Cultured MeatIndustry Prospective:
The global cultured meat market size was worth around USD 221.47 million in 2022 and is predicted to grow to around USD 592.69 million by 2030 with a compound annual growth rate (CAGR) of roughly 13.11% between 2023 and 2030.
Cultured Meat Market: Overview
Cultured meat is also known as lab-grown meat. It refers to clean meat that is produced or cultivated in a lab setting under a controlled environment or conditions. This form of meat is produced from a few animal cells and although it is considered real meat, the cultivated variant does not require animals to be slaughtered as they are during the production of traditional meat. The main concept influencing the production of cultured meat is to create an eco-friendly system for animals and humans to coexist along with the idea of humanizing the meat industry.
The cultured meat industry is relatively new but by the end of 2019, around globally recognized companies are working on changing the global meat industry. However, there are several aspects of cultured meat that are yet to be confirmed in terms of nutritious value and safety. Lab-grown meat is produced using stem cells which are the main building block cells for living organisms. The stem cells are generated from an animal post in which the cells are dipped in a liquid that assists in duplicating the stem cells. Once these steps are complete, the entire unit is placed in a bioreactor. It is a lab device used for growing animals.
Key Insights:
Cultured Meat Market: Growth Drivers
Rising concerns over unethical treatment of animals in the meat industry to drive market growth
The global cultured meat market is projected to grow owing to the increasing concerns about the unethical treatment of animals that are slaughtered to cater to the needs of the meat industry. Animal cruelty in farms is a pressing matter that has garnered the attention of several animal welfare agencies as well as the general population. Official documentation reports that animals are treated harshly on farms. They are kept in extremely compact places to reduce the overall operational cost of an animal farm. For instance, layer hens are mostly placed in battery cages and only limited space is given to the hens for movement.
Additionally, most of the animals undergo frequent genetic manipulation and mutilation to ensure a large supply of animals as the demand in the food industry is growing at a rapid rate. Reports indicate that such treatment not only impacts the physical well-being of an animal but has a long-term impact on its emotional health. Several international and regional animal welfare agencies have initiated awareness programs to create a higher understanding of the conditions in which animals are placed. All of these factors are likely to push the demand for cultured meat since the production of lab-grown meat does not cause any harm to the animals. Only a small amount of stem cells are extracted through which an entire section of animal meat can be grown.
Cultured Meat Market: Restraints
Limited research and understanding of cultured meat could restrict market growth
The cultured meat industry size may be limited since the market is relatively new and only a handful of companies are providing products and services in this industry. There are doubts over the overall nutritional value of cultured meat as compared to conventional meat. In addition to this, lab-grown meat may taste different from its counterparts and it may be difficult for product providers to attract more customers who are more prone to the actual meat taste. Unless the companies spend more resources to ensure that lab-grown meats can meet the expectations of the consumers, the industry revenue is likely to be restrained.
Cultured Meat Market: Opportunities
Growing approval rates for commercial sales and increasing new product launched to create growth opportunities
The global cultured meat market growth trend is projected to gain higher momentum owing to the increased rate of approvals from regulatory bodies for the commercial sale of cultured meat. In June 2023, the United States Department of Agriculture (USDA) approved the first-ever lab-grown meat for 2 manufacturers in the US region. The two companies that received the approval are UPSIDE Foods and Good Meat, the cultivated meat division of Eat Just, a food technology company providing plant-based egg substitutes. UPSIDE will be cultivating and selling chicken that is produced in labs using bioreactors. On the other hand, in a recent development, Meatbale, a Dutch company operating in the cultivated meat sector, announced that it had received a fresh funding of USD 35 million that it will use for the production of lab-grown sausages, pork products, and dumplings. The company will launch its products in Singapore in the coming months.
Increasing zoonotic diseases in humans to promote further adoption
The increasing rate of zoonotic cases registered globally has triggered more people to opt for safer meat products. This includes organic items that provide the same taste and nutrition as meat but are produced using plants. However, cultured meat could act as an excellent substitute since these products are produced in a secure, clean, and sanitized environment.
Cultured Meat Market: Challenges
Managing the logistics of cultured meat could be a challenge for the industry players
The supply chain for lab-grown meat is complex due to the nature of the products being produced and delivered. Since they are grown in labs and are accustomed to controlled settings, limited information is available on the impact of tedious supply chain procedures used for traditional meat in case it is used to supply and transport cultured meat. Companies will have to invest in developing the most effective way to supply cultured meat over long distances without compromising product quality and nutritional value.
Cultured Meat Market: Segmentation
The global cultured meat market is segmented based on end-use, source, and region.
Based on end-use, the global market is segmented into sausages, burgers, nuggets, hotdogs, and others. In 2022, the highest growth was registered in the burgers segment which dominated nearly 41.2% of the total share. Burgers are an extremely popular form of fast food. They are available in several flavors with different ingredients and are sold across the world. In addition to this, multiple fast food retail chains provide meat-based and non-meat-based burgers. As per research, at least 1 in every 5 American citizens prefers eating burgers more frequently than any other form of quickly available food item. Since these products mainly consist of ground meat, burgers form an excellent end-use application for cultured meat.
Based on source, the cultured meat industry divisions are pork, poultry, seafood, duck, and beef. In 2022, poultry was the leading segment with dominance over 39.5% of the segmental revenue. In the last few decades, chicken has been one of the most popular meat products across multiple nations. Chicken products are consumed in various forms. They are an essential part of the burger section. In most countries, other animal meat such as pork or beef may not be as readily available as chicken. For instance, Kentucky Fried Chicken (KFC), a multinational retail brand of fast food, made INR 10 billion in annual sales revenue in 2022.
Cultured Meat Market: Regional Analysis
North America to register the highest growth rate during the projected period
The global cultured meat market will be dominated by North America during the forecast period. In 2022, the region controlled around 35.4% of the global revenue. The main reason for higher regional growth is the high number of meat consumers in countries such as the US, Canada, and Mexico. A recent survey concluded that around 89.1% of the American population consumes some form of meat in their regular diet. Additionally, the penetration rate of cultured meat products in the US is higher than in other countries caused by an extensive number of players developing cultured meat. The recent approvals by the USDA for the commercial manufacturing of cultured meat are likely to push regional growth to new heights.
Europe is projected to lead with a higher growth rate influenced by growing efforts to curb animal cruelty in farms. In April 2023, information from the latest impact assessment report in Europe showed promising signs in support of animal welfare. The European Commission is discussing phasing out animal caging and mutilation to create a better living environment for animals in the meat industry.
Cultured Meat Market: Competitive Analysis
The global cultured meat market is led by players like:
The global cultured meat market is segmented as follows:
By End-Use
By Source
By Region
About Zion Market Research:
Zion Market Research is a leading market research organization offering industry expertise and scrupulous consulting services to clients for their business development. The reports and services offered by Zion Market Research are used by prestigious academic institutions, start-ups, and companies globally to measure and understand the changing international and regional business backgrounds.
Our client's/customer's conviction on our solutions and services has pushed us in delivering always the best. Our advanced research solutions have helped them in appropriate decision-making and guidance for strategies to expand their business.
Contact Us:
Zion Market Research
USA/Canada Toll Free: 1 (855) 465-4651
Newark: 1 (302) 444-0166
India: +91 7768 006 007, +91 7768 006 008
Skype no: +13479038971, +17187054574
Skype no. United Kingdom: +442032894158
Email: [email protected]
Blog: https://zmrblog.com/
