May 17, 2021

By Lynda Kiernan, Global AgInvesting Media

The meat alternative space is increasingly crowded, and a company’s gotta do what a company’s gotta do to differentiate, gain consumer loyalty, and secure market share with an eye toward the future of the industry.

Cell cultivated meat was considered science fiction only a few years ago. Today, there are more than 70 companies worldwide producing cultivated meats ranging from the standard chicken and beef, to wild game and foie gras, with Kearney forecasting that cultured meat could account for 35 percent of the global market valued at $1.8 trillion by 2040.

Memphis Meats, a pioneering founder of cell cultured meat, poultry, and seafood, has rebranded as Upside Foods to shine a spotlight on the positives of its upcoming products and to align with its completely new consumer-focused messaging. 

Along with its new name, Upside Foods also announced that its first product will be cell-cultured chicken, which it hopes to have reached the market by the end of this year. However, this goal greatly depends on the timeline engaged by the Food and Drug Administration and the U.S. Department of Agriculture in their work on building out a regulatory framework and approval system for cell-cultured meat products. 

“Our team introduced the world to cultured meat, and the evolution to Upside Foods communicates our passion and potential to make our favorite foods healthier for the planet,” said Uma Valeti, CEO and founder, Upside Foods. “Our new name showcases the work we are doing to make eating meat a force for good. We can’t wait for consumers to try our Upside chicken soon. If you love chicken and the planet, Upside is for you.”

After creating the world’s first cultured meatball in 2016, the world’s first cultured chicken and duck in 2017, and raising the largest Series B funding round in the history of the category in 2020 when it closed on $161 million from some of the highest-profile investors in the world, Upside Foods says that it’s making good on the promise upon which it was founded – that consumers can continue to enjoy their favorite foods humanely and sustainably. 

Meat production uses one-third of the world’s fresh water and land surface, while also generating one-fifth of all greenhouses gas emissions – mounting evidence that the global animal protein production system is not sustainable.

Thus, alternative protein sources have been increasingly on the radar of both consumers and investors. Global protein consumption is expected to climb at a CAGR of 1.7 percent, reaching 943 million tons by 2054, according to Lux Research. Over this same time period, alternative protein sources are forecast to command up to a third of the protein market as they fill the void created by slowing growth in animal meat and seafood production.

Upside chose chicken as its first product launch due to its popularity with U.S. consumers (its first launch market), and its broad versatility fitting a number of global cuisines. Produced completely from animal cells in a laboratory setting, Upside chicken is real chicken cultivated without the need to raise, feed, or slaughter animals, and is also not a plant-based product.

Along with its optimistic messaging and approachable tone, Upside has gained a new investor in John Mackey, the founder and CEO of Whole Foods, who invested $500,000 of his own capital in the company (Whole Foods is also an existing investor in the company).

“Consumers are hungry for products that are humane, sustainable and delicious, and Upside Foods is meeting them at the center of their plates with meat they can feel good about,’ said Mackey. “This has the potential to revolutionize the way people eat and is incredibly exciting. The world 20 years from now may be completely different due to Upside Foods, which is why I’ve personally invested in the company.”

With meat demand expected to double over the coming 30 years, in order to produce its chicken at scale, Upside has broken ground on a pilot plant in the San Francisco Bay Area. It is the first of-its-kind, end-to-end facility custom-made for the cultivation of meat that will manufacture, package, and ship at a scale not being seen by any other company in the industry.

“We want to become the preferred brand for the next generation of meat lovers,” added Maria Occarina Macedo, director of brand and creative, Upside Foods. “And we wanted our brand to reflect the essence of what our product and company is all about: delicious, sustainable and humane meat for everyone. The future of food is all about activating the upside.”

– Lynda Kiernan is editor with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and  Agtech Intel News, as well as HighQuest Group’s Oilseed & Grain News. She can be reached at lkiernan@globalaginvesting.com.