The market value of lab-grown meat is anticipated to reach US$ 789.3 million by 2031, witnessing a CAGR of 11. So, what is the current situation regarding its market in 2024, are there any successful lab-grown meat companies?
In today’s world, the meat industry is one of the largest contributors to global warming. Thus, its business model isn’t sustainable in an ever-growing world, and so we need alternative and sustainable ways to “meet” demand for meat products.
list of the top 10 Lab-Grown Meat Companies based on their revenue:
Let’s begin!
1. Mosa Meat
- Headquarters: Maastricht, The Netherlands
- Founders: Peter Verstrate, Mark Post
- Founded: 2016
- Revenue: over €3.5 billion
Mosa Meat focuses on producing ground beef products. The process of Mosa Meat making begins by collecting a sample of cells, a size of peppercorn samples of cells from the Limousin cows. Consequently, the sample cells taken are isolated into fat or muscle and fed on a nutrient-dense growth medium. The interesting fact is they make 80,000 burgers from just that one sample and no animal is harmed.
2. Aleph Farms
- Headquarters: Rehovot, Israel
- Founders: Didier Toubia & Prof. Shulamit Levenberg
- Founded: 2017
- Revenue: $119.4M
Aleph Farms is one of the most well-financed cultivated lab-grown meat companies nationwide. The company cultivates steaks directly from the cells of a living animal. Furthermore, Aleph Farms produced the first lab-grown beef steak in 2018, and also the first company to grow meat in space in 2019.
3. Eat Just
- Headquarters: Alameda, California, United States
- Founders: Josh Tetrick & Josh Balk
- Founded: 2011
- Revenue: $100.0 million
Eat Just announced the lab-grown meat in late 2017. They make chicken nuggets grown in a bioreactor in a fluid of sugar, salt, and amino acids. Importantly, the company cultivates 70% of chicken nugget meat; the rest is made from mung bean proteins and other ingredients. They have also added different types of chicken products including breast chicken and shredded.
4. Upside Foods
Headquarters: Berkeley, California, United States
Founders: Uma Valeti, Nicholas Genovese, Will Clem
Founded: 2015
Revenue: $63.3 million
Upside Foods formerly known as Memphis Meats is a food technology. Upside Foods uses biotechnology to produce various meat products to introduce stem cells and differentiate into muscle tissue. The process is the same as other lab-grown meat companies. However, the chicken meat grown at Upside Foods is ready to harvest after two to three weeks,
5. Believer Meats
- Headquarters: Jerusalem and Rehovot, Israel
- Founder: Yaakov Nahmias
- Founded: 2018
- Funding: $43 million
Believer Meats also formerly known as Future Technologies or Future Meat. The company produces cultured meat from chicken cells by using biotechnology. Furthermore, they claim that reproduction rates are 10 times higher than other lab-grown meat companies while generating 20% of the company’s greenhouse gas emissions. The company also uses 1% of the land and 4% of the water in the cultivating process.
6. Gourmey
- Headquarters: Paris, France
- Founders: Antoine Davydoff, Nicolas Morin-Forest & Victor Sayous
- Founded: 2019
- Revenue: $36 Million
Gourmet offers the same experience as the other lab-grown meat company. The company uses slightly different methods while making its products, they use fermenters like the ones used for brewing beer, instead of farming animals. Moreover, Gourmet prioritized Foie gras and poultry as its first foods to the table by honoring culinary traditions and heritage.
7. Meatable
- Headquarters: Delft, Netherlands
- Founders: Krijn de Nood, Daan Luining, Mark Kotter
- Founded: 2018
- Revenue: $35 million
Meatable grow meat using pluripotent stem cells from animal umbilical cords. As usual, the company takes a sample from the best healthy cows and pigs. Then, they repeat the natural process of muscle or fat growth and mix the two elements to produce real, succulent, and delicious meat. They complete the whole process in just a couple of weeks just as other lab-grown meat companies. Similarly, the company also produces a hamburger within three weeks from a single stem cell.
8. Mission Barns
- Headquarters: Berkeley, California, United States
- Founder: Eitan Fischer
- Founded: 2018
- Revenue: $ 24 million
Mission Barns also produces real meat, without harming a single animal. They grow the sample taken from a pig in a cultivator that mimics the animal’s body. Subsequently, it’s combined with a unique plant protein which makes it different from other lab-grown meat companies. The Mission Barn’s special products include Meatballs, Bacon, Pizza, and Sausage with the key ingredients Pea Protein, Mission Fa (contains cultivated pork), and Spices.
9. Shiok Meats
- Headquarter: Singapore
- Founders: Dr. Sandhya Sriram and Dr. Ka Yi LING
- Founded: 2017
- Revenue: $ 21.35 million
Shiok Meats takes cell samples from healthy crustaceans, unlike other lab-grown meat companies. The cells taken are grown in a nutrient-rich broth containing vitamins, nutrients, and minerals essential for the healthy growth of cells. In just a few weeks, the cultivated seafood and meats can be harvested to create various delicious recipes. Accordingly, the company uses less energy, water, and land to produce its meats. As a result, the company meats don’t have antibiotics, hormones, mercury, microplastics, or other harmful chemicals.
10. BlueNalu
- Headquarters: San Diego, California
- Founder: Lou Cooperhouse
- Founded: 2017
- Revenue: $ 16 million
BlueNalu is committed to seafood that is socially good and prioritizes the environment. They take a sample from the desired fish species and produce it by feeding them a mixture of nutrients, such as amino acids, salts, sugars, and vitamins. The company’s specialty is delicious bluefin tuna toro. Besides, BlueNalu is working on developing a resilient food security solution that can supply nationwide with accessible, safe, and high-quality seafood.
Conclusion
In conclusion, we explored 10 lab-grown meat companies in 2024 and gained insights about the companies based on their revenues. As the lab-grown markets continue to progress, it’s assumed that billions of dollars are likely to flow through the industry. Subsequently, it will impact the rise of investment opportunities.
Above all, as we look forward to the coming years, it’s exciting to see how these companies will continue to shape and balance our food and beverage through their innovative approaches. What other innovations do you think we can expect in the coming years?
