The document discusses a Spanish clean meat company that is developing an innovative process to produce cultured beef burgers. The company aims to launch its cultured beef burgers in 2021-2022. It has an innovative production process that cultures skeletal muscle cells in bioreactors to create meat granules. If successful, the company would open up the new cultured meat market and have advantages over competitors in technology and costs. The target consumers are flexitarians concerned about the environmental impact, animal welfare, and health issues of conventional meat production. However, barriers remain around the high costs of technology development and ensuring the cells are not genetically modified.

1. CARNE CULTIVADA. UNA NUEVA OPCIÓN PARA EL CONSUMIDOR
April 2020
By Gabriel MESQUIDA
Greenfoods Network
Spanish Clean Meat Company

2. Greenfoods Network
Teaser – April 2020Spanish Clean Meat Company
I. Global Overview of the company
Growing market
+12%
Sales
(CAGR)
2015-2020
Extensive plan of commercialization
Innovative production process
2
Vamos a contribuir al desarrollo sostenible del Planeta

3. Greenfoods Network
Teaser – April 2020Spanish Clean Meat Company
I. Global overview of the company
» The Company is a technology-based company founded by a group of professionals with a wide
background in organizational and technological innovation in the agro-food industry..
» The Firm is developing an innovative and cost-effective production process to culture and
industrially produce first-quality and environmentally-friendly beef burgers.
» The Company’s mission is to support agri-food industries, especially SMEs and cooperatives, in
the continuous improvement of their value generation processes for consumers and for
society..
» Its main project aims to produce real beef meat, which means that its organoleptic properties
are as good as those of conventional meat. Its nutritional value is even higher due to the
replacement of animal fat by the SVO ingredient.
» There are globally just a few companies researching on the development of cultured meat, but the
company will be positioned as alternative to conventionally produced meat.
» The Firm has a small pilot plan close to Madrid (ES), with an area dedicated to the development
of the SVO products and another area to develop the Project concept trials.
» As the project could created the new “food-unicorn”, it will benefit from the first-mover
advantage and the competitive advantages against the competitors such as technology and costs.
Global overview
Meat production concerns
• Environmental: Land use,
water and CO2 footprint.
• Ethical: Animal slaughtering
• Health: High content in
saturated facts.
Target consumers
Flexitarian: People that seek to
reduce but not to fully eliminate
meat intake. Their main reasons are
based on Animal welfare,
environmental concerns and heath
issues.
The company at a glance
Similar
market price
cultured
meat versus
traditional
meat
Launch of cultured beef burgers in
2021-2022
Growing market
+12%
Sales
(CAGR)
2015-2020
Extensive plan of commercialization
Innovative production process
2
Innovative firm in the agro-food
industry for clean meat
Access to highly equipped
facilities close to Madrid

4. Greenfoods Network
Teaser – April 2020Spanish Clean Meat Company
I.- Global overview of the company. PRODUCTS
Product development
Growing market
+12%
Sales
(CAGR)
2015-2020
Extensive plan of commercialization
Innovative production process
2
Hamburguesas veganas ecológicas de segunda generación (Cumplido. Plazo
de lanzamiento: 1 mes a partir del alzamiento del confinamiemto COVID-19)
Hamburguesas de carne de vacuno cultivada (2022. Plazo de lanzamiento: 30
meses)
Hamburguesas veganas ecológicas de primera generación (Cumplido)

5. Greenfoods Network
Teaser – April 2020Spanish Clean Meat Company
I.- Global overview of the company. PRODUCTS
1. Hamburgesas veganas primera generación
Growing market
+12%
Sales
(CAGR)
2015-2020
Extensive plan of commercialization
Innovative production process
2
1. Las clásicas hamburguesas
veganas de primera generación,
incorporan principalmente tofu
obtenido de la soja, seitán obtenido
del gluten de trigo, distintos tipos de
hongos y, en algunos casos, la fruta
del árbol del pan o vijahoó. Se trata
de las principales fuentes de proteína
vegetal en las culturas veganas
orientales. No incluyen ningún tipo
de ingrediente animal como
ovoproductos (clara de huevo),
gelatina o derivados lácteos (caseína).
• Sus características
organolépticas suelen ser
muy distintas de las de la
carne y son productos que no
suelen ser consumidos por los
no veganos (semi-vegetarianos
o flexitarianos).
Fuente: A.T. Kearney (2019)

