as a white paper in 2021, found that cultivated meat
is nearly three times more efficient than chicken production—the most efficient form of
conventional meat. This efficiency translates to cultivated meat requiring far less land and
results in less air pollution, acidification of soils, and marine eutrophication. The study
demonstrates that the majority of emissions are Scope 1 and 2, which means that governments
could significantly reduce cultivated meat’s carbon footprint by providing incentives to use and
source renewable energy at these facilities. If renewable energy is implemented in production,
cultivated meat can have a similar or potentially lower carbon footprint compared to highly
optimistic future scenarios for any form of conventional meat production.

Table 8: Environmental impact comparison between cultivated meat produced with

renewable energy and optimistic future scenarios for conventional meat:1

Cultivated meat Cultivated meat Cultivated meat

compared with compared with compared with
conventional chicken conventional pork conventional beef2

Carbon footprint 3% increase 44% reduction Up to 92% reduction

Land use 64% reduction 67% reduction Up to 90% reduction

Air pollution 20% reduction 42% reduction Up to 94% reduction

Soil acidification 69% reduction 78% reduction Up to 98% reduction

Marine eutrophication 75% reduction 87% reduction Up to 99% reduction

1
Nineteen different environmental indicators were analyzed in the study. Cultivated meat performs better than conventional meat
on most, but not all indicators. Notable indicators where cultivated meat has a similar, or in some cases, higher expected impacts
include cumulative energy demand, blue water use, and freshwater eutrophication. For all of these categories, some uncertainty
exists and values are also dependent on practices implemented by the manufacturer (e.g., cooling practices greatly influence
energy use and wastewater treatment practices will affect eutrophication impacts) or scarcity of local resources in the case of blue
water use. Refer to Table B.2 for the full impact comparison.
2
This varies according to whether comparisons are with beef from dairy cattle or with beef from cattle raised exclusively for meat.

Socioeconomic impact
In Nature Food, an international team of researchers assessed expert views on the impact of
plant-based and cultivated meat on job transitions in Brazil, Europe, and the United States,
finding that these fields offer an opportunity for many new, high-paying jobs in these regions.
On the same topic, researchers at Rowan University and Penn State University examined how
“thick” and “thin” food justice frameworks—frameworks that emphasize fundamental
overhauls to our food system versus those focused on working within the current economic
system—can be used to inform the cultivated meat sector on how it can best contribute toward
a more sustainable and just food system.

2022 State of the Industry Report | Cultivated meat and seafood 58

Research on food safety, nutrition, and public health

Food safety
In 2022, the Food and Agriculture Organization of the United Nations (FAO) released reports
summarizing research on cultivated meat terminology, production, and regulatory frameworks.
The FAO also convened two meetings to identify safety hazards in production and to share
insights amongst cultivated meat manufacturers. FAO produced a video tour featuring Aleph
Farms, which demonstrates how safety is ensured in their pilot facility. FAO released a report in
April 2023 detailing the output of the food safety hazard identification conducted.

Other notable news includes the Singapore Food Agency’s update to their guidance on novel
foods and documentation from the completion of FDA’s premarket evaluation of UPSIDE
Foods’ cultivated chicken, which contains enormous insight into the safety evaluation of
cultivated meat.

Nutrition and public health

Because cultivated meat is grown directly from animal cells in a process similar to how the
cells grow in a living animal, we expect it to be nutritionally similar to conventional meat.
However, just as with animals, the composition of cultivated cells will depend on how they are
raised and what they are fed, so there will be potential to optimize nutritional profiles.

A paper from Dr. Young-Hwa Hwang’s lab analyzed the nutritional and taste characteristics of
chicken and bovine satellite cells. They found substantial differences between the amino acid
composition of their cultured cells and that of conventional meat, highlighting the need for
optimization of media composition and differentiation/maturation protocols for cultivated meat.

As part of the premarket consultation process, UPSIDE Foods submitted data on their
cultivated chicken’s content of amino acids, fats, and other nutritionally important
components, showing that their product had a similar nutrition profile to conventional chicken.

2022 State of the Industry Report | Cultivated meat and seafood 59

Table 9: UPSIDE Foods cultivated chicken and conventional chicken
(g/100g, normalized to 20 w/w% solids, unless otherwise noted)

Table 10: UPSIDE Foods cultivated chicken and conventional chicken

(g/100g, normalized to 20 w/w% solids, unless otherwise noted)

2022 State of the Industry Report | Cultivated meat and seafood 60

Table 11: UPSIDE Foods cultivated chicken and conventional chicken
(g/100g, normalized to 20 w/w% solids)

2022 State of the Industry Report | Cultivated meat and seafood 61

Table 12: UPSIDE Foods cultivated chicken and conventional chicken
(mg/100g, normalized to 20 w/w% solids, unless otherwise noted)

Table 13: UPSIDE Foods cultivated chicken and conventional chicken

(mg/100g, normalized to 20 w/w% solids)

The use of antibiotics in livestock grown for conventional meat production is a significant driver of
antimicrobial resistance (AMR), which threatens the usefulness of antibiotics in human medicine.
GFI’s science and technology team published a commentary piece and accompanying blog post
discussing cultivated meat’s potential to help address the threat of AMR. We considered the
pros and cons of antimicrobial use during the production phase of cultivated meat and argued
that antimicrobial-free production is not only possible but the most practical option—though
antibiotics may be used sparingly in the initial stages of cell isolation and cell line development.
The documentation submitted to FDA by UPSIDE Foods confirmed that antimicrobials were used
only during preproduction cell line development of UPSIDE’s chicken.

2022 State of the Industry Report | Cultivated meat and seafood 62

Scientific ecosystem growth
In 2022, GFI’s Alt Protein Project (APP)—an international student movement dedicated to
seeding alternative protein education, research, and innovation programs at top research
universities—welcomed 20 new student groups, including groups in Asia, Africa, and Australia.
This ecosystem-building program now spans 36 chapters across 17 countries and five
continents.

In 2022, students of the Chapel Hill Alt Protein Project developed and launched one of the first
courses focused on taking a deep dive into the science of cultivated meat. The course is now
entering its second term in the biology department, just one example of how students build
momentum for alternative proteins on university campuses around the world. APP students
also play a key role in inspiring faculty members to become more involved in cultivated meat
research, which opens the door for even more students and researchers to get involved in
addressing key scientific and technological bottlenecks.

Learn more about how researchers can join the race to develop
cultivated meat in this Nature Biotechnology publication by GFI
scientist Seren Kell.

Collaboration and open-access research are essential to the continued success of the
cultivated meat industry. One reason for optimism on this front is the number of original
research papers on cultivated meat that have recently been published by—or with
collaborators from—for-profit cultivated meat companies or input suppliers, including Aleph
Farms (Zagury et al., Ianovici et al.), BioTech Foods (Paredes et al.), Mosa Meat (Melzener et
al., Dohmen et al., Messmer et al., Kolkmann et al., Park et al., Mitić et al), SCiFi Foods (Kim et
al.), Believer Meats (Pasitka et al.), and Millipore Sigma (Xiang et al. 2022). Publications from
industry leaders are a promising sign that even those with commercial interests recognize
that no single company is going to solve the challenge of scaling cultivated meat alone. It is
possible—and necessary—to balance the need to protect some intellectual property with the
desire to contribute to the rising tide of progress that will lift all boats.

We believe that cultivated seafood (and meat) is a generational shift

and one that will take many stakeholders to bring to the mainstream
market. Given the task ahead of us to bring cultivated fish to
consumers with the right sensory profile and price, we believe that
finding the right partners is critical to developing the right
technology stack and scaling it to meet global demand.

