INDUSTRIES

&

MARKETSTheemergingcultivatedmeatmarketworldwideCHAPTER

01OverviewCultivatedmeatmarketsizeforecastsfor2030and2040(inbillionU.S.dollars)Marketvalueofculturedmeat2030-2040McKinseyBarclaysGovGrant*Euromonitor*900800700600500400300200100788450225250203020403Description:Thecultivatedmeatmarktisstillinitsinfancy,butseveralinstitutionsforeseeaprofitablefutureforlab-grownfoods.Forinstance,consultancyfirmMcKinseyforecaststhatthecultivatedmeatmarketwillbeworth25billionU.S.dollarsby2030.Lookingfurtherahead,researchagenciesexpectthemarketvalueofthisnewindustrytobeanywherebetween200and800billionU.S.dollars.ReadmoreNote(s):Worldwide;2021to2022Source(s):Barclays;Euromonitor;GovGrant;McKinsey&Company;TheGoodFoodInstituteCompositionofthemeatandmeatalternativesmarketworldwidefrom2025to2040,byproducttypeMarketshareofmeatandmeatalternativeproductsworldwide2025-2040MeatVeganmeatalternativesCulturedmeat22%100%90%80%70%60%50%40%30%20%10%0%0%10%10%18%35%25%23%90%72%55%40%20252030203520404Description:Thecompositionofthemeatandmeatalternativesmarketisexpectedtorapidlychangeinthecomingdecades.Beginningwithamarketthatisdominatedbyregularmeatproductsin2025,toamarketwheretheseproductsmakeuponlyaminorityofavailableproductsin2040.The2040marketisexpectedtoroughlyconsistof40percentregularmeatproducts,35percentculturedmeatorlab-grownmeatproducts,and25percentveganmeatalternatives.Itshouldbenotedthatthefirst[...]

ReadmoreNote(s):Worldwide;2025to2040Source(s):BUND;Heinrich-B?ll-Stiftung;LeMondediplomatiqueNumberofcultivatedmeatcompaniesworldwidefrom2011to2022Numberofcultivatedmeatcompanies2011-2022OldcompaniesNewcompanies1801601401201008060402002011201220132014201520162017201820192020202120225Description:Therewere156culturedmeatcompaniesgloballyin2022.Thenumberofcompaniesinthisboomingnewindustryhasgrownrapidlyinthelastdecade.CulturedmeatiscurrentlyonlysoldinSingaporeandIsreal,butmanyothermarketsareexpectedtofollowsoon,pendingregulatorychanges.ReadmoreNote(s):Worldwide;2011to2022Source(s):CrunchBase;PitchBook;TheGoodFoodInstituteProductionpriceperpoundofcultivatedmeatfrom2013to2021(inU.S.dollars)Priceperpoundofculturedmeat2013-20211,200,0001,000,000800,000600,000400,000200,0000MarkPost(scientist)MemphisMeats2016FutureMeatTechnologies*2019FutureMeatTechnologies202120136Description:Productiontechniquesincultivatedmeathaveevolvedsignificantlyinthepastdecade.In2013,DutchscientistMarkPostunveiledalab-grownburgerpattyforwhichtheproductioncostswere250,000euros.Sincethen,cultivatedmeatstartupswerefoundedacrosstheglobe,whichdebutednewproductiontechniquesthatdecreasedthecostssignificantly.In2021,FutureMeatTechnologiesannounceditproducedafourozchickenbreastatacostoffourU.S.dollars.

ReadmoreNote(s):Worldwide;2013to2021;*The2019figurereferstotheaveragebetweenthepriceperpoundofcultivatedchicken(150U.S.dollars)andcultivatedbeef(200U.S.dollars).

ReadmoreSource(s):McKinsey&Company;NewYorkTimes;Environmentalimpactofcultivatedmeatcomparedtoconventionalmeatin2030,bycategoryEnvironmentalimpactofcultivatedmeatin2030Carbon

footprintLand

use-64%Air

pollution-20%Soil

acidification-69%Marine

eutrophicationCultivatedmeatvs.conventionalchickenCultivatedmeatvs.conventionalporkCultivatedmeatvs.conventionalbeef3%-44%-92%-75%-87%-99%-67%-42%-78%-90%-94%-98%7Description:Oneofthemainadvantagesofcultivatedmeatcomparedtoconventionalmeatisitscomparativelylowtheoreticalenvironmentalimpact.A2023lifecycleassessment(LCA)studyrevealedthatby2030,cultivatedmeatwillbesignificantlylessharmfultooursurroundingsthanregularchicken,pork,orbeef.Forinstance,theproductionofcultivatedmeatwillhavea92percentlowercarbonfootprintthancattlefarming.ReadmoreNote(s):Worldwide;2023;Percentagesrefertoincreasesordecreasesofcultivatedmeat'senvironmentalimpactcomparedtotherespectivecategories.Source(s):Expert(s)(Sinkeetal.);TheGoodFoodInstituteCHAPTER

