The global cultured meat market is expected to grow at a rapid rate of 18.7%, reaching a valuation of US$ 22.6 Billion by 2032. However, the market initially faced a decline in sales due to the COVID-19 pandemic’s impact on the food and beverage sector. Cultured meat production relies heavily on microbiological processes, making it susceptible to market fluctuations influenced by consumer demand and lifestyle changes brought about by the pandemic. Despite challenges, the market is driven by growing interest in sustainable food sources and the uniqueness of cultured meat production.
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.
Sales of cultured meat are predicted to decline as a result of the COVID-19 outbreak, which is wreaking havoc on the food and beverage sector.Most of the cultured meat production process is a microbiological one, and the market for it is expanding quickly.
The market for cultured meat is projected to be greatly impacted by consumer demand for cultured meat and changes in lifestyle brought on by the coronavirus infection outbreak.
The market for cultured meat would be significantly to moderately affected by the COVID-19 disease pandemic. The demand for cultured beef is rising as more people choose sustainable food sources. This is true since the item is special and was manufactured in an inventive manner.
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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.
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.
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.
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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
Frequently Asked Questions
- How much worth is the Cultured Meat Industry?
- At what CAGR is the Market expected to Expand through 2032?
- How was the Performance of Cultured Meat been over the past half-decade?
- What will be the Market for Cultured Meat worth in 2032?
- Who are the Key Players Operating in the Market?
- Which are the Top Countries Driving the Cultured Meat Market Demand?
- What are the Key Factors Affecting the Cultured Meat Market Growth?
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