Is This The Future of Pet Food?

Issue #87

July 30th, 2024

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Quick Hits:

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🐈 Secret service cat, a man found out his cat was following him on his dog walks.

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👮 This hero ran 1.5 miles to save these dogs

Last week, Meatly, a London-based startup became the first European company cleared to sell cultivated chicken products. Making the UK, the first European country to green-light the sale of lab-grown meat.

What was science fiction maybe a decade ago, is now not only a possibility but a reality - and investors are flocking to invest in what some see as the “food of the future”

About 20% of the world's meat is consumed by pets and US pet owners spent around $64B on pet food & treats last year. To say there is a massive opportunity in pet food is an understatement.

You’ve probably heard a ton of different names for what is essentially meat that is not produced by the act of slaughtering an animal. Names like “clean meat”, “meat of the future”, “cell-cultured meat”, “lab-grown meat”, “cultivated meat”, “synthetic meat”, “3D printed meat” and so on…

But what do they all mean? Are they all the same? If not, what are the differences between them?

Well, let’s break it down in simple terms (puts lab coat on):

There is no difference between cell-grown meats and cultivated meats, which are also known as lab-grown meats or cultured meats. All three terms refer to meat grown from animal cells in bioreactors or steel tanks using tissue engineering techniques.

Alternative Lab-Grown Meat

• Fermentation-Derived Proteins: Proteins produced by fermenting microorganisms for meat alternatives.

• Mycoprotein Meat: Protein-rich meat alternative derived from fungi.

There are also plant-based & insect-based proteins but that’s a separate subject. However, insect proteins are also becoming increasingly popular as an eco-friendly sustainable option.

The human equivalent of this category seems to be just as attractive to investors (if not more). The innovation however is far more advanced as they’re creating proteins from things that even in 2024 sound out of a dystopian futuristic movie. Anything from fish to crustaceans, bush meat, pork, chicken, foie gras, fat (including duck, pork, and chicken), beef, and every other piece of meat is currently being produced in labs all across the world.

A few examples:

• Regenerative technique harnessing cow plasma.

• Using microbes to convert recycled CO2 from factories into meat alternatives (air to protein).

• Ochiai Germination Method.

• Developing fortified cultivated pork with microalgae.

To name a few….

The global cultivated meat market for pets is anticipated to experience significant growth in the coming years. Although specific figures for the pet segment alone are not readily available, the overall cultivated meat market is projected to reach $25 billion by 2030. The pet food sector is expected to contribute a notable portion of this growth due to increasing environmental and ethical concerns among pet owners. Reduced production costs and efforts to achieve price parity with conventional meat products are also expected to drive broader adoption and revenue growth.

So who are the companies that are revolutionizing this space in the pet category:

• BioCraft (raised around $10M)

• Meatly (raised around $4.6M)

• Bond Pet Foods (raised $17.5m)

• Umami Bioworks (raised around $2.4M)

• Noochies (Cult Food Science) - The Canadian company raised C$800,000 to build the Noochies brand. It recently raised C$1.5 million and is currently raising another C$1 million.

Public Perception

Public perception of cultivated meat in pet food is generally positive, especially among environmentally conscious and ethically minded pet owners.

A recent study found that 32.5% of all respondents in the sample were willing to consume cultivated meat. The interesting finding suggests that meat eaters, rather than vegans and vegetarians, could be the primary market for cultivated meat products for human consumption.

As far as owners feeding their pets cultivated meat. The survey showed that a large majority of those who were willing to consume cultivated meat were also willing to feed it to their pets (81.4%).

So overall it seems like the public is fairly open to the idea. However, different countries/states are going to have different opinions on the matter and perhaps sway public opinion. Recently Florida banned the sale of cultivated meat. Could we see more states and/or countries follow suit? Time will tell.

Currently, lab-grown meat is still so incredibly new and the economics behind don’t yet make sense or have been figured out. All that could change in a matter of years. Our global food supply (and our pets) are under a lot of stress, could this be the solution to it all - or will this be another fad that consumers will refuse to adopt? We will have to wait and see.

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Finally, A friend’s dog swallowed a cushion.

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See you Friday!