Just, formerly known as Hampton Creek, is planning a fundraising round to help the company produce lab-grown meat, reports Bloomberg. The company currently makes plant-based products, including a pea-based mayo and an eggless scramble made from beans. And although Josh Tetrick, the chief operating officer, admits that raising conventional meat isn't environmentally sustainable, he doesn't think plant-based meat will be an acceptable substitute for many people.
"Meat is part of our culture and identity, the way men and women think of themselves," he says. "The best way to do meat is not to do plant-based, but a meat-based approach. Therefore, Just wants to produce lab-grown chicken, beef, and pork," he adds.
The alternative meat market surged 19.2 percent to 878 million in 2018, according to Nielsen data. But entering the market means Just will be facing food giants such as Tyson that have invested in cultured meat, as well as startups like Beyond Meat, which is currently aiming to raise up to $184 million in its IPO. Full Story
Related: Just Egg Launches at Bareburger; Beyond Meat Sets IPO Terms.
from Specialty Food News http://bit.ly/2UNwUnV
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