Nestle eyes lab-grown meat market to tap future growth

Published 12 Jul,2021 via Bloomberg Technology & Innovation - 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.