Demand and Willingness to Pay for Cultivated Beef, Plant Based Alternatives and Farm Raised Beef: Evidence from a large sample of U.S. food buyers?

• Agricultural Economics Workshop

Date and Location

Thursday, May 18, 2023, 3:45 PM - 5:45 PM
ARE Library Conference Room, 4101 Social Sciences and Humanities

Abstract

The demand for cultivated beef raises challenges since there are not yet commercial products. Our nationwide web-based survey asked 110 thousand respondents to select one among three products (cultivated beef, farm-raised beef, and plant-based alternatives) at different prices. About 9% of respondents selected cultivated beef relative to farm-animal beef at the same price, whereas about 23% chose cultivated relative to plan-based, with about 50% saying “neither.” Results indicate that about 13% of respondents selected cultivated beef if all products were about $5/pound a share that falls to about 9% when the offered price of cultivated beef rises to $10. The WTP of cultivated beef is $7.27/pound at the 90th percentile. The implied demand elasticity for cultivated beef is -0.6 to -0.7 at the price of $7.50 per pound.

Subscribe to Upcoming Seminars

Click here to receive weekly notice of all upcoming seminars via email.

Individual seminar and workshop announcements are circulated via separate mailing lists. To subscribe, send an email to the relevant list:

• Click here to subscribe to the Departmental Seminars.
• Click here to subscribe to the Agricultural Economics Workshop.
• Click here to subscribe to the Development Workshop.
• Click here to subscribe to the Econometrics Seminars.
• Click here to subscribe to the Environmental and Resource Economics Workshop and the Environmental and Energy Economics Workshop.