02InvestmentsNumberofinvestmentdealsinthecultivatedmeatandseafoodindustryintheperiodfrom2016to2022,bycountryInvestmentdealsinculturedmeatandseafood2016-2022bycountryNumberofinvestmentdeals0510152025UnitedStatesUnitedKingdomSingaporeIsrael221266SouthKoreaAustraliaChina542Japan111SpainFrance9Description:Lab-grownmeatandseafoodcompaniesintheUnitedStatessecured22investmentdealsintheperiod2016to2022.ThismakestheU.S.theleadingcountryininvestmentactivityforthisindustry.Bycomparison,theUKhasseen12investmentdeals,followedbysixdealsinIsrael.ReadmoreNote(s):Australia,China,France,Israel,Japan,SouthKorea,Singapore,Spain,UnitedKingdom,UnitedStates;2016to2022Source(s):PitchBook;TheGoodFoodInstituteTotalinvestmentvalueincultivatedmeatandseafoodfrom2016to2022,byregion(inmillionU.S.dollars)Investmentinculturedmeatandseafood2016-2022byregionInvestmentvalueinmillionU.S.dollars300

4000100200500600700701800NorthAmericaMiddleEastEurope475121APAC62Africa

0.4LatinAmerica*010/statistics/1379597/cultured-meat-investments-by-regionJustover700millionU.S.dollarshavebeeninvestedincultivatedmeatandseafoodintheUnitedStatesandCanada.ThismakesNorthAmericatheleadingglobalregioninculturedmeatandseafoodinvestments,followedbytheMiddleEastandEurope.ReadmoreNote(s):Worldwide,Africa,NorthAmerica,Europe,APAC,MENA,LAC;2016to2022;*Dealswithundisclosedamounts.ReadmoreSource(s):PitchBook;TheGoodFoodInstituteAnnualinvestmentvalueincultivatedmeatandseafoodfrom2016to2022(inmillionU.S.dollars)Annualinvestmentinculturedmeatandseafood2016-20221,4001,2001,0008001,30089660037940020091413120175020162018201920202021202211Description:Upuntiltheendof2022,theall-timeinvestedcapitalincultivatedmeatandseafoodwas2.8billionU.S.dollars.In2022alone,companiesinvestednearly900millionU.S.dollarsinthelab-grownmeatandseafoodindustry.Thiswasadecreasecomparedto2021,butthesourcementionsthatthisdeclinestilloutperformedtheoverallglobalYOYfundingdecline.ReadmoreNote(s):Worldwide;2011to2022Source(s):PitchBook;TheGoodFoodInstituteCHAPTER

03ConsumerperspectivesworldwideReasonsforapositiveimageofculturedmeatamongconsumerswhohaveapositiveimageofcultivatedmeatworldwidein2023Reasonsforapositiveimageofculturedmeatamongconsumersworldwidein2023Shareofrespondents0%5%10%15%20%25%30%35%Reducedneedforbreedingandslaughteringcanlowertheunitpriceofthemeat23.63%Culturedmeatproductionrequireslesspower,farmland,andwater,contributingtoagreenerenvironment29.94%AnimalwelfareissuescanbepreventedLivestockinfectionissuescanbeavoidedOthers19.09%15.38%11.97%13Description:Inaglobalsurveycarriedoutinsummerof2023,closetoaquarterofrespondentsstatedtheyhadapositiveimageof"culturedmeat"or"cultivatedmeat"becauseitwouldreducetheneedforbreedingandslaughtering,thusreducingtheunitpriceofthemeat.ReadmoreNote(s):Worldwide;June28toJuly5,2023;10,000respondents;21-99years;Basedontheresponsesof58.33percentofrespondentswhoheldapositiveimage.Source(s):RealResearchShareofconsumerswhoarewillingtoeatculturedmeatworldwidein2023Shareofconsumerswhoarewillingtoeatculturedmeatworldwidein2023No38.05%Yes61.95%14Description:Inaglobalsurveycarriedoutinsummerof2023,closeto62percentofsurveyrespondentsstatedthattheywerewillingtoconsumeso-called"culturedmeat"alsoknownas"cultivatedmeat".

