Europe is 'lagging behind' other international markets when it comes to the development of lab-grown meat, a growing segment of the food tech sector, a new study has revealed.
The GovGrant study found that the market for cultured, lab-grown meat is donated by the US, which accounts for 62.24% of all money raised in the sector to date, and boasts 23 firms specialising in this process.
In the top ten, four European countries are present – the Netherlands (third, accounting for 5.67% of money raised), the UK (fifth, accounting for 1.31%), France (ninth, accounting for 0.49%) and Spain (tenth, accounting for 0.46%).
International Presence
Other international players of note include Israel, in second, which accounts for 21.72% of the money raised to date in the cultured meat market, and Singapore, in fourth, which accounts for 4.61%.
Among the top 10 companies for patents in Europe, only three hail from Europe: HigherSteaks (UK), Mosa Meat (Netherlands) and Biotech Foods (Spain). The rest are US or Asia-based, with two coming from Israel.
A Growing Segment
Following the granting of FDA approval for lab-grown meat, the segment is predicted to make up nearly a quarter of all meat consumption by 2035.
“Since there’s such huge potential demand for lab-grown meat, that’ll only spur companies on to innovate further and perfect their products," commented Adam Simmonds, research associate at GovGrant.
"This could become an interesting area of growth for the US and other countries, particularly as not many nations possess the expertise to produce this meat. There will definitely be an uplift in the number of producers, who’ll want to take full advantage of the upcoming boom in demand.”
© 2023 European Supermarket Magazine – your source for the latest A-Brands news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.
