Must say, this is the first I've heard that term.
IMTU assumes that tech in place, just because of the space station/ecological impact themes in place.
But like anything else, there is a price.
People growing up on vatmeat end up more comfortable with it then 'wild' stuff, bult ultimately craving the different taste, so there is a business in grown meat, definitely the sort of thing you buy as 'the fatted calf' for weddings, major celebrations, etc.
Vatmeat cultures can be contaminated or go poisonous, the industrial food equivalent of 'mad cow' disease, requiring sterilization and elimination and the creation of new lines.
Carefully designed culture lines will have a complete protein/B vitamin nutrient base, but the cheaper cutrate ones may be of less nutritious value, with effects on character's health long term.
For OTU play, this could be a good background or play hook item.
One thought was that the Aslan might eschew vatmeat, preferring the 'taste' of the kill, while Vargr will pretty much eat it up and vast factories are on the border providing exotic tastes to the Vargr market.
Another is that the Hivers would have a line of fungus that tastes like human-preferred meat but which does not generate the smell, allowing diplomats and traders with the K'kree to remain 'clean smelling' while not depriving themselves of at least the taste.
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