– Mihir Pershad, Founder & CEO, Umami Meats

2022 State of the Industry Report | Cultivated meat and seafood 63

 Progress toward price parity

Projecting the future costs of cultivated meat air-lift reactors, versus stirred-tank reactors,
production at such early stages in the which have more complexities in how they
industry is challenging, but models can mix cells and liquids. Overall, this study
provide a starting point for identifying cost highlighted the importance of economies of
drivers. In 2022, two techno-economic scale in achieving cost-competitive
analyses were published that examined cultivated meat, as larger bioreactors mean
production costs in a hypothetical fewer facilities and lower labor and overhead
commercial-scale facility with various costs.
process assumptions.
A second study from researchers at
Researchers at UC Davis published a study Oklahoma State University assessed the cost
that examined the relationship between of production in a smaller facility,
production cost and bioreactor size and type. hypothetically located in San Francisco. The
The study assessed costs if cultivated meat study examined scenarios related to facility
were manufactured in 42 m3 or 210 m3 downtime, staff salaries, cell culture media
stirred-tank reactors or a 260 m3 air-lift cost, and maintenance costs, with the
reactor, finding that large-scale production baseline scenario finding that cultivated
could result in a cost range of $17 to $35 per meat could cost $63 per kg. Overall, the
kg of cultivated meat, with further cost research highlighted that cell culture media,
reduction potential if media costs were bioreactors, and labor are expected to be the
lowered. The study demonstrated the cost largest cost drivers.
savings—on the order of $5/kg—associated
with simpler bioreactor designs, such as

2022 State of the Industry Report | Cultivated meat and seafood 64

 Progress toward taste parity

A key piece of the puzzle in optimizing any product is continuously testing and iterating on the
process used to make it. In the case of a food product, this means constant tasting.

For ongoing taste tests, regulations that ensure safety, without being too onerous, are
essential. In 2022, the Dutch House of Representatives adopted a resolution recommending
the government enable tastings of cultivated meat under controlled conditions, and Singapore
updated its regulatory requirements for novel foods, providing additional clarity on what is
required to hold tastings for such products, which include cultivated meat. Straightforward
processes that allow cultivated meat companies to hold tastings of their products will help the
industry get to taste parity faster.

Some academic studies of cultivated meat associated with flavors that included
are beginning to report data on the flavor creamy, fatty, and meaty. The cultivated
characteristics of their prototypes. In 2022: beef samples showed higher saltiness
and lower sourness but were otherwise
○ Researchers from Dr. Young-Hwa Hwang’s quite similar in both taste and aftertaste,
lab at Gyeongsang National University in comparison to conventional beef.
cultivated satellite cells from chickens and
cows and used an electronic tongue system ○ Researchers from Believer Meats, The
to assess a variety of taste characteristics. Hebrew University of Jerusalem, and The
The differences they identified may guide Volcani Center reported results of both
research priorities into the optimization of blind and non-blind taste tests comparing
media formulations and differentiation their hybrid chicken prototype—
regimes for the purposes of optimizing consisting of extruded soy protein and
taste characteristics. cultivated chicken fat—with soy protein
alone and conventional chicken. The
○ Dr. Jinkee Hong’s lab, based at Yonsei research team found that 67 percent of
University, used gas tasters preferred the hybrid chicken
chromatography-mass spectrometry product over an equivalent plant-based
(GC-MS) to compare the aroma-active product made with soy protein alone. In a
compounds in scaffolds with and without second experiment where tasters were
cultivated cells, and used an electronic asked to rate the plant-based and hybrid
tongue to compare the taste of the chicken products in comparison to a
cell-laden scaffolds to that of reference sample of conventional
conventional beef. Adding cells to the chicken, participants indicated that the
textured vegetable protein (TVP) hybrid product was more similar to the
scaffolds decreased the amount of conventional chicken in having a higher
lemon, earthy, and mushroom level of “chicken flavor” and having less
flavor-associated compounds while excessive saltiness and aftertaste.
increasing the amount of compounds

2022 State of the Industry Report | Cultivated meat and seafood 65

With increasing numbers of papers producing ○ A new paper described the screening of
cultivated meat prototypes in an academic several species of microalgae as potential
setting, we expect to see more of these flavoring ingredients for plant-based
experiments as researchers home in on seafood, with comparison to macroalgae,
methods to produce cultivated meat with the or seaweed. The team identified three
best possible flavor profiles. microalgae species that seemed
especially promising and that
On the alternative seafood flavor front, outperformed the five species of
2022 was an exciting and prolific macroalgae tested on many of the
research year: analyzed metrics. However, they did
detect a grassy aroma and bitter taste,
○ A newly published review discussed the
which might require further optimization
challenges of getting the flavor just right
of growth or processing conditions to
in cultivated seafood products.
remove. While the primary focus of this
○ A systematic review of the volatile study was plant-based seafood, this
compounds important for seafood flavor knowledge will ultimately be important
identified compounds likely to be important for all three pillars of alternative
for general “seafood-like” aromas as well seafood—plant-based, cultivated, and
as species-specific aromas. fermentation-derived.

GFI received several excellent proposals in response to our April 2022 Request for Proposals,
one of the priority topics of which was the creation of flavor components for alternative
seafood. We awarded $1.1 million in funding to five promising projects in that priority area. One
of those projects is led by Dr. Sirli Rosenvald, whose team is tackling the challenge of
accurately recreating the aroma of salmon.

2022 State of the Industry Report | Cultivated meat and seafood 66

Resources for scientists
GFI supports the cultivated meat industry by creating open-access tools and resources that
make scientists’ jobs easier. Free tools and resources launched or substantially updated in 2022:

○ Literature library. Newly launched in ○ Solutions database. Over the past year,
2022, GFI’s alternative protein literature GFI continued to add content to our
library tracks key publications about—or solutions database with the help of two
substantially relevant to—all three pillars research fellows, Kim Lu and Dr. Eileen
of alternative proteins. The resource also McNamara. This database captures ideas
includes a “foundational reading” section for research projects, commercial
for each alternative protein pillar for ventures, or ecosystem solutions that
those just entering the field or who want have the potential to accelerate the
to ground themselves in the current state development and commercialization of
of research across the field. alternative proteins. If you’re looking to
get involved or looking for a new project,
○ State of the science. Given how fast the you will likely find ideas and inspiration
science of alternative proteins is evolving, here.
GFI now releases a science snapshot
every four months. Check our YouTube ○ Science of cultivated meat. GFI
channel and blog for future timely continued expanding and improving our
updates on the latest in alt protein technical explainers for several areas
science. related to cultivated meat, including a
technical deep dive on cultivated meat
○ Student resource hub. In 2022, GFI end products and updates to the science
published a significant set of resources to of cultivated meat and cultivated meat
support student leaders in their efforts to scaffolding information on gfi.org.
build vibrant research ecosystems for
alternative proteins at their universities.
If you want to see a course or major on
alternative proteins at your university
Are we missing something in the
but aren’t sure how to make that
happen, or if you’re looking for tips on
Science & Technology section?
how to approach a potential research Did we get something wrong?
advisor with a research idea, the Alt We’d appreciate your feedback
Protein Project resource hub is your via this form.
go-to place.

2022 State of the Industry Report | Cultivated meat and seafood 67

 Section 4

Government and regulation

Section 4: Government and regulation
—
Overview
As cultivated meat research and development advances around the world, governments are
becoming increasingly aware that innovation can provide a more sustainable source of protein
for a growing global population. In addition, disruptions to food supplies caused by climate
change, Russia’s war in Ukraine, an ongoing pandemic, and other global events have
heightened governmental awareness of the need to ensure more resilience in food production.

