MARKET REPORT 60 F&A Alternative Proteins Edition October 2023 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. REGIONAL ANALYSIS 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. • Beyond Meat • Impossible Foods • Mosa Meat • Memphis Meats • Finless Foods • Aleph Farms • Avant Meats • Eat Just • New Age Meats • SuperMeat • Future Meat Technologies • BlueNalu • Biftek • Wild Type • IntegriCulture • Shiok Meats • MeaTech 3D • Cell Farm Food Tech • BioBQ • Meatable The global cultured meat market is led by players like:
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