Cultured Meat Market Skyrockets from US$ 1.5 Million to a Whopping US$ 2.78 Million by 2030

The global cultured meat market, valued at US$ 1.5 million in 2021, is on the cusp of a revolutionary growth spurt, with projections estimating an expansion to US$ 2,781 million by 2030. This remarkable growth trajectory translates to a Compound Annual Growth Rate (CAGR) of 91.8% during the forecast period from 2022 to 2030. This report delves into the dynamics fueling this surge, outlines potential challenges, and spotlights key trends shaping the future of the cultured meat industry.

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Market Overview

Growth Drivers

The anticipated expansion of the cultured meat market is attributed to several pivotal drivers:

• Sustainability and Environmental Concerns: Cultured meat offers a more sustainable alternative to traditional livestock farming, significantly reducing environmental impacts such as greenhouse gas emissions, water usage, and land degradation.
• Technological Advances: Breakthroughs in cellular agriculture and biotechnology are making it feasible to produce cultured meat at scale, enhancing its viability as a mass-market product.
• Consumer Demand for Ethical Options: Growing awareness and concern over animal welfare in food production are leading consumers to seek ethical alternatives, such as cultured meat, that do not require animal slaughter.
• Food Security: Cultured meat provides a solution to the pressing global challenge of food security, offering a consistent and efficient protein source that can be produced in controlled environments, irrespective of climate or geographical constraints.

Challenges

Despite the market's potential, several challenges could impede the cultured meat industry's growth:

• High Production Costs: The nascent stage of the technology involves high production costs, making cultured meat more expensive than conventional meat options, which could limit consumer adoption.
• Regulatory Hurdles: The novel nature of cultured meat means it faces significant regulatory scrutiny and challenges in obtaining approvals, which can delay market entry and consumer access.
• Consumer Acceptance: Skepticism and cultural perceptions around lab-grown meat could hinder widespread consumer acceptance, requiring extensive education and marketing efforts.
• Scaling Production: Scaling up cultured meat production to meet potential demand remains a technical and logistical challenge, necessitating significant advancements in biomanufacturing processes.

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Emerging Trends

The cultured meat market is witnessing several trends that could significantly influence its development:

Collaborations and Partnerships: Strategic partnerships between startups, established food companies, and research institutions are accelerating innovation and commercialization efforts in the cultured meat sector.
Diversification of Products: Companies are expanding beyond beef to include cultured poultry, pork, and seafood, broadening the market's appeal.
Focus on Scalability and Cost Reduction: There is a concerted effort within the industry to develop more efficient production processes and reduce costs, aiming to make cultured meat competitive with traditional meat.
Regulatory Milestones: The achievement of regulatory approvals in various regions is setting precedents that pave the way for global market access and consumer adoption.

Regional Analysis

The Asia-Pacific cultured meat market is expected to experience significant growth due to the increasing demand for poultry products in emerging economies such as India and China. Furthermore, government organizations' growing support is anticipated to contribute to market expansion. For example, in 2020, the Singapore Food Agency authorized the sale of lab-grown meat products. Moreover, industry players' contributions will also stimulate growth in this region. For instance, Eat Just, a U.S.-based company, offers cultured chicken for meat consumers in Singapore. Therefore, all these factors are poised to drive the global cultured meat market's growth during the study period.

Competitors in the Market

• Aleph Farms Ltd
• Future Meat Technologies
• Cubiq Foods S.L.
• Eat Just, Inc
• Meatable B.V
• Memphis Meats
• Vow Group Pty Ltd
• Mission Barns
• Mosa Meat BV
• Redefine Meat Ltd
• Other Prominent Players

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Market Segmentation

The global cultured meat market segmentation focuses on Type, End-Users, and Region.

By Type Outlook
• Red Meat
• Poultry
• Seafood
By End-Users Outlook
• Household
• Food Services
By Region
● North America
o The U.S.
o Canada
o Mexico
● Europe
▪ Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
▪ Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America

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Key Questions Covered in the Cultured Meat Market Research Report

• What is the projected growth rate of the global cultured meat market from 2022 to 2031?
• What are the driving factors for the increasing demand for cultured meat?
• What are the factors contributing to the growth of the meat market in general?
• What are the key developments in the cultivated meat industry?
• What is the projected growth rate of the cultured meat market from 2023 to 2032?
• What are some notable companies and their initiatives in the lab-grown meat products industry?

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This release was published on openPR.