Because of cultivated meat’s great potential to help address food security, climate, and global
health challenges, governments have initiated or increased funding for cultivated meat
research and development, as well as for commercialization and infrastructure. Governments
have also taken important steps toward alignment on regulation and safety.

This increase in public support for cultivated meat around the world signals a growing
acknowledgment that cultivated meat production can protect the global food system against
external shocks, improve sustainability through lower emissions and less pollution, and create
jobs and economic value by revolutionizing the food system. As research and development in
the field continues to yield breakthroughs and commercialization advances, increased public
funding from governments around the world will be critical to advance the field of cultivated
meat at the pace and scale needed to meet global goals.

Following is a list of public funding developments and regulatory progress from 2022 from
across the globe.

Global public funding

Europe billions per year in earning capacity for the
Netherlands by 2050, Cellulaire Agricultuur
Publicly available information indicates that Nederland will work to scale cultivated
Europe led the world in funding for meat infrastructure and ensure a socially
cultivated meat research and development just and well-paid workforce transition.
in 2022. The Netherlands, Europe’s leading
agricultural exporter, announced a Other European governments have likewise
world-record-breaking €60 million ($64.6 moved to develop domestic expertise in
million) investment toward building a full cultivation science. Norway’s research
cellular agriculture ecosystem. Calling out council announced a five-year, €10 million
the climate and sustainability benefits as program ($10.7 million) to develop cellular
well as the sector’s potential to generate agriculture capacity and solve problems like

2022 State of the Industry Report | Cultivated meat and seafood 69

cost and scalability. Similarly, the United an open-access breakthrough in meat
Kingdom’s Biotechnology and Biological cultivation this year.
Sciences Research Council set aside £20
million ($21.5 million) for capacity building, Canada also invested in cultivated meat
research, innovation, and business-led development and commercialization through
commercialization in the alternative protein Ontario Genomics, a government-funded
industry, including cultivated meat. The nonprofit, which collaborated with German
Spanish Foreign Trade Institute granted bioengineering company The Cultivated B. in
€750,000 ($808,000) to a biotechnology developing a 130,000-square-foot
company to study cultivated meat bioreactor manufacturing facility. The new
industrialization, including cell line facility will provide a domestic supply of
development. bioreactors, and as a term of the
collaboration, the company will set aside
20,000 square feet of the facility for an
North America innovation hub. Ontario Genomics also
collaborated with the Canadian Food
In North America, public funding in the
Innovation Network in administering
United States for cultivated meat research
AcCELLerate-ON, a CAD$900,000
increased at both the federal and state
competition for cellular agriculture-focused
level. In September, the Biden
food and beverage projects, for which three
Administration released the Executive
of the 2022 winners focused on cultivated
Order on Advancing Biotechnology and
meat and seafood.
Biomanufacturing Innovation for a
Sustainable, Safe, and Secure American
Bioeconomy, in which the president
directed the heads of relevant agencies to Middle East
create reports on the American
In the Middle East, Israel demonstrated its
biotechnology sector, including one from
leadership in advancing cultivating meat,
U.S. Department of Agriculture (USDA) on
finalizing an $18 million research
cultivating alternative food sources. The
consortium first announced in 2021. This is
announcement was followed by a nearly $6
the largest government-backed cultivated
million appropriation for alternative protein
meat consortium to date, involving the
research to the USDA’s Agricultural
country’s top food producers and top
Research Service, representing a $1 million
academic labs. The Israeli Innovation
increase over the previous year. Earlier in
Authority continued to invest in domestic
the year, California became the first U.S.
cell cultivation, funding a grant for Israeli
state to invest in cultivated meat research
company SuperMeat to develop an
with a $5 million allocation for alternative
open-access, high-throughput screening
protein research in the state budget. The
system for cultivated meat inputs. Once
funding will go to three University of
established, this system will allow the
California institutions, two of which are
entire industry to quickly determine
focused on cultivated meat including a
ingredient viability.
UCLA lab (and GFI grantee) that announced

2022 State of the Industry Report | Cultivated meat and seafood 70

Asia with Seoul National University, CJ Group,
Daesang Corporation, and Lotte
The number of Asian nations directing Corporation as part of the Ministry of Trade,
public funding toward cultivated meat also Industry and Energy’s Alchemist Project for
increased. China’s first-ever bioeconomy high-level technologies. The grant will focus
five-year plan includes a call to explore on scaling and perfecting the equipment
alternative proteins as novel foods needed for cultivated meat
(“synthetic proteins” was used in the commercialization. In the last days of
original document, which includes foods 2022, the Singapore Israel Industrial R&D
produced from animal cell culture Foundation, a collaboration between the
technologies and fermentation), while its two countries’ entrepreneurial
2022 agricultural five-year plan includes development agencies, awarded a joint
references to cultivated meat and other grant to Israel-based Steakholder Foods
“future foods” for the first time. South and Singapore-based Umami Meats to
Korea awarded a $15 million grant to Space develop 3D-printed cultivated fish.
F, a cultivated meat startup, in partnership

Global regulation
The sale of cultivated meat and seafood depends on a clear and efficient regulatory path to
market, and companies and governments must work together to develop appropriate
pathways. Singapore currently remains the only country where cultivated meat products have
been fully approved for sale to consumers. But that may soon change. In November 2022, FDA
completed the first-ever premarket evaluation of a cultivated meat product (see U.S. federal
regulation section below). Other nations and regions have also made significant strides toward
approving these products in recent years.

Australia and approval process is expected to take at least

14 months. Vow Food recently announced
New Zealand that it has applied to FSANZ for approval of
the company’s cultivated quail. If approved,
Australia and New Zealand have asserted it would be the first cultivated meat product
that their bilateral and joint food regulatory available in Australia and New Zealand.
system is equipped to deal with new foods
produced through cellular agriculture, Additionally, Australia and New Zealand
including cultivated meat, under the existing regulate genetically modified foods in ways
Novel Foods Standard. To gain premarket that could apply to cultivated meat products
approval for a novel food, a company must or fermentation-derived ingredients if they
submit an application to Food Standards are produced using certain genetic
Australia New Zealand (FSANZ). The modification technology. FSANZ and Health

2022 State of the Industry Report | Cultivated meat and seafood 71

Canada, Canada’s regulator, are collaborating
Canada
on applications of genetically modified food
safety assessments components. One
agency will take the lead, while the other Health Canada’s Food Directorate has
acts as a peer reviewer, streamlining the jurisdiction over cultivated meat. The
process and saving costs for both the Canadian government has stated that it
applicant and the agencies. These are intends to regulate cultivated meat products
encouraging signs to streamline regulatory under its existing novel foods regulations and
processes, while maintaining each is not considering new regulatory
regulator’s independence to provide the final approaches. The authorization of a novel
approval. All foods in Australia and New food requires a premarket submission with
Zealand are also governed by the Food detailed information about the product. The
Standards Code, which regulates food safety approval process for these foods includes
and labeling. three parts: 1) a letter of no objection for
human food use through the novel food
assessment process, 2) a premarket
Brazil assessment for new animal feed, regardless
of whether the product is intended for use as
animal feed, and 3) an environmental
In Brazil, the General Food Office at the assessment.
National Health Agency (ANVISA) and the
Animal Products Inspection Department
within the Ministry of Agriculture have
jurisdiction over cultivated meat. Although
China
the country has yet to set forth a regulatory
framework, ANVISA is in the process of China has defined the development direction
collecting and analyzing information on the of biotechnology and bioeconomy, which
food safety and labeling aspects of cultivated includes proteins manufactured via cell
meat and developing a regulatory cultivation technology.
framework. The government plans to
conduct a premarket authorization process In 2021, the Chinese government announced
for cultivated meat products. Companies will a three-year R&D project, which includes
need to apply for authorization, and the sub-projects in cultivated meat research,
agencies will conduct a safety evaluation, under the Green Biological Manufacturing
possibly under the country’s current novel National Key R&D Program that supports
foods framework. projects in a number of sectors, including an
estimated ¥20 million ($2.9 million) in
funding to develop alternative proteins. In
addition, in late 2021, China’s Ministry of
Agriculture and Rural Affairs released a
highly anticipated five-year plan that serves
as a blueprint for strengthening innovation in
a number of emerging technologies,

