Pune, March 14, 2023 (GLOBE NEWSWIRE) -- Xcellent Insights announces the release of the recent report "Cultured and Plant-Based Meat Market Report 2023-2028: Business Opportunities, Growth Factors, Top Countries, Latest Technology | Development, Sales, Price, Revenue, Gross Margin". The global cultured and plant-based meat market size is expected to register a Significant CAGR during the forecast period. Key factors such as high consumption of meat across the globe, rising popularity of plant-based and cultured meat products, and increasing awareness about environmental sustainability are expected to drive global market growth during the forecast period. Get Sample PDF Copy of Report (Including Full TOC, List of Tables & Figures, and Chart): https://www.xcellentinsights.com/enquiry/sample/222046
Cultured and plant-based meats are one of the trending products, considering the growing inclination towards animal welfare and environmental sustainability. These are one of the most preferred healthy alternatives to animal-based products. Cultured-based meat, also known as cell-based/lab-grown meat is grown in different types of bioreactors using techniques derived from cellular agriculture. Plant-based meat on the other hand is prepared from unique combination of plant-derived ingredients and products. Bugger patties, strips, nuggets, sausages, meatballs, fillets, cutlets, and slides are some of the most popular cultured and plant-based meat products.
Factors such as changing lifestyle preferences, growing consumer awareness, rising vegan population, and rising availability of various types of plant-based and cultured meat products are expected to drive global market revenue growth going ahead.
However, high cost required in producing cultured and plant-based meat products, low awareness about plant-based and cultured meat processes and products, and lack of certain essential nutrients in cultured and plant-based meat products are expected to hamper overall market growth throughout the forecast period.
Key Companies Operating in the Market:
- Kellogg
- Hormel
- Smithfield Food (WH Group)
- Beyond Meat
- Impossible Foods
- Cargill
- Maple Leaf Foods
- The Very Good Food
- Right Treat
- JUST
- Turtle Island Foods
- Plantible Foods
- Rebellyous Foods
- Livekindly
- InnovoPro
- Tyson
- Shuang Ta Food
- Hai Xin Food
Browse complete Report Summary with TOC here: https://www.xcellentinsights.com/reports/cultured-and-plant-based-meat-market-222046
Cultured and Plant Based Meat Industry Recent Developments:
- In March 2020, JSB announced the launch of plant-based protein brand Ozo in US through a new subsidiary, Planterra Foods.
- In July 2021, Nestle SA announced its plans to enter the cultured meat market in a move to deliver the nascent technology faster to the mass market.
- In January 2022, ITC Ltd announced the launch of plant-based burger patties and nuggets to provide the taste of chicken to consumers via e-commerce, retail and food service establishment.
The global cultured and plant-based meat market has been segmented based on type, application, and region:
Market Segment by Type:
- Soy Protein Type
- Peanut Protein Type
- Others
Soy Protein Type Segment To Register Robust Revenue CAGR:
The soy protein type segment is expected to register robust revenue CAGR between 2023 and 2028. This can be attributed to growing inclination towards plant based alternatives, increasing preference for soy protein due to its properties such as high protein source, rich in magnesium and potassium and presence of essential amino acids, and easy availability of soy.
Market Segment by Application:
- Human Food
- Feed Additives
- Others
Human Food Segment to Account for Largest Revenue Share:
The human food segment is expected to account for largest revenue share over the forecast period. Factors such as increasing consumption of meat and meat products, growing popularity of cultured and plant-based meat, increasing investments for developing innovative plant and cultured-based meat products, and rising availability of various types of plant and cultured-based meat products are expected to drive segment revenue growth during the forecast period.
Market Segment by Region:
- North America (USA, Canada)
- Europe (Germany, France, UK, Italy, Russia)
- Asia Pacific (China, Japan, South Korea, India, Australia, Taiwan, Indonesia, Thailand, Malaysia, Philippines, Vietnam)
- Latin America (Brazil, Argentina)
- Middle East & Africa (Turkey, Saudi Arabia, U.A.E)
North America to Lead In Terms of Revenue Share:
North America is expected to account for largest revenue share in the global market during the forecast period owing to factors such as high consumption of meat-based products across the region, growing popularity of cultured and plant-based meat, rising number of vegan consumers, and increasing investments in developing innovative products. Moreover, presence of leading cultured and plant-based meat manufacturers and rising availability of cultured and plant-based meat in various forms such as nuggets, burgers, meatballs, and hot dogs are expected to drive North America market growth during the forecast period.
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Highlights of the Report:
- Estimates 2023 to 2028 cultured and plant-based meat market current market trends and development trends
- Market dynamics along with growth opportunities of the market in the years to come
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the cultured and plant-based meat market
- Competitive landscape involving market share of the major players, new strategies and projects adopted by players in the last five years
- Comprehensive company profiles covering product offerings, key financial information, SWOT analysis and strategies employed by major market players
- Brief about impact of COVID-19 on the global Cultured and Plant Based Meat market
Key Questions Addressed in the Report:
- What revenue CAGR is the global market expected to register during the forecast period?
- Which key players are leading in the global cultured and plant-based meat market?
- What is the expected market size of the global cultured and plant-based meat market between 2023 and 2028?
- What factors are expected to open new growth avenues and opportunities for existing and emerging market players?
- What are some of the key challenges that the global market is expected to face during the forecast period?
- Which region is expected to account for largest revenue share over the forecast period?
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