Sale of lab-grown chicken meat in Singapore
Eat Just received approval from the Singapore authorities at the end of 2020 to sell lab-grown chicken meat. The startup is working on obtaining approvals in other countries and is planning an IPO.
Eat Just has offered the world an alternative to standard livestock farming raising meat in a lab, with no animals suffering and humanity getting environmentally friendly production and a product without antibiotics.
Eat Just has opened its headquarters and its first lab-grown chicken meat plant in Singapore, a city with global leadership in technology.
At the end of 2020, the startup received approval from the Singapore authorities to trade its products freely and began selling to retailers and restaurants.
Today, Eat Just's cultured chicken nuggets are available at a Singapore restaurant called 1880 for around $17 for a set meal.
It is worth noting that reports from research companies show that the alternative meat market could reach $140 billion. or about 10% of the global meat industry over the next decade.
The success of producers of vegetarian meat alternatives such as Beyond Meat (BYND) and Impossible Foods proves the demand for them among consumers and the growth of the market. For example, Beyond Meat has recently secured multi-year global supply contracts for McDonald's and Yum Brands (owner of KFC, Pizza Hut and Taco Bell).
IPO Eat Just
Eat Just is considering making Singapore its global headquarters for lab meat. Singapore's policy is to help innovative companies export and sell their products to other countries.
Eat Just has raised more than $400 million from investors including Khosla Ventures, Founders Fund, Bill Gates's Gates Ventures and Singapore-based Temasek. The start-up is now seeking $2 billion in funding.
But with Eat Just aiming for regulatory approval in more countries.
If Eat Just's product starts to be shipped and produced around the world, it could solve one of the world's biggest problems food sustainability.