Pune, India, Feb. 21, 2022 (GLOBE NEWSWIRE) -- The global lab grown meat market size is expected to witness significant growth in the upcoming years. The rising demand for eco-friendly meat may foster the adoption of lab created eco-friendly products. Furthermore, the rising vegan population may boost the adoption of meat, thereby facilitating the market growth. Fortune Business Insights™ presents this information in its report titled “Lab Grown Meat Market, 2022-2029”
Lab grown meat is an eco-friendly method of creating meat products. The rising concerns regarding animal cruelty, the eco-friendly nature of lab meat and the adoption of protein-rich foods may attract consumers’ demand. Furthermore, rising per-capita income and evolving lifestyles may fuel the adoption of the product by consumers. In addition, the rising demand for the meat from the vegan population is expected to boost market growth during the upcoming years.
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COVID-19 Impact:
Adoption of Online Retail May Foster Industry Development
This market may grow positively during the upcoming years due to the adoption of online retail. The alarming spike in COVID infections and the emergence of several variants led to the shutdown of offline stores, thereby necessitating the adoption of online retail. Furthermore, rising spending on foods may foster the adoption of the product from audiences. In addition, the adoption of automated production techniques and sanitization methods may foster industry growth during the pandemic.
Segmentation
By type, the market is segmented into seafood, poultry, pork, and beef. Based on application, it is bifurcated into foodservice channels and food retail. Geographically, it is clubbed into North America, Europe, Asia Pacific, and the rest of the world.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Robust Demand for the Meat from the Foodservice Sector to Propel Market Growth
The rising demand for the product from the foodservice sector is expected to generate lucrative opportunities. The market is in its nascent stages, and the biggest factor responsible for its demand is its eco-friendly nature. It consumes fewer resources compared to cultured meat, which, in turn, may fuel the adoption of the meat. Further, manufacturers invest heavily in developing advanced products to fuel demand. For example, Cargill funded Mosa Meat to create solutions for cultured meat. These factors may propel the lab grown meat market growth.
However, the undefined regulatory framework for novel food items may hinder the market’s progress.
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List of Key Players Profiled in the Lab Grown Market Report
- Aleph Farms (Israel)
- Mosa Meat (Netherlands)
- Just Inc. (U.S.)
- Meatable (Netherlands)
- Memphis Meats (U.S.)
- SuperMeat (Israel)
- Finless Foods (U.S.)
Regional Insights
Rising Safety Concerns for Meat to Facilitate Market Progress in North America
North America is expected to dominate the lab grown meat market share because of rising concerns regarding meat consumption. Furthermore, the rising awareness regarding lab grown meat's eco-friendly nature may fuel sales. In addition, the rising concerns regarding red meat products’ side effects may bolster market growth.
In Asia Pacific, the rising demand for duck and chicken products may propel the adoption of lab grown meat from consumers. Furthermore, the presence of a huge vegan population in India may attract consumers’ attention.
In Europe, the presence of huge manufacturing infrastructure and evolving lifestyles may lead to the consumption of lab grown meat. These factors may boost industry development.
Competitive Landscape
Manufacturers Launch Innovative Products to Boost Market Presence
The prominent companies operating in the market announce innovative products to boost their market presence. For example, Aleph Farms announced its successful lab-grown “minute steak” produced using bovine cells. The product accurately resembles the taste, flavor, and texture of beef. This launch may enable companies to boost their market presence. Furthermore, companies adopt research and development, mergers, technologically advanced production techniques, collaborations, and expansions to boost their market position.
Industry Development
- February 2019: Israeli start-ups joined a few companies globally to develop lab grown meat.
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