According to a new report published by Allied Market Research, titled, Global Cultured meat Market by Type, and End User: Global Opportunity Analysis and Industry Forecast, 2022–2030,”
The global cultured meat market size is expected to reach $2788.1 million by 2030, registering a CAGR of 95.8% from 2022 to 2030.
Cultured meat, also known as law grown meat and clean meat is cultivated by in vitro cell culture instead of slaughtering of animals, in a controlled medium. It replicates taste, texture, and aroma of farmed meat. In the process of culturing, farm animals cells are transferred into controlled medium, which contains nutrients and growth factors required for growth and transformation of stem cells into mature muscle cells within bioreactor. Growth factors used for the cultured meat production are couple of conditions and substances used to provide requisite nutrition for the growth of tissues.
Conventional animal farming is not sufficient enough to meet the future demands, as the global population is growing exponentially. For instance, according to a World Bank report, global population is projected to reach 11.9 billion by 2050.However, the production of animal meat is comparatively low. Furthermore, farmed meat has serious implications on the environment.
In addition, according to Food and Agriculture Organization (FAO) and United States Department of Agriculture (USDA) to raise cattle for meat production, 47% agriculture production is consumed by the cattle, which is a large portion of the total agriculture production. This intensifies the production of lab-grown meat that saves agricultural production for human consumption, which can reduce the risk of food scarcity. The cultured meat market is anticipated to exhibit high growth potential during the forecast period, owing to significant increase in investment from players operating in the food business and rise in concerns about animal welfare & environment.
According to the cultured meat market analysis, the global cultured meat market segmented into type, end user, and region. On the basis of type, the market is categorized into red meat, poultry, seafood, and others. Depending on end user, it is bifurcated into household and food service. Region wise, it is analyzed across North America (U.S. and rest of North America), Europe (UK, Switzerland, Germany, Italy, Belgium, the Netherlands, and rest of Europe), Asia (Singapore, Japan, China, and rest of Asia), and rest of the world (Israel, UAE, and others).
According to cultured meat market trends, depending on type, the cultured red meat segment was valued at $1.50 million in 2021, and is projected to reach $1,824.1 million by 2030, registering a CAGR of 88.5% from 2022 to 2030. This majorly attributed to health benefits associated with beef such as it helps to improve muscle mass and prevents illness due to deficiency of minerals.
In addition, cultured red meat is allergen-free meat, which helps to prevent diseases, thereby increasing the consumer base. Furthermore, increase in number of individuals suffering from allergies and rise in concerns about animal welfare have notably contributed toward the global cultured meat market growth. Thus, sift in consumer preference toward cultured beef acts as a key growth driver of the market, as it is made without the slaughtering of animals and does not contain allergy-causing constituents.
On the basis of end user, the food service segment was valued at $1.54 million in 2021, and is projected to reach $2,140.4 million by 2030, registering a CAGR of 91.3% from 2022 to 2030. This is attributed to rapid urbanization, increase in expenditure on premium food products, rise in trend of dinning out, and dynamic changes in eating habit. Moreover, fast food outlets have been gaining major traction, as they provide plant-based meat in burgers and pizzas, which are becoming popular processed food products among the millennial population. Furthermore, hotels and restaurants are displaying availability of allergen-free food, which further motivates customer to try cultured meat. This is how food services industry plays a vital role to publicize and market cultured meat.
North America is expected to reach $842.9 million by 2030, registering a CAGR of 101.6% from 2022 to 2030. North America is has been gaining significant popularity for alternative meat, and is expected to continue this trend during the cultured meat market forecast period. This is majorly attributed to increase in prevalence of foodborne illness and allergic reactions through animal meat.
Furthermore, increase in sensitivity for animals has increased the sale of lab-grown meat. In addition, plant-based meat is a booming business in the U.S., thereby directly favoring the growth of the cultured meat market. For instance, according to the report published Good Food Institute in 2020, grocery sales of plant-based foods that directly replace animal products grew 29% since 2017, reaching $5 billion in 2019.
The players operating in the cultured meat market have adopted product launch, acquisition, partnership, and business expansion as their key developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include Aleph Farms Ltd., Cubiq Foods S.L., Eat JUST, Inc., Future Meat Technologies, Meatable B.V., Memphis Meats, Mission Barns, Mosa Meat BV, Redfine Meat Ltd., and Vow Group Pty Ltd.
Key Findings Of The Study
- The cultured meat market was valued at $1.64 million in 2021, and is estimated to reach $2,788.1 million by 2030, growing at a CAGR of 95.8% during the forecast period.
- By product type, the poultry segment is estimated to witness the fastest growth, registering a CAGR of 123.4% during the forecast period.
- In 2021, depending on end user, the household segment was valued at $0.10 million, accounting for 6.2% of the global cultured meat market share.
- In 2021, Asia-Pacific was the most prominent market, and is projected to reach $962.0 million by 2030, growing at a CAGR of 87.0% during the forecast period.