DALLAS, June 14, 2022 (GLOBE NEWSWIRE) -- The global cultured meat market size is estimated to grow a CAGR above 16% over the forecast timeframe and reach a market value of US$ 517 million by 2030.
According to the World Animal Protection Organization, today, about 11% of the world's 7.5 billion people are malnourished, with 821 million suffering from chronic hunger. Cultured meat necessitates 99.9% less land and five times less water. Cultured meat could give many more people throughout the world access to high-quality meat at a lower environmental cost in the long run. The cultured meat industry is also helpful to lessen the environmental impact as it requires less meat, produces less pollution, and uses less water. Research has also proven that the meat produced in labs contains less contamination and fewer antibiotics. This factor has also created a positive impact on industry growth.
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COVID-19 Impact on Cultured Meat Industry
Despite this growth in worldwide meat output, which peaked at 340 million tonnes in 2018, the Food and Agriculture Organization (FAO) and the United Nations (UN) predict a fall in global meat production in 2019 and 2020. Because the COVID-19 pandemic in 2020 intensified this reduction, comparable declines in meat supply and demand are projected in 2021. Lab-grown meat could become an affordable and accessible protein source in the future and could be used to solve food security and shortages that have recently been aggravated by the COVID-19 pandemic, where availability of meat is frequently cited as a specific cause of food inequity.
Report Coverage:
| Market | Cultured Meat Market |
| Market Size 2021 | US$ 134 Mn |
| Market Forecast 2030 | US$ 517 Mn |
| CAGR (2022 - 2030) | Over 16% |
| Analysis Period | 2018 - 2030 |
| Base Year | 2021 |
| Forecast Data | 2022 - 2030 |
| Segments Covered | By Source, By End-Use, By Region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Key Companies Profiled | Aleph Farms, BlueNalu, Eat Just, Finless Foods, Future Meat Technologies Ltd, Higher Streaks, Just, Inc, Meatable, Memphis Meats, Mosa Meat, New Age Meats, and Shiok Meats. |
| Report Coverage | Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis |
| Customization Scope | 10 hrs of free customization and expert consultation |
Global Cultured Meat Market Growth Aspects
The need for a viable and sustainable meat alternative has never been higher, with sustained high demand for meat, rising numbers of middle-class customers, and a growing worldwide population. Cultured meat technologies present a unique opportunity for the global agriculture business to reduce carbon emissions while still offering a product that is affordable, sustainable, and ethical.
Rising meat consumption, combined with rising demand for nutritional meat, is likely to drive market expansion during the forecast period. Consumers are changing their focus toward adopting a more nutritional diet that promotes a more sustainable lifestyle and relies less on animal proteins.
The rising trend in protein consumption is projected to present a number of meat processors and food companies with chances to spend in alternative animal proteins for instance farmed meat to meet consumer demand. However, meeting daily protein needs as well as the flavor of meat products is an essential issue in the usage of animal meat alternatives. This is a good potential for the cultured meat industry.
However, a threat from alternatives such as plant-based meat and strict regulatory guidelines for the production of lab-grown meat are a few restraining factors for the market growth. Furthermore, technological advancements in the cell culture and surging investments in the industry are some of the factors that are likely to overcome the limitations and spur a substantial growth rate in the coming years.
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Market Segmentation
The global cultured meat market has been segmented based on source and end-use. Based on the source, the market is divided into beef, pork, poultry, duck, and seafood. Among them, the poultry segment held a significant market share as chicken meat is consumed much more compared to other meats. Thus, the key producers are extensively focused on producing cultured chicken meat as they have wide popularity across the globe.
By end-use, the market is split into burgers, meatballs, nuggets, hot dogs, sausage, and others (pet food, and foie gras). Among them, the nuggets segment has achieved a noteworthy market share in 2021. On the other hand, the burgers segment is likely to achieve the fastest growth rate throughout the forecast period 2022 – 2030.
Regional Overview
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global cultured meat market. Based on the regional classification, the North America region accounted for the majority of the share in 2021. Some of the primary factors that are responsible for the dominant market share include increasing urbanization, rising technological advancements in cell culture, growing research and development activities, and the presence of international players in this region. In addition to that, a group of the American population has shifted their preference toward alternative meat products due to their increased benefits of them. This factor has gained traction for cultured meat production in the North American region. On the other hand, the Asia-Pacific region is likely to register the fastest CAGR during the projected years from 2022 to 2030. This could be attributed to the rising meat consumption and increasing quick-service restaurants in the region.
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Major Players
Key players covered globally in the cultured meat industry are Aleph Farms, BlueNalu, Eat Just, Finless Foods, Future Meat Technologies Ltd, Higher Streaks, Just, Inc, Meatable, Memphis Meats, Mosa Meat, New Age Meats, and Shiok Meats.
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The global meat extract market is anticipated to grow at a CAGR of around 7.2% during the forecast period 2020 to 2027 and reach around US$ 4,186.3 Mn by 2027.
The global vegan food market is anticipated to grow at a CAGR of around 9.1% during the forecast period 2019 to 2026 and to reach around US$ 24.3 Bn by 2026.
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