Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

BEYOND MEAT, INC.

(BYND)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Singapore approves sale of lab-grown meat in world first

12/02/2020 | 01:17am EDT
Lab-grown cultured chicken developed by Eat Just

SINGAPORE (Reuters) - Singapore has given U.S. start-up Eat Just the greenlight to sell its lab-grown chicken meat, in what the firm says is the world's first regulatory approval for so-called clean meat that does not come from slaughtered animals.

The meat, to be sold as nuggets, will be priced at premium chicken prices when it first launches in a restaurant in Singapore "in the very near term", co-founder and CEO Josh Tetrick said.

Demand for alternatives to regular meat is surging due to concerns about health, animal welfare and the environment. Plant-based substitutes, popularised by the likes of Beyond Meat, Impossible Foods and Quorn, increasingly feature on supermarket shelves and restaurant menus.

But so-called clean or cultured meat, which is grown from animal muscle cells in a lab, is still at a nascent stage given high production costs.

Singapore, a city state of 5.7 million, cur
rently only produces about 10% of its food but has set out ambitious planshttps://reut.rs/3obXpm4 to raise that over the next decade by supporting high-tech farming and new means of food production.

Josh Tetrick said the San Francisco-based firm was also talking to U.S. regulators but that Singapore was a "good bit" ahead of the United States.

"I would imagine what will happen is the U.S., Western Europe and others will see what Singapore has been able to do, the rigours of the framework that they put together. And I would imagine that they will try to use it as a template to put their own framework together," he said in an interview.

The Singapore Food Agency said it had reviewed data relating to process, manufacturing control and safety testing before granting approval.

Eat Just said it will manufacture the product in Singapore, where it also plans to start making a mung bean-based egg substitute it has been selling commercially in the United States.

Founded in 2011, Eat Just counts Hong Kong tycoon Li Ka-shing and Singapore state investor Temasek among its backers. It has raised more than $300 million since its inception, Tetrick said, and is valued at roughly $1.2 billion.

It is targeting profitability at an operating income level before the end of 2021 and hopes to go public soon after, he added.

Globally more than two dozen firms are testing lab-grown fish, beef and chicken, hoping to break into an unproven segment of the alternative meat market, which Barclays estimates could be worth $140 billion by 2029.

Competitors have also attracted some eye-catching investors.

U.S.-based Memphis Meats raised funds this year in a deal led by Japan's SoftBank Group and Temasek, and also counts Bill Gates and Richard Branson among its backers.

Singapore's Shiok Meats, which aims to become the first company to sell lab-grown shrimp, is backed by Henry Soesanto of Philippines' Monde Nissin Corp, which also owns Quorn.

(Reporting by Aradhana Aravindan, John Geddie and Anshuman Daga; Editing by Himani Sarkar and Edwina Gibbs)

By Aradhana Aravindan and John Geddie


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BARCLAYS PLC 0.21% 173.26 Delayed Quote.17.88%
BEYOND MEAT, INC. 0.36% 147.82 Delayed Quote.18.26%
FEEDER CATTLE?FUTURES (GF) - CMG (ELECTRONIC)/C1 -0.16% 158.1 End-of-day quote.11.62%
LIVE CATTLE (LE) - CMG (ELECTRONIC)/C1 0.18% 123.325 End-of-day quote.8.99%
NISSIN CORPORATION 3.85% 1509 End-of-day quote.23.99%
SOFTBANK GROUP CORP. 1.89% 7702 End-of-day quote.-4.42%
All news about BEYOND MEAT, INC.
06/22It's time to invest vegan
06/16CHRIS KEMPCZINSKI : Top Stories of the Day
DJ
06/10BEYOND MEATá : reg; ANNOUNCES NEW EXECUTIVE LEADERSHIP APPOINTMENTS TO ACCELERAT..
PU
06/10BEYOND MEAT, INC.á : Change in Directors or Principal Officers, Financial Statem..
AQ
06/09Tyson sets net-zero emissions goal for 2050
RE
06/07SECTOR UPDATE : Consumer Stocks Recover Most of Their Prior Declines This Aftern..
MT
06/07SECTOR UPDATE : Consumer Stocks Mostly Lower This Afternoon
MT
06/07Beyond Meat Expands Into Australia; Shares Rise Midday
MT
06/07BEYOND MEATá : Co-Founder of Twitter helps Launch new social platform to rival C..
AQ
06/07STREET COLOR : Beyond Meat Launches Beyond Meatballs in Australian Market Throug..
MT
More news
Financials (USD)
Sales 2021 566 M - -
Net income 2021 -60,6 M - -
Net Debt 2021 97,4 M - -
P/E ratio 2021 -176x
Yield 2021 -
Capitalization 9 322 M 9 322 M -
EV / Sales 2021 16,6x
EV / Sales 2022 11,2x
Nbr of Employees 700
Free-Float 89,1%
Chart BEYOND MEAT, INC.
Duration : Period :
Beyond Meat, Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends BEYOND MEAT, INC.
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 21
Last Close Price 147,82 $
Average target price 120,20 $
Spread / Average Target -18,7%
EPS Revisions
Managers and Directors
NameTitle
Ethan Walden Brown President, Chief Executive Officer & Director
Gary A. Schultz Chief Financial Officer, VP & Controller
Seth Goldman Chairman
Sanjay C. Shah Chief Operating Officer
Raymond J. Lane Lead Independent Director
Sector and Competitors