The global cultured meat market is set to witness cultured meat market growth at a CAGR of 18.7% and top a valuation of US$ 22.6 Billion by 2032.
The COVID-19 pandemic is wreaking havoc on the food and beverage industry, with sales of cultured meat expected to suffer. Cultured meat is a rapidly growing cultured meat market, and it is primarily produced using a microbiological process.
Following the end of the coronavirus disease outbreak, consumer food demand for cultured meat and lifestyle may have a significant impact, which is likely to be a significant factor in the demand for cultured meat.
The COVID-19 disease pandemic would have a moderate to high impact on the cultured meat market.
Sustainable food sources are ramping up in demand for cultured meat, which cultured meat is gaining much attention due to its unique product feasibility and innovative production process.
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But as of now, only Singapore has approved the sale of cultured meat products, followed by the US and some other developed countries in the cultured meat market key trends and opportunities.
The rise in animal welfare and environmental awareness is expected to increase the demand for cultured meat.
Recently, commercial production of cultured meat has met the increasing demand for cultured meat while reducing the strain on traditional meat sources, which is expected to benefit animal welfare.
Although the cultured meat market is expected to grow significantly, the high cost of production remains a major challenge for cultured meat market participants and influences the cultured meat market adoption trends.
While the product has immense cultured meat market opportunities as an emerging field, support from countries with smaller facilities and small-scaled laboratories as well can help to adapt the product in a more well-structured way which boosts the cultured meat market key trends and opportunities.
According to research, a record USD 4.1 Billion was invested globally into alternative proteins in the year 2020 only, which is 3x the capital raised in 2019. This pace is giving a boost to the cultured meat market future trends with soaring demand for cultured meat.
Key Takeaways from Market Study
The cultured meat market is worth of US$ 4.1 Billion sales in 2022.
The cultured meat market is expected to expand at CAGRs of 18.7% through 2032.
Global demand for cultured meat is projected to grow year-on-year (Y-o-Y) growth of 12.7% in 2022.
The cultured meat market is growing with a notable boost towards the production to reach USD 22.6 Billion by 2032.
Innovating formulations, research patenting, and sustainability are the factors driving cultured meat market growth to be the influencing factors among consumers, which is driving sales of cultured meat across global cultured meat market.
Demand for cultured meat grew at 11.8% CAGR between 2017 and 2021.
Upside Foods (Memphis Meats), Nutreco, Merck KGaA, GOOD Meat (Eat Just, Inc.), and Aleph Farms Ltd are expected to be the top players in the cultured meat market.
Poultry-based meat type segment of cultured meat are in heavy demand for cultured meat carrying a notable cultured meat market share.
“The focus of key brands operating in cultured meat market for the next decade will be based on modest market penetration with proving commercial viability, while the manufacturers must assuage potential concerns around the novel food to succeed in the industry, and consumers will look after brands for delivering deliciousness at the right price,” says a Future Market Insights analyst.
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Competitive Landscape
Since the demand for cultured meat is increasing, particularly in developed countries, cultured meat producers are gaining a competitive advantage in the cultured meat market.
Cultured meat is one of the most important research projects in the last decade, and it is about to hit the cultured meat market with greater potential. This is further enhancing the global cultured meat market’s favourable market scenario.
Upside Foods (Memphis Meats), Nutreco, Merck KGaA, GOOD Meat (Eat Just, Inc.), Aleph Farms Ltd, Redefine Meat Ltd., Matrix Meats, Mosa Meat, MEATABLE B.V., Tyson Foods, Inc., and others are among the major players of the cultured meat market.
The global protein giant, JBS Foods has acquired BioTech Foods, while investing a whooping USD 100 Million in 2021 to enter into the cultivated meat industry and to build an R&D (research and development) center in Brazil. With the focus on production of cultured meats with developing biotechnology, the Spanish biotech company is becoming another leader in the cultured meat market space.
Cultured Meat Market By Category
By Meat Type:
Poultry
Pork
Beef
Seafood
Others
By Application:
Food Services Industry
Pet Food Industry
Others
By Region:
North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East & Africa
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Frequently Asked Questions
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Information Source: https://www.futuremarketinsights.com/reports/cultured-meat-market