But a few years on, momentum has slowed amid challenges in reaching commercialisation, cost pressures, a lack of clear consumer demand and flagging investment appetite.
This has led to companies scaling down, consolidating and pivoting.
California-founded Eat Just, which was the world's first to receive approval from Singapore to sell its cultivated chicken, has "paused production" here.
Fewer companies in the cultivated meat ecosystem have been incorporated here each year - falling from seven in 2021 to four in 2022, and none in 2023, according to figures from SGInnovate, Singapore's investment arm.
But this was not unexpected, said Ms Annabelle Chiong, SGInnovate's deputy director of investments.
"Many ground-breaking technologies go through an initial period where a lot of start-ups are created, especially if the perceived market appears large... (leading to many wanting) to capture a piece of what was believed to be a huge potential market," she said.
Start-ups' success depends on how receptive mainstream consumers are to cultivated meat, but such options are perceived to be too expensive, she noted.
THE FUNDING BUBBLE
Cultivated meat is thought to be kinder and more sustainable as it is slaughter-free, requires less water and land to produce, and results in less pollution overall.
The sector had gained momentum up till 2022, but investor appetite for the fledgling sector began to wane in 2023 amid concerns over its tech scalability and the long timeline from research and development (R&D) to commercialisation, resulting in a slow return on investments.
A report by alternative protein think-tank The Good Food Institute found that by 2023, some US$3.1 billion (S$4.2 billion) had been invested in cultivated meat and seafood companies globally since 2013.
Esta historia es de la edición April 29, 2024 de The Straits Times.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 8500 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición April 29, 2024 de The Straits Times.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 8500 revistas y periódicos.
Ya eres suscriptor? Conectar
UNBOTHERED BY BOOS
Korean star Son has kind words for the Lions despite 'bad words' from fans
Southgate wants clear heads after jittery day
Gareth Southgate has urged his England players to refocus after he dropped Jack Grealish, James Maddison and Harry Maguire from his Euro 2024 squad.
Optica Foundation cuts ties with Huawei after funding news
The Optica Foundation will no longer accept money from Huawei Technologies for a competition to fund research at US universities, the group's chief executive said, after Bloomberg News reported that the Chinese company was funding the programme.
Samsung workers in South Korea stage first-ever strike
SEOUL Workers at technology giant Samsung Electronics in South Korea staged the first-ever strike at the company on June 7, the head of a major union representing tens of thousands of people told AFP.
China's $2.7 trillion stock rally lures global fund holdouts back in
NEW YORK Global fund managers who had been holding back on China are wading back in.
Billionaire families fuel 27b wave of listed firm takeovers
Ultra-rich individuals and families worth more than US$150 billion are helping drive a resurgence in private equity buyouts, providing capital for some of the year's biggest acquisitions to overcome a tough dealmaking environment.
7% of caregivers of seniors with dementia living at home using restraints: Study
Those who had strong emotional support from friends less likely to report use of restraints
Rare clash of royals and cannibalism captured in S'pore forest
A king cobra swallows another of same species while still alive in a mangrove forest in the west
Makan Mania and more - demand for S'pore-themed games on the rise
Growing crop of board and card games made by home-grown designers hitting the market
British PM apologises for leaving D-Day events early to campaign
LONDON British Prime Minister Rishi Sunak suffered a fresh setback in his struggling election campaign on June 7 when he apologised for leaving D-Day commemorations early in order to give an interview attacking the main opposition party.