Market Analysis
The global cultured meat market will touch USD 9.47 billion at a 51.90% CAGR by 2032, as per the recent Market Research Future report.
Drivers
Preference for Cultured Meat over Conventional Meat to Boost Market Growth
This lab meat offers several advantages over normal meat, including being healthful, free from foodborne & nutrition-related disorders, and being more environmentally friendly. Commercializing the production of in vitro meat would further lessen the need for animal sacrifices and further ensure that less land, water, & energy are used.
Opportunities
Technological Developments to offer Robust Opportunities
The market for cultured meat is growing as a result of technical advancements in cell and tissue culture. With the development of the three-dimensional (3D) bioprinting technology, it is now feasible to create structured meat products that closely mimic traditional meat products in terms of flavor and texture. Products manufactured from cultured meat may be more affordable and productive if 3D bioprinting is used.
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Restraints and Challenges
High Production Cost to act as Market Restraint
The high production cost and strict regulatory framework may act as market restraints over the forecast period.
Besides, the impact of the COVID-19 epidemic may also impede market growth.
Market Segmentation
The global cultured meat market is bifurcated based on source and end use.
By source, poultry will lead the market over the forecast period. In North America, chicken consumption has grown during the previous 50 years. The most well-liked meat in the United States is chicken, which is slaughtered for eating annually in amounts of roughly 8 billion birds. Around the world, over 50 billion chickens are grown annually. The rise in startups and new market entrants investing in the cellular agriculture technologies to produce products manufactured from chicken is aiding the growth of the poultry business.
By end use, burgers will domineer the market over the forecast period. The market for cultured burgers is anticipated to grow as a result of escalating customer desire for moral and environmentally friendly beef alternatives. Burgers manufactured from cultured meat might reduce the environmental effect of the meat industry. It is also projected that the testing of cultivated meat by several startups and significant corporations would aid in the segment’s expansion. In January 2020, Mosa Meat, a producer of the first hamburger made from cultured meat, announced a partnership with the animal nutrition business Nutreco. Mosa Meat will receive a liquid nutrient-rich adequate to produce meat from Nutreco.
Regional Analysis
North America to Command Cultured Meat Market
In 2022, this market was dominated by the North American Cultured Meat Market (45.80%). The increase is being aided by both the growing customer demand for meat & poultry products produced responsibly and by the existence of significant businesses in the region. Several American companies, like Fork & Goode and BlueNalu, are steadily investing in cell-agriculture technology in order to produce cultured meats in the region. In addition, the North American region’s cultured meat market in the US had the maximum market share, while the market in Canada had the quickest rate of expansion. To produce cultured meats in the area, a number of American businesses, like Fork & Goode and BlueNalu, are progressively investing in cell-agriculture technology. The desire for items made from cultured poultry is also being fueled by the region’s favorable regulatory laws for cultured meat.
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APAC to Have Admirable Growth in Cultured Meat Market
From 2023 to 2032, the APAC Market is anticipated to experience considerable expansion. Due to factors including regionally increasing disposable income and steady meat consumption, the industry is growing. According to the Food & Agricultural Organization, the Asia Pacific region’s per capita beef consumption grew in 2021. Additionally, the Asia-Pacific region’s cultured meat market in China had the highest market share, while the market in India had the quickest rate of expansion. The market is expanding as a result of elements including regionally growing disposable income and consistent meat consumption. Additionally, the industry is expanding because to the increase in investments in seafood cultivated in laboratories. Additionally, the development of the cultured meat sector is being supported by helpful government programs in nations like Singapore and China.
Key Players
Eminent market players profiled in the global cultured meat market report include Aleph Farms, Avant Meats Company Limited, Biftek INC, Mosa Meat, BlueNalu, Inc., BioFood Systems Ltd, WildType, New Age Eats, Shiok Meats Pte Ltd, SuperMeat, Meatable, Finless Foods, Inc., Fork & Good, Inc., Future Meat Technologies Ltd, UPSIDE Foods, and Mission Barns.
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