Periodic Reporting for period 1 - CULTURED BEEF (A cost-effective production process to open worldwide the cultured meat market)
Reporting period: 2017-12-01 to 2018-05-31
We have developed a process that radically reduces production costs. Prior to the scaleup of our project, we have elaborated during the SME-Instrument Ph.I a Feasibility Study to assess the technical, commercial and financial viability.
The main outcome of the Feasibility Study has been an updated business plan where we have defined the strategy and steps to be followed to scale-up our project and obtain a successful market uptake
-Plant design adapted to 800 m2 plant following the industry 4.0 concept.
-Consumer survey: An online survey was carried out. A total of 724 subjects participated in the survey. A 39.9 % of the participants would be willing to eat cultured beef hamburgers regularly and 20,7 % would not be willing to.
-Focus group: A focus group was organized for incorporating the voice of customers by applying the House of Quality.
- Development of a digital marketing plan: to build a digital community by using a Facebook company page and the website. To connect with potential investors (B2B), we will be also active in LinkedIN.
- Clarified steps for on Novel Foods authorisation procedure.
- FTO analysis and means of protection assessed
- Pricing strategy: A hedonic prices study for was carried out to. This study suggests that the market price should be 20.00 €/kg, it would be possible to assume a production cost of 14.00 €/kg.
-Economic forecast: The estimated accumulated investment would be approx. 2.5M€, the investment can be recovered in less than five years, consequently the project is considered financially feasible.
From the socioeconomic point of view, this product could represent an option for those who do not eat meat due to animal protection reasons.
From the environmental side, this technology has a significant positive impact since it represents a reduction of animal production with the associated impacts gases, feed needs..) that animal production represents.