The Green Revolution of the 20th century radically transformed the way we grow our food, allowing farmers to keep pace with increasing food demand following rapid population growth. Global populations are projected to continue to increase to 9.7 billion by 2050 (FAO). Meanwhile, as countries across the world develop and the middle-class expands, there will be a shift in diets that leads to an increase in the demand for meat. Global agricultural practices are thus poised to once again be transformed by a host of new technologies that will allow the sector to adjust to these projected demographic changes. As ever, the preferences of consumers will be critical in shaping which of these new technologies and start-ups will find success in our rapidly evolving food landscape.
GM food – what lessons can be learnt
Humans have been altering the genetics of the food we eat for thousands of years through artificial selection. In the late 20th century, genetic engineering emerged as a technology that allowed the more direct and precise alteration of an organism’s genetics that did not require the use of breeding. The use of genetic engineering in agriculture to produce genetically modified (GM) food has the potential to dramatically improve both crop yield while offering additional health benefits and improving the sustainability of agriculture as a whole.
However, following its emergence, aggressive campaigning against the use of GM food has led to a widespread public mistrust over GM food and perceptions that it is unsafe. While there is little scientific evidence to support these ideas, the rapid nature with which they were spread has led to complete bans being imposed on GM food in many regions of the world. Regardless of whether these decisions are ill-informed, the case of GM food highlights how consumer perceptions and public opinions can rapidly condemn the use of a technology within agriculture to failure. Emerging technologies that aim to offer healthier, more sustainable alternatives to the food we currently eat must work hard to win over the acceptance of consumers in order to avoid being condemned to a similar fate.
Recently, some start-ups have cleverly begun to harness novel genetic engineering technologies to improve crop output without affecting the genetics of the final food product itself, ensuring it remains a non-GMO (genetically modified organism). Our portfolio company, Tropic Biosciences, is utilising the latest CRISPR genome editing tools to improve commercial varieties of tropical crops such as coffee and banana, reducing their susceptibility to disease. Not only will Tropic Biosciences’ technology improve crop output, support local communities and reduce the environmental impact of agriculture, but crucially, it will begin to sway consumer attitudes towards the safe use of genetic engineering technologies in our food systems.
How plant-based alternatives are finding success
Plant-based alternatives are becoming an increasingly more popular option for meat-eaters and as a result, start-ups and companies in this space are thriving. Leaders in the market such as Beyond Meat and Oatly have navigated successful IPOs in recent years whilst Impossible Foods is set to join them later this year with a valuation that could reach $10 billion. The success of plant-based alternatives has been aided by an increased public awareness for the importance of reducing our meat consumption and subsequently reducing our impact on the planet. However, these companies have crucially won over the trust of consumers, ensuring them that their alternative foods are safe. This has included capitalising on the failings of GM food with plant-based products frequently advertising the fact that they’re ‘GMO free’. Having earnt the trust of consumers, plant-based alternatives must now seek to reduce their costs in order to continue to expand and sway more meat-eaters away from their traditional purchasing choices.
Will cultivated meat thrive in a similar fashion?
Start-ups and companies developing cultivated meat hope to mirror the success of plant-based protein alternatives over the coming years. Cultivated meat, frequently described as ‘lab-grown meat’ uses the biotechnological application of stem cells derived from animals to produce cultured meat in a bioreactor. The technology is rapidly evolving with Eat Just leading the way having sold the first lab-grown chicken nuggets in a restaurant in Singapore in the late stages of 2020. Cutting costs down from the hefty $17 that the Just chicken nuggets were sold at will be essential for cultivated meat start-ups to progress. However, more importantly, hard work must be done by scientists, entrepreneurs and investors to inform the public about the safety of cultivated meat in order to ensure it is not disregarded as a spooky, futuristic technology. In doing so, cultivated meat may well become a popular protein alternative to rival plant-based alternatives over the coming decades. The evolution of both plant-based and cultivated meat technologies may be critical for reducing the environmental impact that the meat industry currently has on our planet.
By Tom Barnes