MARKET REPORT F&A Alternative Proteins Edition October 2023 59 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. 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 recently introduced its products to consumers in Singapore. Moreover, 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. CHALLENGES 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. SEGMENTATION The global cultured meat market is segmented based on end-use, source, and region. Based on enduse, 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.
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