2022 State of the Industry Report | Cultivated meat and seafood 72

including the manufacturing of cultivated cultivated meat, such as forming a cultivated
meat and other “future foods.” meat experts working group to understand
the current progress in the industry.
In 2022, President Xi Jinping emphasized
the need to obtain energy and protein from
plants, animals, and microorganisms and
establish a “Greater Food Approach” during European Union
the 13th Chinese People's Political
Consultative Conference, which pointed out
In the European Union, cultivated meat
the clear direction for the development of
produced without the use of genetic
biotechnology and bioindustry in China.
modification is regulated as a novel food. At
Synergistically, the National Development
the same time, products developed using
and Reform Commission issued the "14th
genetic engineering may instead fall under
Five-Year Plan for the Development of
the regulation on genetically modified food
Bioeconomy" in May 2022, which proposed
and feed. Companies must apply to the
the exploration and development of novel
European Commission for premarket
foods such as alternative proteins, and the
authorization of all cultivated meat products.
iterative upgrading of the food industry,
The European Food Safety Authority (EFSA)
reducing the pressure on environmental
then conducts a safety evaluation for each
resources brought by the conventional
product. (Companies may engage in limited
breeding industry.
consultations with EFSA before submitting
In April 2022, the China Cellular Agriculture an application.) If the results of EFSA’s safety
Forum held its first event, inviting experts evaluation are favorable, the European
and cultivated meat producers to discuss a Commission, along with representatives from
number of issues including the regulation EU member states, has the authority to grant
and labeling of cultivated meat. In June final approval. Approvals apply across all EU
2022, the Chinese Academy of Engineering member states, and the process is estimated
published a book, Research on the to take between 18 months and three years
Development Strategy of to complete. As of December 2022, no
Biologically-Cultivated Meat, based on the company has applied to EFSA for approval of
results of a strategic consulting project a cultivated meat product.
started in 2020. In December 2022,
government officials from the U.S. FDA and Although the EU did not see any regulatory
China’s National Center for Food Safety Risk milestones in the past year, in July 2022,
Assessment discussed cultivated meat MEPs Tilly Metz and Ulrike Müller held a
regulation at an online event organized by panel discussion on cultivated meat in the
the AgFood Future Center of Excellence and European Parliament. The discussion
the Agriculture Food Partnership. In addition included panelists from Mosa Meat, CE Delft,
to attending global meetings and GFI Europe, and other stakeholders, who
communications on cultivated meat’s provided information on the production,
regulation, the regulatory authority is actively regulation, and benefits of cultivated meat.
promoting the safety assessment of As more policymakers learn about and

2022 State of the Industry Report | Cultivated meat and seafood 73

educate their peers on the benefits of its 74th Independence Day with a UN event
cultivated meat and other alternative focused on the country’s leadership on
proteins, conditions improve for future alternative proteins. A few months later, GFI
regulatory progress and pathways. Israel partnered with the Israeli Ministry of
Foreign Affairs to host an event attended by
60 global ambassadors that called for other
United Kingdom countries to promote their own alternative
protein strategies.

Although the United Kingdom is no longer The National Food Control Service (FCS)
part of the European Union, it has thus far within the Ministry of Health has regulatory
retained the EU novel food regulation and its authority over cultivated meat produced and
regulation on genetically modified food and marketed in Israel. Israel has yet to set forth
feed. As in the European Union, cultivated a formal regulatory framework for cultivated
meat products will require premarket meat, but has stated that cultivated meat will
authorization, and companies must apply for be considered a novel food subject to
authorization from the UK Food Standards premarket authorization. The FCS has
Agency (FSA) using these guidelines. dedicated a team of experts to evaluate what
should be included in the country’s safety
In 2022, the FSA conducted research on assessments for cultivated meat. In addition,
consumer acceptance of alternative in September 2022, Israel’s Ministry of
proteins, including cultivated meat, and Health and the UN FAO convened
launched a review of the UK novel food researchers and developers to discuss
regulation to identify and evaluate a range of various aspects of cultivated meat and dairy,
potential regulatory models for novel foods. including food safety and regulation.
Thus, while the EU framework currently
remains in place, we may see a new system
for evaluating cultivated meat products in
the future.
Japan

In 2022, the Japanese government

Israel announced that the Ministry of Health, Labor,
and Welfare will assemble a team of subject
matter experts to study the food safety
Israel has long been a leader in its national aspects of cultivated meat, to help determine
support for alternative proteins, especially the best regulatory path. Tokyo University of
cultivated meat. In 2020, Israeli prime Agriculture has been commissioned by the
minister Benjamin Netanyahu became the Cabinet Office’s Food Safety Committee to
first head of government to try a cultivated examine risk assessment methodologies for
meat product. In 2021, Israeli president cultivated meat. In February 2023, the
Isaac Herzog became the first president in Ministry of Agriculture, Forestry and Fisheries
the world to taste cultivated meat. And in announced its “Vision of promoting food-tech”
2022, with help from GFI, Israel celebrated and associated roadmap which includes

2022 State of the Industry Report | Cultivated meat and seafood 74

cultivated food. In order to develop a robust Japanese nomenclature for cultivated food,
cultivated meat market, Japan needs to and suggests setting up an intellectual
understand and formalize safety requirements property framework for source cells from
for the cultivated food industry. branded foods like “Wagyu”. JACA
established a legal entity in November 2022
In addition to government research groups, to accelerate activity towards achieving
the Japan Association for Cellular Agriculture social consensus on Japan’s needs in
(JACA), an industrial organization active preparation for the emerging cellular
since December 2019, submitted an agriculture industry. JACA also leads the
industrial guideline and policy Cellular Agriculture Working Team, under a
recommendation to relevant ministries and public-private partnership for food-tech,
politicians in November 2022. The document hosted by the Ministry of Agriculture,
covers definitions of cultivated foods, food Forestry and Fisheries.
labeling, and food safety under the current
law. Additionally, it proposes relevant

“Foodtech, including cellular foods, is an important technology from the

perspective of realizing a sustainable food supply. We have to support efforts
that contribute to solving the world's food problems.”

– Fumio Kishida, Prime Minister of Japan, at a meeting of the House of

Representatives Budget Committee

Korea Singapore

In late 2022, the Korean Ministry of Food Singapore treats cultivated meat as a novel
and Drug Safety released technical food requiring premarket authorization. In
amendments to its food standards code for November 2020, the Singapore Food Agency
public comment, covering “alternative (SFA) became the first national regulator to
meat” products. Under the current green-light the sale of a cultivated meat
regulatory structure, cultivated meat R&D product, approving GOOD Meat’s cultivated
and tasting events are allowed, but chicken for use as an ingredient in the
commercial production and sale are not. An company’s chicken bites. SFA has since
official definition for cell culture meat approved additional cultivated meat
—“agricultural product” or “processed products from GOOD Meat. And, in early
food”—will determine which ministry will 2023, SFA approved the use of serum-free
oversee industry policy. It is widely media in the production of GOOD Meat’s
anticipated that Korea will analyze products, which will allow the company to
regulations in other leading markets such as further scale up production and reduce costs.
the United States and Japan prior to
implementing formal regulation.

