A report on the potential socio-economic benefits of the cultivated meat sector in conjunction with leading UK producer Ivy Farm Technologies.
The cultivated meat industry is in its infancy, both in the UK and in most countries around the world. But it clearly presents significant opportunities for entrepreneurs, investors, and other commercial partners to exploit the global potential of a move away from conventional farming towards more sustainable methods. However, the UK industry is currently not able to take advantage of the commercial opportunities while it awaits regulatory approval.
This report has sought to demonstrate that there is a strong economic rationale for allowing UK firms to move from research and development into production. As the report highlights, the UK cultivated meat market has the potential to grow into an industry with a total gross value added contribution to UK GDP of over £2 billion in 2030. The detailed analysis of the value of economic activity generated, the number of highly-skilled jobs created and supported, and the taxation revenue (up to £523 million) generated shows the industry has the potential to become an important sectoral driver of growth during the next decade.
The extent to which these benefits will be realised, is, to some extent, in the hands of the UK government. Delayed regulatory approval may result in the UK falling behind in the global agri-tech race. But by opening up the market early, UK-based cultivated meat producers will be better placed to establish themselves as global leaders and improve their chances of delivering higher economic and social benefits for the UK.
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