In May 2022, Eat Just declared the signing of important partnership agreements for the development of its meat growing division – Good Meat. Veligera Capital Fund invested in Eat Just shares in the summer of 2021.
The first agreement was signed with the agro-industrial corporation Archer Daniels Midland (ADM). The international giant will help Good Meat to create an optimized environment for cell growth, as well as to improve the taste and texture of cultured meat products. ADM has been working with alternative proteins, in particular, with products of plant origin, for a long time. Since 2020, the company has been cooperating with the Brazilian manufacturer Marfrig on the development of plant-based meat products.
Good Meat has signed the second significant agreement with ABEC, a leader in the creation of bespoke biotechnological equipment. The subject of an exclusive long—term partnership is the building of 10 meat growing bioreactors with a volume of 250 thousand liters each. According to the press release, these will be the largest installations ever created for the cultivation of animal and poultry meat cells. In accordance with the company, ABEC is already working on the production of this equipment. The first Good Meat plant will be put into exploitation on the territory of the USA at the end of 2024. In two years, the company plans to produce 11.8 thousand tons of meat per year, and by 2030 the company will reach its design capacity of 13.7 thousand tons of beef and chicken annually.
“Our bioreactors will be the largest not only in the meat industry, but also in the biopharmaceutical industry. Thus, the design and engineering tasks are large-scale, capital investments are significant, but the opportunity to take another step towards society’s rejection of animal slaughter outweighs all other circumstances,” said Josh Tetrick, executive director of Eat Just, the parent company of Good Meat.
Presently only Good Meat has the permission of the regulator to sell its products out of 170 enterprises that grow cultured meat. Since December 2020, alternative chicken from Good Meat has been delivered to restaurants in Singapore, and since 2022 — to shopping centers of the island state.
According to the report on the state of the industry published by The Good Food Institute (GFI), the volume of investments in the production of plant-based food is growing at a record pace, and 2021 brought 30% of the total capital to the industry in 10 years.
At the same time, global sales of vegetable meat increased by 17% last year – to $5.6 billion.