ReadmoreNote(s):Worldwide;June28toJuly5,2023;10,000respondents;21-99yearsSource(s):RealResearchInthefuture,wouldyoubuycultivatedmeatifitwereavailable?Youngconsumer'sinterestinconsumingculturedmeatinEuropeancountries2022YesNo90%80%70%60%50%40%30%20%10%0%82%79%72%52%48%28%21%18%GermanySpainItalyFrance15Description:Culturedorcultivatedmeatelicitsasignificantconsumerinterestamongyoungerconsumers.Whenaskediftheywouldbuycultivatedorculturedmeat,82percentofrespondingconsumersbetween18and24yearsofageinGermanystatedthattheywould.Germany'syoungconsumersleaditsEuropeanpeersininterestinthissortofproduct.InterestinFrancewasbelowhalfamongtheseyoungerconsumers.

ReadmoreNote(s):France,Germany,Italy,Spain;February2022;4,096respondents;18yearsandolder;Resultsdisplayedforresponding18-24-year-oldsSource(s):OpinionWay;TheGoodFoodInstituteWouldyouconsiderbuyingcultivatedmeatiftheprice,taste,andtextureareright?WillingnesstoeatcultivatedmeatNetherlands2022Yes,definitely16.2%Donotknow22.6%Definitelynot28.7%Yes,probably17.0%Probablynot15.0%16Description:CultivatedmeatisacontroversialtopicforconsumersintheNetherlands.A2022surveyrevealsthatjustunderhalfofDutchconsumerswouldnotbuycultivated,lab-grown,orculturedmeat,eveniftheprice,taste,andtexturearegood.Thegroupthatisopentotryingthesenewfoodproductsisconsiderablysmaller,andmorethan20percentofrespondentswereundecided.ReadmoreNote(s):Netherlands;January2022;1,128respondents;18yearsandolder;DutchconsumersSource(s):ABNAMRO;estimatesCHAPTER

04ConsumerperspectivesintheU.S.Whatarethereasonswhyyouwouldnoteatmeatgrownusingcellsfromanimals?Shareofconsumersnotwillingtotrycell-basedmeatintheU.S.in2023,byreasonShareofrespondents10%0%20%30%40%50%48%60%56%ItjustsoundsweirdIdon'tthinkitwouldbesafeIseenoreasontochangewhatkindofmeatIeatIdon'tthinkitwouldtasteasgood35%27%Idon'twanttoeatanykindofmeat8%Idon'tthinkitwouldbeallowedinmyreligiousorculturaltradition5%18Description:Slightlylessthanhalfofrespondentsstatedthattheydonotthinkitwouldbesafetoconsumecell-basedmeat.Evenmoreconsumersstatedthatthissortofproductjustsoundsweirdtothem,andtheywouldthereforenoteatculturedmeat.

ReadmoreNote(s):UnitedStates;February16toFebruary20,2023;1,247*;18yearsandolder;*Numberofallrespondentsfromthenationwidepoll.Heredisplayedareanswersfromonlythoserespondentswhoarenotveryornotatalllikelytotrycell-basedmeatifitbecomescommerciallyavailable.Source(s):AP-NORCWouldyoutryculturedmeat(cell-basedmeat)ifitwasavailableforpurchase?Shareofconsumerswillingtotrycell-basedmeatintheU.S.in202360%50%40%30%50%30%18%20%10%0%Extremely/verylikelySomewhatlikelyNotvery/notatalllikely19/statistics/1455669/interest-in-cell-based-meat-in-the-usCulturedmeat,grownfromcellcultures,findsaskepticalaudienceintheUnitedStates.AbouthalfofrespondentsintheU.S.said,ina2023survey,thattheyarenotverylikelyornotlikelyatalltotryculturedmeatshoulditbecomeavailableforpurchase.ReadmoreNote(s):UnitedStates;February16-20,2023;1,247respondents;18yearsandolder;NationwidepollSource(s):AP-NORCMessagesthatmakecultivatedmeatmoreappealingtoadultsintheUnitedStatesin2022FactorsthatmakecultivatedmeatmoreappealingintheUnitedStates2022ShareofrespondentsMuchlessappealing0%

10%SomewhatlessappealingNodifference40%SomewhatmoreappealingMuchmoreappealing80%20%30%50%