2022 State of the Industry Report | Cultivated meat and seafood 75

In addition, in 2021, SFA granted scientific which outlines the information cultivated
manufacturing firm Esco Aster a license to meat companies must submit to the
manufacture cultivated meat products from regulator when seeking approval for their
cells that have gone through the regulator’s products. The guidance does not detail the
safety assessment review. This will give standards manufacturers will need to satisfy
cultivated meat companies the option to to obtain approval; however, SFA welcomes
produce their products in a facility that has companies to contact the agency early and
already received approval from regulators. often in the R&D process. Companies
For now, companies looking to sell cultivated interested in selling cultivated meat products
meat in Singapore must still receive in Singapore should be aware that SFA’s
pre-authorization from SFA for each product. regulatory approvals take approximately nine
to 12 months once all required information is
In September 2022, SFA updated their submitted to the agency.
guidance on novel food safety assessments,

“The Singapore Food Agency (SFA) adopts a science-based risk

assessment and management approach to food safety
consistent with international standards. Food safety is SFA’s
principal consideration and it must also be a principal
consideration when companies develop food products. To
ensure that food innovations like novel food are safe for
consumers, SFA introduced a novel food regulatory framework
in November 2019. The framework requires companies to
conduct safety assessments of their products, put in place
systems and processes for food safety assurance, and seek
pre-market allowance for novel foods that do not have a
history of use as food.

To further facilitate the regulatory approval process, we have

developed platforms such as the Novel Food Virtual Clinic, to
engage novel food companies and help clarify any queries they
may have regarding the approval process. We encourage
companies to engage SFA early in their development process to
ensure safe products from a joint partnership in food safety.”

– Tan Lee Kim, CEO, Singapore Food Agency

2022 State of the Industry Report | Cultivated meat and seafood 76

 United States and will verify that cultivated meat products
are safe, wholesome, and unadulterated
(free from contamination). FDA will retain
jurisdiction over the processing, packaging,
Federal regulation and labeling of cultivated seafood.
In November 2022, the U.S. FDA completed
Neither FDA nor USDA has set forth rules or
its first premarket consultation for a
guidance for labeling cultivated meat
cultivated meat product, giving UPSIDE
products, but both agencies have sought
Foods the “green-light” for their cultivated
public comment on labeling and
chicken. UPSIDE is the first company to
nomenclature. In the meantime, USDA will
complete FDA’s rigorous consultation
review and pre-approve labels for cultivated
process, demonstrating that their product is
terrestrial meat, poultry, and catfish on a
as safe as conventional chicken. To complete
case-by-case basis. FDA does not
a consultation with FDA, companies must
pre-approve labels for any foods, but rather
submit data and information to the agency
exercises their enforcement authority when
documenting the product’s safety, which is
regulators become aware of improperly
reviewed and evaluated along with the
labeled foods.
company’s entire production process. Once
FDA has the required information and
State litigation
completes its evaluation, the agency informs
the company that they have no further A handful of states have enacted “label
questions or concerns regarding the safety of censorship” laws that restrict cultivated
the product. FDA’s responses and additional meat from being labeled as “meat.” The laws
information regarding their consultations are ban terms such as “burger,” “sausage,” and
available on the agency’s website. “chicken” on products that are not made
from an animal carcass. GFI and other
UPSIDE’s successful completion of the groups have challenged these laws in court
consultation process paves the way for on the grounds that they violate the First
consumers to access cultivated meat in U.S. Amendment and other constitutional
restaurants and through retail sales. provisions. These challenges may help clear
However, there are additional regulatory the way for accurate labeling of cultivated
steps before the company can sell their meat. No new label censorship bills have
cultivated chicken. All cultivated meat recently passed, but litigation against
producers must register their facilities with existing laws continued in several states.
FDA, and companies producing cultivated
terrestrial meat, poultry, or catfish must also ○ In Louisiana, GFI and co-counsel Animal
obtain a grant of inspection from USDA. Legal Defense Fund (ALDF) have sued the
USDA inspectors will oversee the processing, state on behalf of Tofurky, arguing that
packaging, and labeling of these products the state’s label censorship law violates
First Amendment free speech principles
and the Fourteenth Amendment right to
due process. In March 2022, the court
granted Tofurky’s motion for summary

2022 State of the Industry Report | Cultivated meat and seafood 77

 judgment and enjoined Louisiana from ○ In Oklahoma, ALDF brought a new
enforcing the law, concluding that it challenge to the state’s label censorship
“impermissibly restricts commercial law on behalf of plaintiffs Tofurky and the
speech.” The state has appealed the Plant Based Foods Association after a
decision, and that appeal is pending. judge had denied a motion to prevent
enforcement of the law. The new
○ In Arkansas, a federal district court complaint argues that Oklahoma’s law is
judge granted Tofurky a permanent vague, overly burdensome, and
injunction, preventing the state from preempted by federal law. At the time of
enforcing its label censorship law against this report, the case remains pending in
the company on the ground that it federal court.
violates Tofurky’s First Amendment right
to free speech. The court also held that ○ In Missouri, a federal district court
one provision of the law is declined to grant Tofurky and GFI a
unconstitutionally vague on its face and preliminary injunction (a halt on enforcing
may not be enforced against any the law while the case is pending) on the
company. grounds that Missouri’s label censorship
law was not likely to apply to Tofurky’s
product labels. In 2021, a federal
appeals court upheld the ruling. The
litigation is continuing in federal district
court.

Global coordination
The importance of alternative proteins as a scalable solution for global problems including the
climate crisis, biodiversity loss, public health risks, and food insecurity is not lost on various
multilateral organizations. A number of these organizations are beginning to work on the global
regulation and trade of alternative proteins and have expressed increasing support for
continued protein innovation.

COP27 dinner for global leaders. Current and former

senior officials from 10 nations joined GFI
More so than any year prior, food, APAC managing director Mirte Gosker and
agriculture, and alternative proteins seized Singapore Minister for Sustainability and the
the spotlight at the 2022 United Nations Environment Grace Fu for the meal. GFI also
Climate Change Conference (COP27) in served as one of nine co-hosts of the
Sharm El-Sheikh, Egypt. first-ever Food Systems Pavilion at COP27,
and worked to ensure alternative proteins
GFI Asia Pacific (APAC) co-organized a
were highlighted in panels on smart protein
historic, first-of-its-kind cultivated meat

2022 State of the Industry Report | Cultivated meat and seafood 78

policy and financing, climate investment,
Codex Alimentarius
food security, deforestation, and sustainable
diets. Throughout the entire two weeks of the Commission
conference, the Israel pavilion championed The Codex Alimentarius Commission is an
alternative protein innovation as a key international body run jointly by the UN FAO
climate solution and “taste of the future.” and WHO. It includes 188 member countries
and the European Union as well as a number
Near the end of COP27, the UN FAO issued a
of official observer organizations, including
new report on bioeconomies, with a solid nod
GFI. The Commission promulgates voluntary
toward the role of food in humanity’s future:
standards and guidelines for food safety,
"In addition to climate mitigation gains, new
trade, and regulation in a publication called
food sources could reduce pressure on
the Codex Alimentarius.
forests and land used for feed, support the
preservation of biodiversity and planetary In March 2022, the Codex Secretariat issued
health, and contribute to preventing forms of a circular letter seeking comment from
malnutrition in developing countries." member countries and observers on
developments related to new food sources
and production systems (NFPS), which
FAO/WHO includes alternative proteins. Members and
The UN FAO and the World Health observers, including GFI, submitted
Organization (WHO) convened an expert comments outlining the regulatory status of
consultation on cultivated food products and alternative proteins worldwide while raising
food safety considerations, attended by two potential regulatory and trade issues. The
GFI scientists, in Singapore in November topic of NFPS was discussed at the 45th
2022 to collect the most up-to-date convening of the entire Commission (CAC45)
information and best practices available on in November 2022. An additional circular
cultivated meat (and other cultivated letter is expected in 2023 soliciting
products) with a focus on food safety. The comments identifying possible issues related
document will be shared with national food to NFPS that the current Codex structure and
regulators and will help determine where procedures could not address, and the topic
further work is needed to support global is expected to be discussed again at CAC46
regulation of these foods. FAO also released later in the year.
resource papers on terminologies, regulatory
frameworks, and the general cultivated meat
production process.

