The global cultured meat market is poised for robust growth, projected to reach a valuation of US$ 22.6 Billion by 2032, with a substantial CAGR of 18.7%. However, the COVID-19 pandemic is expected to impact sales due to disruptions in the food and beverage sector.
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.
It is anticipated that the COVID-19 pandemic, which is wreaking havoc on the food and beverage sector, would result in a decline in cultured meat sales.The majority of the procedure used to produce cultured meat is microbiological, and its market is expanding quickly.
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It’s expected that the market for cultured beef will be greatly impacted by consumer demand for the product and changes in lifestyle brought on by the coronavirus sickness outbreak.
The market for cultured meat would be significantly to somewhat impacted by the COVID-19 pandemic. The market for cultured beef is growing as more people look to sustainable food sources for their food. This is the result of the product’s originality and inventive manufacturing.
However, as of right now, only Singapore has authorised the sale of cultured meat products, followed by the US and a few other industrialised nations in terms of the key trends and opportunities in the cultured meat business.
The market for cultured meat is anticipated to rise as environmental and animal welfare concerns become more prevalent.
The growing demand for cultured meat has recently been addressed by commercial manufacturing, which relieves pressure on traditional meat sources and is anticipated to improve animal welfare.
The high cost of production remains a key hurdle for cultured meat industry participants and has an impact on adoption patterns even if the cultured meat market is predicted to develop dramatically.
Although there are many prospects for the product in the expanding field of cultured meat, support from nations with smaller facilities and laboratories can also help to adapt the product in a more well-structured method that will increase the market’s main trends and opportunities.
A record USD 4.1 billion, or three times as much money as was raised in 2019, was reportedly invested globally in alternative proteins in just the year 2020. With increasing demand for cultured meat, this pace is boosting the market’s future tendencies.
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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.
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
