Agronomics announced on Friday that its portfolio company Meatly has launched the world’s first cultivated meat dog treat, marking the first sale of cultivated meat in Europe.
The AIM-traded firm said the product, ‘Chick Bites’, is a limited-release collaboration with plant-based dog food brand The Pack, and would be available at Pets at Home in Brentford, London, from 7 February.
It said the 50g pouches would be priced at £3.49, with an initial stock of 750 units.
Meatly Chicken is developed from a single sample of cells taken from a chicken egg, enabling the production of cultivated meat indefinitely, the company explained.
The product contains the same essential nutrients found in traditional chicken breast, Agronomics said, offering a sustainable and animal-friendly alternative.
Feeding trials conducted in November confirmed its palatability and nutritional value for pets.
Meatly was reportedly planning to expand production over the next three to five years, and was seeking additional funding, with further collaborations with The Pack and Pets at Home in development.
Pets at Home, a significant investor in Meatly, would become the first global retailer to offer cultivated meat pet food, aligning with its strategy to reduce the environmental impact of pet products.
The pet food industry, growing at an annual rate of 7%, was projected to reach £120bn by 2026.
Currently, 22% of meat consumed in the UK is by pets, contributing significantly to greenhouse gas emissions and resource use.
Agronomics said it had invested £1.2m in Meatly since its inception, with the holding now valued at £4.5m, representing 2.9% of the company’s last stated net asset value.
The company holds a 25.54% equity stake in Meatly on a fully-diluted basis.
“Industrial agriculture is not only unsustainable but also hugely inefficient, requiring far too much water, land and feed,” said Agronomics executive chairman Jim Mellon.
“As a result, demand from both humans and their pets, who consume a fifth of the meat we eat in the UK, is outstripping supply, and that's pushing our food systems to the limit.
“We need solutions like Meatly, which, along with our other portfolio companies, is showing the world how food production can be cleaner, kinder and sustainable, as well as profitable.”
At 0950 GMT, shares in Agronomics were up 6.7% at 4.7p.
Reporting by Josh White for Sharecast.com.