60%

70%90%100%HealthClimatechange18%2%26%23%32%27%27%21%21%20%20%19%4%5%7%6%28%27%26%27%31%27%32%20%20%EnvironmentallyfriendlyTaste/eatingexperienceFoodsecurity23%24%23%25%24%19%AnimaltreatmentMeaculpa5%24%24%5%5%24%20%17%Consumersafety22%20Description:Health-focusedmessagesaboutcultivatedmeatdrivethemostappealforthisfoodinnovation.Thiswasrevealedbya2022surveyonculturedmeatopinionsintheUnitedStates.Morethanhalfofrespondentsindicatedthathealh-orientedmessagesmadeculivatedmeatmoreappealingtothem.Otherimportantfactoswereclimatechange,environmentalfriendliness,andthetasteandeatingexperience.ReadmoreNote(s):UnitedStates;December2022;1,018respondents;18yearsandolder;RespondentswhohavebeeninformedaboutcultivatedmeatSource(s):ChangeResearch;TheGoodFoodInstituteTopreasonsforinterestintryingcultivatedmeatintheUnitedStatesin2022ReasonsforinterestincultivatedmeatintheUnitedStates2022Shareofrespondents30%0%10%20%40%50%60%70%Curiosity/noveltyEnvironmentalreasonsAnimalwelfare65%51%51%GlobalfoodsecurityHealthreasons44%23%Other5%21Description:AdultconsumersintheU.S.wouldprimarilyliketotrycultivatedmeatbecauseoftheircuriosityaroundtheinnovation.Roughlytwo-thirdsofrespondentstoarecentsurveynamedcuriosityandnoveltyasreasonsforgivingcell-basedmeatatry.Otherpopulardriversweretheenvironment,animalwelfare,andglobalfoodsecurity.ReadmoreNote(s):UnitedStates;December2022;1,018respondents;18yearsandolder;RespondentswhohavebeeninformedaboutcultivatedmeatSource(s):ChangeResearch;TheGoodFoodInstituteCHAPTER

05ConsumerperspectivesinGermanyBenefitsconsumersassociatewithculturedmeatinGermanyin2023BenefitsassociatedwithculturedmeatinGermanyin202380%74%70%60%50%40%30%20%10%0%63%62%avoidanceofanimalsufferingfosteringasustainablefutureclimateprotection23Description:InaMarch2023survey,63percentofGermanrespondentsstatedthattheyassociateclimateprotectionbenefitswithcultivatedmeatproducts.ReadmoreNote(s):Germany;March29toMarch31,2023;1,000respondents;18-75yearsSource(s):Ipsos;vegconomistShareofconsumerswhowouldaddculturedmeatintotheirdietinGermanyin2023ShareofconsumerswhowouldaddculturedmeatintotheirdietinGermanyin2023Definitelyyes14%Definitelyno22%Ratherno17%Ratheryes18%Notsure29%24Description:InaMarch2023survey,14percentofGermanconsumersstatedthattheywoulddefinitelyaddsocalledculturedorcultivatedmeattotheirdiet.About29percentofrespondentswerenotsureiftheywoulddoso.

ReadmoreNote(s):Germany;March29toMarch31,2023;1,000respondents;18-75yearsSource(s):IpsosCouldyouimagineeatinglab-grownmeat?Preferenceforlab-grownmeatinGermany2021-2022,bydietVegansVegetariansOmnivores45%40%35%30%25%20%15%10%5%42.5%39%37.1%32.9%29.9%29%0%2021202225/statistics/1380598/inlcination-to-eat-lab-grown-meat-germany30percentofGermanveganscouldimaginethemselveseatinglab-grown,otherwiseknownascultivatedmeat.Theshareofvegetariansandomnivoreswhowouldeatcultivatedmeatissubstantiallyhigher,butdoesnotreachbeyond50percent.

ReadmoreNote(s):Germany;2021to2022;2,733respondents;15-64years;GermanconsumersSource(s):VeganzCHAPTER

06ConsumerperspectivesintheUKConsumerswhoareopentotryingculturedmeatintheUKin2022/23,bygenerationWillingnesstotryculturedmeatintheUK2022/23,bygenerationShareofrespondents10%0%5%15%20%GenZMillennials20%18%GenerationXBabyboomer12%16%27Description:AccordingtotheGlobalConsumerSurveycarriedoutbetweenApril2022andMarch2023intheUnitedKingdom,membersoftheGenZcohortwerethemostlikelytoagreewiththestatementthattheyareopentotryingculturedmeat.MembersoftheGenerationXcohortweretheleastlikelytoagree.ReadmoreNote(s):UnitedKingdom;5April,2022to23March,2023;24,190*;18-64years;Coverstheresidentialonlinepopulation.Thisstatisticcombinesfoursurveywavescarriedoutinthestatedtimeperiod;*Respondentnumberisforallfoursurvey[...]

ReadmoreSource(s):ConsumerInsightsOpinionsandexpectationsofhybridplant-based/cultivatedmeatintheUnitedKingdomin2022OpinionsorexpectationsofhybridculturedmeatintheUnitedKingdom2022ShareofrespondentsNeitheragreenotdisagree40