Nestle Eyes Lab-Grown Meat Market to Tap Future Growth
· Company working with Israeli startup to develop products
· Nascent cultivated industry seen as disruptive to meat market
By Agnieszka de Sousa, Bloomberg
July 13, 2021
Nestle SA is planning to enter the cultured-meat market in a move that could see the world’s largest food company help deliver the nascent technology faster to the mass market.
The Swiss giant has been working on alternative meat products that would blend cultivated meat with plant-based ingredients, according to people familiar with the deliberations, who asked not to be named because the information hasn’t been made public. The meat is being developed with Israeli cell-based startup Future Meat Technologies Ltd., the people said.
Nestle’s Chief Executive Officer Mark Schneider is pressing ahead with an alternative protein strategy as environmental and health concerns drive more consumers to opt out of conventional animal products. The early move, after a relatively late decision to enter the craze for plant-based products, would help Nestle gain a foothold in an industry that may reach 35% of the $1.8-trillion meat market by 2040, according to analysts at Kearney, a consultancy.
A representative for Future Meat Technologies didn’t respond to an email seeking comment. Nestle confirmed in a statement Tuesday that it’s working with the company as it evaluates “innovative technologies to produce cultured meat or cultured-meat ingredients with several external partners and startups.”
The timing of a potential market entry would also be determined by regulatory approvals, the people said...
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