Are we missing something from the Government & Regulation section?

Did we get something wrong? We’d appreciate your feedback via this form.

2022 State of the Industry Report | Cultivated meat and seafood 79

 Section 5

Forecast
Section 5: Forecast
—
Cultivated meat forecasts
Multiple cultivated meat market forecasts released in 2022 predict double-digit shares of the
global meat market by 2040. Euromonitor forecasted that cultivated meat would comprise 10
percent of the global meat market, Barclays’ market share estimate held steady at 20 percent,
and GovGrant projected that cultivated meat would capture 35 percent of total meat sales by
2040. The section below discusses the shared features of alternative protein forecast models
in greater detail.

Figure 12: Cultivated industry forecasts by year released

*Some forecasts projected the share of the total market rather than the industry size in dollars. For those
forecasts, we estimated the dollar size of the cultivated meat sector using Barclays’ forecast for the total
2040 meat market.

The most obvious factor working in cultivated Company identified hybrid meat as a likely
meat’s favor is the fact that it is the same as near-term path for manufacturers to lower
conventional meat at the cellular level. In costs and improve efficiencies.
2022, the average plant-based meat product
did not match conventional meat’s sensory Even if cultivated or hybrid products make
experience. Cultivated meat—in the form of strides toward achieving identical tastes and
fully cultivated products or hybrid textures to conventional meat, the growth of
plant-based and cultivated meat—may help the market will depend on consumer
bridge the taste and texture gap. McKinsey & acceptance of the novel food products.

2022 State of the Industry Report | Cultivated meat and seafood 81

According to research conducted by GFI and Despite this progress, roadblocks remain to
Embold Research, nearly half of U.S. adults cultivated meat capturing significant market
would consider trying cultivated meat, with share in the near term. Production costs for
that number rising to 60 percent in the cultivated meat are still well above those for
18–34 year-old age range. Euromonitor data conventional meat–likely north of
shows a similar trend of younger $100/kg–and regulatory review limits the
generations’ openness to new food rate at which new products can be
technologies, as well as younger consumers introduced. Expensive cell culture media,
being more likely to eat plant-based meat suboptimal bioreactor design and availability,
alternatives for the environment or for and limited access to suitable cell lines also
animal welfare—motivations that could also curb near-term growth prospects.
prompt switches to cultivated meat. This
bodes well for the long-term prospects of the Meanwhile, conventional meat consumption
industry, especially if production costs is vast and growing. Continuing on this path,
continue their anticipated decline over the with business-as-usual ways of producing
longer term. meat, will make it impossible to meet global
climate goals, restore biodiversity, improve
But the eventual size of the cultivated meat food security, and protect public health. With
sector relies on more than consumer just seven years until 2030, the milestone
acceptance of these products. To expand year by which governments have agreed to
reach on store shelves and restaurant plates, cut global emissions by half, there is an
an entire production and distribution urgent need to shift toward alternative
infrastructure must be developed, and has proteins. Cultivated meat can play an
already been started. Investment continues important role in this shift as the only
to flow into the cultivated meat space from alternative protein pillar that offers
public companies, venture capitalists, and consumers a product identical to animal
governments around the world. The meat at the cellular level.
cultivated meat sector brought in $896
million of funding in 2022, lifting the all-time So, where is the cultivated meat market
total to $2.8 billion. Plus, the “green-light” of headed? In 2023, U.S. consumers may get
UPSIDE Foods’ cultivated chicken from FDA their first taste of cultivated chicken. The
represents a significant de-risking event that FDA has indicated that more regulatory
could result in fresh capital inflows. At the reviews are on the way for multiple cultivated
end of 2022, the world’s top two CPG and meat companies, and financial data provider
top three meat companies (by revenue) were PitchBook predicts that, as cultivated meat
all active in the cultivated meat industry. approaches its U.S. market debut, funding in
Startups and B2B companies continue to the space will reach new heights. As more
improve the costs and efficiencies of cell cultivated meat products gain regulatory
lines, cell culture media, bioreactors, and 3D approval, plant-based producers will be able
printing and scaffolding. to use cultivated inputs to create hybrid
products, which could enhance the sensory
experience of plant-based meat and other
alternative protein products.

2022 State of the Industry Report | Cultivated meat and seafood 82

A global shift to cultivated meat production is This growing momentum, and the increased
not inevitable, though. It can happen with recognition of the global stakes, is making
advances in science, significant investments possible a “meat without the animal” future.
in infrastructure and manufacturing The next few years are critical, with giant
capacities, clear regulatory paths to market, strides needed by all sectors—public, private,
and delicious, nutritious, affordable products academic, and philanthropic—to create an
that win over more and more consumers. In industry capable of transforming how meat is
2022, a number of companies, investors, made around the world.
researchers, universities, and governments
leaned into cultivated meat in new and
notable ways.

A deeper dive into alternative protein market forecasts

The FAO projects that the global meat market will grow from 360 million metric tons (in 2022)
to 455 million metric tons by 2050. Cultivated, plant-based, and fermentation-derived proteins
represent an opportunity to significantly reduce risks and improve the efficiency of meat
production while offering consumers the meat-eating experience they crave.

Over the past decade, the promise of alternative proteins spurred billions of dollars in
investment, led to rapid growth in the plant-based meat market, and increased funding and
activity in cultivated meat and fermentation-derived proteins. From 2017 to 2022, the global
plant-based meat and seafood market grew 118 percent from $2.8 billion to $6.1 billion,
according to Euromonitor data. All-time investments in cultivated, fermentation-derived, and
plant-based proteins approached $3 billion, $4 billion, and $8 billion, respectively, by the end
of 2022.

2022 State of the Industry Report | Cultivated meat and seafood 83

Figure 13: Cumulative and annual alternative protein invested capital, by pillar

Despite the relative newness of the alternative protein sector, industry forecasts followed the
trend of rapid growth, with estimates for a 2040 total market size ranging widely from $90
billion to $1.1 trillion. Reasons these forecasts vary are manifold, but they include large
variances in key drivers such as customer adoption rates and policy environments. What these
forecasts tend to share is mapping out growth paths built on relatively rapid compound annual
growth rates.

But in 2022, the short-term outlook for alternative proteins shifted from the rapid growth
expectations of prior years. Global overall venture funding fell in response to changing
macroeconomic conditions, and alternative protein companies were not immune to this
decline. The alternative protein sector with the largest market presence—plant-based
proteins—didn’t receive investment capital that reached the highs of recent years. On average,
alternative protein forecasts limited their upside relative to those published in years prior (see
Figure 12 that shows 2022 forecasts versus prior-year estimates), as the market landscape
tempered expectations for consistently high double-digit year-over-year growth rates. This
change was most pronounced in forecasts specific to the plant-based market, but total
alternative protein projections also took a more modest approach.