6. Greenfoods Network
Teaser – April 2020Spanish Clean Meat Company
I.- Global overview of the company. PRODUCTS
2. Hamburguesas veganas de primera generación para ovo-lacteos vegetarianos
Growing market
+12%
Sales
(CAGR)
2015-2020
Extensive plan of commercialization
Innovative production process
2
2. Las clásicas hamburguesas
vegetarianas o semi-vegetarianas para
ovo, lácteo u ovo-lácteo vegetarianos,
no sólo incorporan ingredientes vegetales
con un alto contenido en proteína sino
también ingredientes de origen animal
como la clara de huevo o la gelatina para
mejorar sus características organolépticas.
• A pesar de los esfuerzos que están
realizando importantes empresas
alimentarias como Garden Gourmet del
Grupo Nestlé, sus características
organolépticas siguen siendo bastante
distintas de las de la carne, aunque su
consumo está aumentando con bastante
rapidez entre los semi-vegetarianos o los
flexitarianos.
Fuente: A.T. Kearney (2019)

7. Greenfoods Network
Teaser – April 2020Spanish Clean Meat Company
I.- Global overview of the company. PRODUCTS
3. Hamburguesas vegetales de segunda generación
Growing market
+12%
Sales
(CAGR)
2015-2020
Extensive plan of commercialization
Innovative production process
2
3. Las nuevas hamburguesas veganas de segunda
generación, sólo incorporan ingredientes
vegetales, como hidrolizados de proteína vegetal, la
leghemoglobina o distintas sustancias ligantes de
origen vegetal. Incorporan también grasa de origen
vegetal para mejorar la palatabilidad como el aceite
de colza, el aceite de coco o el aceite de girasol.
• Startups como Beyond Meat o Impossible
Foods están consiguiendo que sus
características organolépticas (tanto su
sabor como su textura) sean muy
similares a las de las hamburguesas de
carne de vacuno, habiendo lanzado sus
productos al mercado con un notable éxito y
esperándose un crecimiento muy rápido de
sus ventas.
Fuente: A.T. Kearney (2019)

8. Greenfoods Network
Teaser – April 2020Spanish Clean Meat Company
I.- Global overview of the company. PRODUCTS
4. Cutured Meat
Growing market
+12%
Sales
(CAGR)
2015-2020
Extensive plan of commercialization
Innovative production process
2
4. Las hamburguesas de carne de vacuno
cultivada, que incorporan agregados de células de
músculo esquelético de vacuno, obtenido
mediante el cultivo de células no diferenciadas
(células satélite) en biorreactores para
posteriormente diferenciarlas mediante técnicas de
cultivo celular tridimensional. Las células no
diferenciadas se obtienen mediante biopsias
indoloras de animales vivos. No se requiere
sacrificio animal.
• Startups como Mossa Meat o Memphis Meats
tienen previsto lanzar las primeras hamburguesas
de carne de vacuno cultivada en 2021. Las
características organolépticas y nutricionales
pueden llegar a ser casi idénticas a las de las
hamburguesas de carne de vacuno.
Fuente: A.T. Kearney (2019)

