According to a market research study published by Zion Market Research, the demand analysis of global cultured meat market size & share revenue was valued at around USD 221.47 million in 2022 and is estimated to grow about USD 592.69 million by 2030, at a CAGR of approximately 13.11% between 2023 and 2030.
Zion Market Research has published a new research report titled “Cultured Meat Market – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030”. According to the report, 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. Projections and estimates about the market are explained in the report as follows;
CULTURED MEAT MARKET: GROWTH DRIVERS
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
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
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.
The global cultured meat
market is led
by players like:
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
CULTURED MEAT MARKET: 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.
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
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.
