Europe Struggles with Cultivated Meat Investment

France's Gourmey, a company pursuing EU approval for cultivated foie gras, has garnered attention as the European Union prepares to evaluate its first application for selling cultivated meat across its 27-member states. In 2021, Gourmey received funding from Bpifrance, the public investment bank of France, highlighting the financial backing available for alternative protein ventures. However, the sector faces significant hurdles in scaling production, with investment in alternative proteins across Europe reaching nearly €800 million in 2023, a rise from €600 million in 2022. Experts, including Finnish-American sustainable food systems specialist Kira Smiley, emphasize the critical need for substantial investments to overcome the "chicken-and-egg" dilemma of production scaling. Companies like Good Meat are working to make cell-based meat more accessible to consumers while expanding their production capabilities. Yet, the current infrastructure in Europe is insufficient to meet the demands of large-scale production, according to industry insiders. Despite the potential of alternative proteins to enhance food security and sustainability, investment in startups has plummeted by 38% in the past year, marking the lowest levels since 2018. As the sector awaits a more favorable investment climate, calls for public sector support to mitigate risks and foster industry growth are becoming increasingly urgent. In a related development, France's farm ministry has significantly revised its 2024 soft wheat output estimate, projecting a 25% decrease from the previous year, which could result in one of the worst harvests in four decades for the EU's largest grain producer. Total grain production is now expected to be around 10 million tons lower than last year, while maize production is forecasted to rise by 9%.