2022 State of the Industry Report | Cultivated meat and seafood 84

Figure 14: Total alternative protein forecasts by year released

*Some forecasts projected share of the total meat market rather than the industry in dollars. For those forecasts, we
estimated the dollar size of the alternative protein sector using EY’s forecast for the total 2030 meat market.
Source: GFI synthesis of multiple reports

The fact that 2022 forecasts had lower ceilings than those published in earlier years—even
though multi-decade outlooks should be relatively impervious to short-term market
conditions—raises questions about the benefits of examining the specific outcomes of any
single projection. With methods, scope, and publication date varying widely by forecast, in the
next section we focus on the more useful assumptions, growth factors, and roadblocks shaping
projections rather than the topline numbers frequently pulled for headlines.

2022 State of the Industry Report | Cultivated meat and seafood 85

Examining the structure of alternative protein
market forecasts
In many cases, the assumptions and inputs of a projection can be more informative than the
output itself in navigating the potential impacts of technological developments and policy
changes in emerging industries. Often, the key question facing forecasters is less “How will this
market develop?” and more “In what type of world will this market develop?” The decisions
made on the front end of the forecasting process—about how industry participants will respond
to changes in the market, what will drive growth or impede progress, and how market
expansion will occur—are the focus of this section.

So, what are the most common assumptions found in alternative protein market forecasts?

Common forecast Nearly every forecast implies that improved product

assumption: features such as taste and price parity with conventional
meat will drive the adoption of alternative proteins. Blue
Taste and price parity
Horizon Ventures, for example, affirmed that health, taste,
are essential. and price are key to boosting demand, while Synthesis
Capital discussed a tipping point at which rational
consumers switch to alternative proteins based on
product cost and quality. These assumptions are backed
by research: Multiple studies show that taste and price are
essential drivers of alternative protein demand. Achieving
taste and price parity for alternative proteins is at the
heart of GFI’s theory of change—give people the meat they
love, made in far more sustainable ways, that costs the
same (or less) and tastes the same (or better) than
conventional meat. But it’s important to remember that
product improvements don’t occur in a vacuum. In reality,
taste and price improvements are likely necessary but
perhaps not sufficient on their own for market growth.
Factors like product variety, availability, and consumer
acceptance are also needed to manifest the more robust
visions for the future of alternative protein market share.
To compete with conventional meat, alternative proteins
must reach taste and price parity, but they also need to
encompass the entire selection of conventional meat
products, be available wherever conventional meat is sold,
and be coveted by consumers.

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Common forecast Most alternative protein market forecasts see growth as
assumption: dependent on consumers wanting and buying
alternative protein products, with market penetration
Consumer adoption is a naturally following. Jefferies, for example, identifies
limiting factor to market consumer tastes and adoption as key drivers of market
growth. growth, and Boston Consulting Group states that growth
relies on consumers being convinced of taste, texture,
and price competitiveness in relation to conventional
meat. These views complement the commentary above
on the importance of consumer preferences. While taste
parity, price parity, and consumer adoption are all
necessary, they aren't alone sufficient for achieving
market growth—companies must also be able to
adequately meet increased market demands for the
industry to see growth. While some projections identify
manufacturing capacity as a bottleneck, consumer
adoption remains the key metric in most overall
estimates. This may not be surprising, given how large a
share the plant-based category represents in several of
these models, and how today, consumer adoption is a
central bottleneck to the plant-based industry. Indeed,
many plant-based companies with products on the
market today elected to cut costs in 2022 and lower
their near-term growth expectations—as such, consumer
adoption and manufacturing capacity are fitting leading
considerations in this economic environment. The scope
of manufacturing capacity scale-up needed is
sizeable—$27 billion in capital expenditure by 2030—for
plant-based meat to reach even a six percent share of
the global meat market.

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Common forecast Alternative protein forecasts generally assume the
assumption: direction of the alternative protein market is up and to the
right: Investment leads to better, more affordable
Innovation brings more products and technological breakthroughs that continue
innovation, investment this cycle, spurring growth and leading to more
brings more investment. investment. EY identifies an ever-increasing need for
technological innovation in protein production, and
Kearney states that it is all but inevitable that alternative
proteins will capture substantial market share. The
common practice of using compound annual growth rates
as forecasts only adds to the sense of a predestined
march toward 100-percent market share. While the
general assumption of steady growth largely matches
overall historical precedents, the growth depicted in many
models doesn’t tell the full story. First, rapid double-digit
growth rates year-over-year can make sense for an
emerging category where bringing one or two facilities
online or launching a handful of new products can double
revenue. Additionally—and particularly in times of
macroeconomic upheaval—it’s important to understand
that inconsistent growth patterns can be common in
emerging industries. When seeking to project realistic
long-term outcomes, it’s critical to acknowledge that
outcomes can take hard turns in either direction with even
the smallest of perturbations affecting a market. Take
renewable energy and electric vehicles: Just a few short
years ago, these technologies struggled to compete in the
market. At the time, both were written off as unlikely ever
to compete with fossil fuels and gas-powered cars. But as
governments continued to expand market access, prices
fell faster than most experts expected. Sales of solar
energy reached one percent penetration in 2015. Sales of
electric vehicles reached that same percent in 2017.
Today, the biggest automobile manufacturers in the world
are pledging to produce 100 percent electric vehicles by
2035, and according to the International Energy Agency,
renewable energy will be the backbone of a carbon-free
energy system of the future.

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Industry drivers
Next, what are the most common industry-supportive factors identified in existing forecasts?

Supportive factor identified Many consumers already recognize the climate, health,
across forecasts: and animal welfare benefits of alternative proteins, but for
those products currently available in the marketplace,
Consumer acceptance will
taste and price metrics often still fall short compared to
increase as products conventional products. Industry stakeholders recognize
improve. additional opportunities for progress, and alternative
protein market outlooks point to product innovation as a
driver of future growth.

Supportive factor identified While investment dollars in 2022 slowed from record
across forecasts: spending in 2020 and 2021, the multiyear trajectory still
points upward. Key partners remain committed to
Public and private
alternative proteins’ potential—and cultivated meat
investment will help lower specifically, as evidenced by UPSIDE Foods’ $400 million
costs, improve products, Series C raise, Wildtype’s $100 million Series B round,
and raise awareness of and the Dutch government’s €60 million investment in
alternative proteins’ role at cultivated meat. In addition, public support grew, with
governments around the world increasing support for
the center of the plate.
alternative proteins overall in notable ways, from an uptick
in public policymaking and R&D funding to FDA’s green
light of a cultivated chicken product in the U.S. Investment
and progress to date are no guarantee of future growth,
but sustained support for new technologies and ventures
bodes well for the future of the industry.

2022 State of the Industry Report | Cultivated meat and seafood 89

Industry roadblocks
Finally, what do alternative protein market projections frequently identify as limiting factors to
market growth?

Roadblock identified Most products on the market today are plant-based, sold
across forecasts: at a premium, and don’t fully recapitulate the experience
of eating conventional meat. Cultivated meat is expected
Current price premiums
to help close the taste gap for alternative protein
and a general lack of taste products (including hybrids), but its initial market
parity with animal introduction will be small scale and at a premium price.
products hamper Inflationary pressures only add to the barriers of high
alternative protein brands’ prices, as many consumers look for opportunities to cut
costs in their grocery and restaurant budgets. Plus,
abilities to attract new
complex manufacturing processes, limited availability of
consumers to the space. key ingredients, and cost to scale certain products
exacerbate the current price premium and act as speed
bumps to the development of the alternative protein
market. That said, a clear path remains for reducing
prices and improving product quality, and cultivated and
fermentation-derived products may ultimately play a key
role in closing these gaps.

