US authorities have given approval for the first lab-grown meat company, which has been hailed as a major milestone for the industry.
The US Department of Agriculture granted Upside Foods Inc permission to label cultivated chicken products as safe to eat in the US.
Upside now faces one final regulatory step before being able to roll out lab-grown products across the US.
It is anticipated that meat produced in labs rather than from animals could boast a 35% share of the market by 2035, according to research from AT Kearney.
The US approval should pave the way for other approvals, said Agronomics Ltd (AIM:ANIC, OTC:AGNMF).
“We are delighted that UPSIDE Foods successfully concluded the second of the three steps required to achieve approval for the sale of its products into the US,” said Agronomics co-founder Jim Mellon.
“This clearly indicates the positive direction of travel for our industry, and we are confident that cultivated meat products will soon be on US shelves.”