Redding, California, June 07, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Lab Grown Meat Market by Type (Beef, Pork, Poultry, Seafood), Application (Meatballs, Burger Patties, Hot Dogs & Sausages, Nuggets), Distribution Channel (Business-to-Business, Business-to-Consumer), and Geography — Global Forecast to 2029’, the global cultured meat market is expected to grow at a CAGR of 19.4% during the forecast period of 2022–2029 to reach $317.2 million by 2029.
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Plant and algae-based ingredients continue to gain ground as a replacement for animal protein in meat and dairy-mimicking products. In the past few years, any discussion of alternative proteins includes lab-grown meat. Lab-grown meat, also referred to as cultured meat or clean meat, is a part of the emerging cellular agriculture field. It involves applying tissue engineering practices to the production of animal muscle for human consumption. This technology of producing cellular meat from animal cells is still in its nascent stage. Cultured meat has minimal harmful effects on the environment as it is antibiotic-free and environmentally sustainable. The commercialization of cultured meat provides a sustainable alternative to conventional meat products.
Lab-grown meat industry predictions in light of COVID-19
The COVID-19 pandemic adversely affected many manufacturing industries, including the livestock industry, such as global meat production & processing and supply chain. Preventive measures such as travel restrictions, border controls, and countrywide lockdowns by governments affected the production and supply chain of cultured meat. The research & development, production, and processing of lab-grown meat were affected due to difficulty purchasing production inputs, transportation restrictions, lack of access to professional services & workforce, and restrictions in the supply of cultured meat & meat products to the markets.
The prices of meat & meat products increased due to decreased production and increased demand caused by panic buying. In April 2020, the meat packing and processing facilities shut down due to the rapid spread of the COVID-19 virus among workers. Furthermore, lab meat producers & processors faced difficulty harvesting & shipping the products due to lockdowns, decreased labor force, and changes in local & international export market legislation. These conditions adversely impacted the lab meat industry.
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Key Findings in the Global Cultured Meat Market Study
The global lab-grown meat market is segmented by type, application, distribution channel, and geography. The study also evaluates industry competitors and analyses the market at regional and country levels.
Based on type, the global lab-grown meat market is segmented into beef, pork, poultry, seafood, and others. In 2022, the poultry segment is estimated to account for the largest share of the lab-grown meat market. The large market share of this segment is attributed to the popularity of poultry products in various quick-service restaurants and the comparatively lower price of lab-grown poultry meat than other types. However, the fish segment is expected to grow at the fastest CAGR during the forecast period. The rapid growth of this segment is attributed to increasing environmental challenges for aquaculture and rising investments in cell-based seafood.
Based on application, the global cultured meat market is segmented into meatballs, burger patties, hot dogs & sausages, nuggets, and other applications. In 2022, the meatballs segment is estimated to account for the largest share of the lab-grown meat market. The large market share of this segment is attributed to the increased sales of ready-to-cook foods, high demand for convenience food, and shifting food consumption behavior. However, the burger patties segment is expected to grow at the fastest CAGR during the forecast period. The rapid growth of this segment is attributed to the growing popularity of burger patties as ready-to-eat foods, the increasing quick-service restaurants market, and increasing innovative product launches by burger manufacturers.
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Based on distribution channel, the global lab-grown meat market is segmented into business-to-business and business-to-consumer. In 2022, the business-to-business segment is estimated to account for the largest share of the lab-grown meat market. However, the business-to-consumer segment is expected to grow at the fastest CAGR during the forecast period. Business-to-consumer channels offer improved shopping experiences and high-quality products through modern grocery stores, leading to increased online purchases.
Based on geography, in 2022, North America is estimated to account for the largest share of the lab-grown meat market. The large market share of this segment is attributed to the increasing adoption of on-the-go lifestyle and consumption of snacks, increased consumption of convenience food products, and a rising number of flexitarians. This segment is also expected to grow at the highest CAGR during the forecast period.
Some of the key players operating in the cultured meat market are Just, Inc. (U.S.), Mosa Meat (Netherlands), Upside Foods (U.S.), SuperMeat (Israel), Wild Earth Inc. (U.S.), Avant Meats Company Limited (China), Aleph Farms Ltd. (Israel), Biofood Systems Ltd. (Israel), Finless Foods, Inc. (U.S.), Future Meat Technologies Ltd. (Israel), Integriculture Inc. (Japan), Appleton Meats (Canada), Higher Steaks (U.K.), Meatable (Netherlands), BlueNalu, Inc. (U.S.), Shiok Meats (Singapore), Seafuture Sustainable Biotech (Canada), Lab farm Foods (U.S.), Cubiq Foods (Spain), and Granja Celular S.A (Argentina).
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Scope of the report
Lab Grown Meat Market, by Type
- Beef
- Pork
- Poultry
- Seafood
- Others
Lab Grown Meat Market, by Application
- Meatballs
- Burger Patties
- Hot Dogs & Sausages
- Nuggets
- Other Applications
Lab Grown Meat Market, by Distribution Channel
- Business-to-Business
- Business-to-Consumer
Lab Grown Meat Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- Japan
- Singapore
- Rest of Asia-Pacific (RoAPAC)
- Latin America
- Middle East & Africa
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