9. Greenfoods Network
Teaser – April 2020Spanish Clean Meat Company
» The production process will have different UTILITY MODEL in ES, FR, NL, DE, DK and FI. Therefore, it will have to be filled individually in each
country since there is not any harmonized procedure, prior to the commercialization in each of them.
» The firm has industrial collaboration with Biotech company specialized in developing commercial cells lines
» The Project is disruptive because creates a new product that will open a new niche market, the cultured meat market, which has been in the spotlight
since the early 2000s due to its incredibly high market potential.
Production process & key characteristics
9
Production process
Maincompetitors
Marketexpectations
Opening of a new market:
THE CULTURED MEAT
MARKET
Embraced by:
the meat substitutes market
2011 – 2015
+24% launching
meat-substitutes
2015 – 2020
+12% sales volume (CAGR)
Culture médium
+
reticular matrix
Cells growth
to create
meat
granules
Skeletal muscle
cells
Silicone trays Quality and food
safety control
High-quality & environmental-
friendly beef meat burgers
Aggregation,
mixing with SVO,
moulding and packaging
HACCP
CO2 Bioreactor HPP/ Printer Meat
2021-2022 2023-20242025 2025 - 2030
II. THE COMPANY. Production process. Competitors.

10. Greenfoods Network
Teaser – April 2020Spanish Clean Meat Company
10
II. THE COMPANY. Competitors.
Major competitors. All products.

11. Greenfoods Network
Teaser – April 2020Spanish Clean Meat Company
III.- TARGET CONSUMERS
»Cultured meat could be perceived by consumers as much more sustainable than conventional meat (much lower carbon, water and ecological footprints).
»Cultured meat could be perceived by consumers more ethical than conventional meat because it does not require animal slaughtering and does not affect
negatively to animal welfare.
»Cultured meat could not be perceived by consumers as a Genetically Modified Organism (not-GMO).
»Cultured meat supply chains could be perceived by consumers as socially responsible.
»Organoleptic properties of cultured meat (taste, texture, color, etc.) could be perceived good enough by consumers in comparison with conventional meat.
»Cultured meat could be perceived by consumers as healthier than conventional meat.
»Cultured meat could be perceived by consumers as safer than conventional meat.
»The price premium with respect to the price of conventional meat is lower than the added value perceived by consumers.
»The new products are available when consumers want to buy it, there are not too many stockouts.
.
Major drivers for cultured meat
Growing market
+12%
Sales
(CAGR)
2015-2020
Extensive plan of commercialization
Innovative production process
2
Low
Foodprint
Carbon
Water
Natural resources
Premium
Price

12. Greenfoods Network
Teaser – April 2020Spanish Clean Meat Company
IV.- BARRIERS
»Technological barriers:
The development of the technological solutions requires so high investments that the selling prices of the new product must be too high in
order to compensate the total production costs.
The source of cells finally used for meat culturing are selected cell lines that could be modified by genetic engineering.
Some of the inputs in the cultured meat production system have animal origin.
»Market barriers:
the market size and / or the compound annual growth rate are much smaller than expected, affecting to the financial feasibility of the
business projects.
The conversion of flexitarian and semi-vegetarians in strict vegans take place at faster rate than expected. We assume that strict vegans
could reject cultured meat consumption in a relatively high proportion.
Plant-based meat substitutes are perceived as healthier, safer, more sustainable, tastier or more affordable by consumers.
»Regulatory barriers:
Food safety regulations as the Novel Food regulation tends to apply the precautionary principle in the case of cells lines genetically modified
for optimizing cell culture growth.
Food agencies (FDA, EFSA) do not allow or recommend not allowing the name “meat” or “beef” for the new cellular agriculture products.
»Innovation support barriers:
Not enough R & D public funding is available in the EU for the startups and the public and private R & D institutions collaborating in the
development of the cultured meat production technology, in comparison with USA and China. In USA, capital venture funds linked to
NASA or to the US military-industry complex could be used or have been used for financing technological developments in this field
because of the geostrategic implications of cultured meat.
Major Barriers for cultured meat
Extensive plan of commercialization
Innovative production process
2

13. Teaser – April 2020Spanish Clean Meat Company
Greenfoods Networks
https://www.greenfoodsnetworksl.comm/
Contacts
Gabriel Mesquida
CTO- Agronomist Engineer
gabrielmesquida@gmail.com
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