Cultured meat is a promising prospect in the food industry. An increasing population, combined with a correlating increase in meat consumption, further facilitated by sustainability and food safety concerns in the meat industry have been the key drivers for development of cultured meat. Cultured meat is still in its early stages of development and requires much work in its scalability to bring it to the marketplace and to make it an economically viable food product for human consumption. While much theoretical and scientific background work has been completed in this field, huge challenges remain in reducing production costs. This research outlines the current state of the industry and presents the key cost contributors to cultured meat production. Such costs include medium components, bioreactors, building and equipment and labour, among many others. Other technical aspects of the production process have been explored, such as cell source and cell doubling time as they will ultimately contribute to overall efficiency and production costs. Currently, cultured meat is not being produced at a scale or cost that is affordable to the consumer and so, key areas for cost reduction have been explored and presented as a means of making cultured meat a more economically viable alternative to conventional meat.