Roadblock identified Immense progress has been made on the path toward a
across forecasts: fair and open regulatory environment for alternative
proteins. In 2022, the U.S. FDA gave the “green-light” to
Regulation for some
UPSIDE’s cultivated chicken, paving the way for the first
alternative protein product cultivated meat product to be sold in the United States. A
categories is new, and it’s U.S. court ruled that Louisiana’s label censorship law
possible that regulatory targeting plant-based proteins was unconstitutional. But
hurdles could slow with nearly any new product or technology, the risk of
challenging the status quo almost always skews toward
industry growth.
more reactive rules and regulations, not fewer.

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Since this section largely synthesizes the findings of external forecasts, the three distinct
alternative protein pillars are occasionally grouped under the larger alternative protein
umbrella. But in reality, each pillar exists in a different stage of development and faces its own
unique set of opportunities and challenges for growth.

Cultivated meat is on the cusp. Products have the potential to offer consumers the same
meat-eating experience as conventional meat, which could present a breakthrough opportunity
for mass adoption of alternative proteins. Yet the vast majority of consumers globally have yet
to taste cultivated meat. Before taste and price considerations enter the picture, industry
participants must make continued investments in R&D, infrastructure buildout, and regulatory
processes to ensure consumers are even able to try cultivated meat. Considering the
investment and regulatory progress made in 2022, the coming years will prove critical for the
development of this market. As more products receive regulatory approval from governments
around the world—and companies continue to improve and scale their offerings—the potential
of a “meat without the animal” future will draw closer to reality.

2022 State of the Industry Report | Cultivated meat and seafood 91

Expert predictions
We asked industry experts for their predictions on what’s next in cultivated meat.

“Within 1–3 years, I expect to see many more market launches at small scale, followed by some
early sales through higher volume but still premium outlets in food service or retail. Further progress
on scale-up and cost-down will be accelerated by B2B companies like the aforementioned growth
factor producers; their impact will really become visible in the next 1–3 years.”
– Friederike Grosse-Holz, Director, Blue Horizon

“Cultivating cells is now a known art, the global cultivated meat industry
players are now fixated on achieving price parity. Over the next few years, we
will see unprecedented progress in the areas of media ingredients, bioreactor
design, and process engineering. We will witness cross-border collaborations,
like we are used to seeing in space exploration.”
– Subramani (SuBBu) Rich, Founder, Fermbox

“In the 10–20 year timeframe, cultivated seafood will become an essential segment of the
seafood category, enabling consumers to continue to eat culturally important, heritage fish
species while preserving and restoring depleted wild fisheries. In the short term, we believe
cultivated seafood will predominantly be found in smaller volumes in premium segments of
the market and will be served through hospitality channels. As production volumes scale,
these products will become broadly available at competitive prices.”
– Mihir Pershad, Founder & CEO, Umami Meats

“In the long term, I expect to see cultivated meat hybrid products that are
readily available to consumers and higher-end whole cut cultivated meat
products. In the short term, I expect that those hybrid products will be
available in limited capacity, which I think will be huge for the field in terms of
beginning to directly interact and face consumers.”
– Michael Saad, PhD candidate

“Projections are always difficult—especially in times in which we experience huge shifts in

the market and uncertainties in consumer response. However, I believe that cultivated meat
will become a vital part of our future diet and in 10 years’ time it will hopefully be available
around the world in order to maximize its sustainability potential. Until then, a few regions in
the world will be more open and will be able to serve cultivated meat earlier.”
– Patrick Bühr, Head of Research & Development, Rügenwalder Mühle

“Cultivated meat, dairy, and other fats for me will be the tipping
point…I honestly believe it will be as important a technological
advance for food as the Internet was for communication.”
– Alexis Gauthier, Michelin-starred chef

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Conclusion
Conclusion
—
Exciting developments propelled the alternative protein field, including cultivated meat and
seafood, forward in 2022. The sector still has miles to go, however, to reach its full
potential. We offer three summary reflections to take into the year ahead:

1
The alternative protein industry is still very early in its
development. At this moment in time, it’s promising to see
increasing recognition among both the public and private sectors
Keep the long of the potential of alternative proteins to meet long-term global
view in sight. goals in the areas of climate, public health, biodiversity, and food
security. Advances in cultivated meat technologies are happening
fast, as more researchers and funding flow into the field. The
policy and regulatory landscape is just starting to take shape.
Consumers want sustainable options, but they don’t want to
compromise on taste, price, or convenience. Navigating and
building the path to scale and adoption will take years.

2
Companies can lead by delivering tasty, affordable alternative
protein products to mainstream consumers, representing a
significant market opportunity given growing consumer interest in
A global protein sustainable foods. The research community can lead by
transformation encouraging more scientists, from diverse disciplines and at
will require different points in their careers, to jump into the alternative
protein field. The world’s governments can lead if they invest in
strong, critical R&D to advance alt protein science, manufacturing
system-wide incentives to help scale-up, and policies that level the playing
field to allow alternatives to compete on taste, price, and
participation. convenience. Doing so can address the industry’s biggest
technical challenges, inspire additional research, create new
opportunities for growth, and ensure these sustainable foods can
benefit everyone.

2022 State of the Industry Report | Cultivated meat and seafood 94

3
At GFI, we bring determination and informed optimism to our
work because we know a better food future is achievable. We see
these same traits in those who pushed the field forward this year,
Believe change many of them highlighted in this report. Across sectors and
is possible. regions, there is a growing understanding of the importance of
finding viable alternatives to industrial animal agriculture, and
huge opportunities for companies who get involved in this space.
Just as the world is changing how energy is produced, we need to
change how meat is made. Alternative proteins can satisfy
growing demand, reduce pressure on the planet, and enable a
more sustainable, secure, and just food future. Alongside other
advances and innovations, alternative proteins—including
cultivated meat and seafood—can help write the next chapter for
food and agriculture around the world.

To those who are in this work already, we hope GFI’s 2022 State of the Industry
Report: Cultivated meat and seafood gives you a more detailed look at this
rapidly evolving sector. For those new to the field, welcome. Stay a while, grow
with us, and change the world.

2022 State of the Industry Report | Cultivated meat and seafood 95

Acknowledgements
—
Authors
Dr. Claire Bomkamp, Michael Carter, Madeline Cohen, Daniel Gertner, Emma Ignaszewski,
Sharyn Murray, Maille O’Donnell, Ben Pierce, Dr. Elliot Swartz, Sheila Voss

Editors
Liz Fathman, Tara Foss, Emma Ignaszewski, Maille O’Donnell, Sheila Voss

Additional acknowledgments
GFI would like to thank these additional colleagues for their insights and contributions.

Jessica Almy, Caroline Bushnell, Raquel Casselli, Kelli Cromsigt, Rachel Faulkner, Bruce
Friedrich, Emily Giroux, Joe Gagyi, Mirte Gosker, Ryan Huling, Ann Ittoop, Doris Lee, Carlotte
Lucas, Heather Mount, Aviv Oren, Nicole Rocque, Ilya Sheyman, Dr. Liz Specht

Cover image courtesy of Shiok Meats.

©2023 The Good Food Institute. All rights reserved.

Permission is granted, free of charge, to use this work for educational purposes.

The Good Food Institute is not a licensed investment or financial advisor, and nothing in the
state of the industry report is intended or should be construed as investment advice.

About GFI

The Good Food Institute is a nonprofit think tank working to make the global food system
better for the planet, people, and animals. Alongside scientists, businesses, and policymakers,
GFI’s teams focus on making plant-based and cultivated meat delicious, affordable, and
accessible. Powered by philanthropy, GFI is an international network of organizations
advancing alternative proteins as an essential solution needed to meet the world’s climate,
global health, food security, and biodiversity goals. To learn more, please visit www.gfi.org.

Fuel the future of food at gfi.org/donate Join GFI’s email lists at gfi.org/newsletters