New York, USA, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Cultured Meat Market Overview
According to Market Research Future (MRFR), “Cultured Meat Market blue size for cultured meat was estimated at USD 0.22 billion in 2022. According to projections, the cultured meat market business will rise from USD 0.33 billion in 2023 to USD 9.47 billion by 2032, Research Report Information By Type, Shape, Distribution Channel, and Region – Market Forecast Till 2032”, The market expanding at a compound annual growth rate (CAGR) of 51.90% throughout the forecast period (2023-2032). The main market factors boosting market growth include the rising number of vegans, technological advancements in the area of alternative proteins, and consumer attitudes towards animal welfare.
The rising scientific advancements in the area of alternative proteins are causing a global shift towards sustainable food systems. There is a growing need to identify meat substitutes and other proteins as the global population and environmental impact continue to climb. Increased focus on guaranteeing the meat supply and increasing awareness of environmental sustainability are two factors that have the potential to positively impact the cultured meat industry globally.
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Report Scope:
| Report Attribute | Details |
| Market Size 2032 | USD 9.47 Billion |
| CAGR | 51.90% (2023-2032) |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Shape, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The growing technological advancements in the alternative proteins space |
Key Companies
Major Key Companies in the Cultured Meat market 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
- Mission Barns
Market Dynamics
It is predicted that factors like the growing vegan population and consumer attitudes towards animal care would help cultured meat become more popular. Research and development are being done to enable the mass production of cultured meat even if the market is still in its infancy. The primary market participants are focusing on obtaining legal authorizations for the sale of cultured meat products. More federal funding for cellular agriculture will create opportunities for the demand for beef from farms to increase in wealthier countries like the U.S.
The backing of regulatory bodies and governments in various countries to encourage investment and money towards the sector of cultured meat will have a big impact on the licencing and marketing of produced meat.
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A number of factors, including as funding from key players, increasing meat demand, the introduction of novel products, and environmental protection awareness, are projected to have a big impact on the future of the meat industry and the way meat is produced. The market will still continue to encounter obstacles throughout the projection period as a result of lingering manufacturing-related technical problems, the shortage of competent labour and scientific competence, and regulatory limitations related to the labelling of cultured meat.
In order to meet the world's protein needs in the next 10 years, technical breakthroughs will be more critical than ever due to a rapidly expanding population and rising protein consumption. Changes in the technological environment brought on by the growing population and increased meat demand will alleviate the global shortage of meat supply.
Numerous benefits, including its low environmental effect, the lack of the need to raise animals, and the decrease in risks to public health, are driving the growth of the global market for cultured meat. An alternative protein source is cultured meat. Consumers are centering their efforts on consuming a diet that is more nutrient-dense, emphasises a more sustainable way of living, and uses fewer animal proteins.
People who have allergies to animal-based proteins are also the main market for alternative proteins. driving the cultured meat market's revenue in the process.
Part Insights
According to Source, poultry, beef, shellfish, pig, and duck are all included in the segmentation of the cultured meat market. In 2022, the poultry segment's revenue share was the highest. In North America, chicken consumption has increased during the previous 50 years. The most popular meat in the United States is chicken, which is killed for eating annually in amounts of roughly 8 billion chickens. Around the world, more than 50 billion chickens are grown annually.
Nuggets, burgers, meatballs, sausage, hot dogs and other items are included in the segmentation of the cultured meat market depending on end use. In 2022, the cultured meat market was dominated by the burger sector.
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 could reduce the environmental impact of the meat industry.
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Regional Analysis
The analysis offers market insights for North America, Europe, Asia-Pacific, and the rest of the world, by region. 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 and poultry products produced responsibly and by the existence of significant businesses in the region. Several American companies, including 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 United States had the biggest market share, while the market in Canada had the quickest rate of expansion.
In 2022, Europe's market for cultured meat held a sizable market share. The expansion of the regional market is being fueled by the rise in investments in seafood made in laboratories. Positive government initiatives in countries like the UK and France are also helping the cultured meat industry grow. The market for cultured meat in Germany had the biggest market share, and the market for cultured meat in the United Kingdom had the quickest rate of growth in the region of Europe.
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