Cultured Meat Market - Forecast(2023 - 2028)

                        Cultured Meat Market Report       

 Overview

The cultured meat market size is forecast to reach $17.16 million by 2024, registering a growth rate of 4.37% during 2019-2024. Some of the key factors contributing to the market growth include growing demand for alternative protein, advancement in cellular agriculture technologies, and food safety. Further, the growing concern for environmental sustainability and animal welfare is expected to drive the market over the forecast period. 

Report Coverage

The report: “Cultured Meat Market – Forecast (2019-2024)”, by IndustryARC covers an in-depth analysis of the following segments of the Cultured Meat Market.

•By Type

•Self-Organizing Technique

•Scaffold-Based Technique

•Cell Culture Media

•Scaffolding and Structuring

•Bioreactors

 •By Source

•Poultry

•Pork

•Beef

•Duck

•By End-Use

•Nuggets

•Burgers

•Meatballs

•Sausages

•Hot dogs

•Others

•By Geography

•North America

•South America

•Europe

•APAC

•RoW

Key Takeaways

· Poultry was the leading segment in the market segmented by source with 36.19%, in 2018.

· Nuggets was the leading segment in the cultured meat market segmented by end-use industry with 23.72%, in 2018.

· North America held the largest share with 51.46%, in 2018.

· Growing preference for a vegetarian and vegan lifestyle is a key factor driving the cultured meat market.

Source - Segment Analysis

The cultured meat market segmented by the source is led by poultry. The poultry segment accounted for a share of 36.19% in terms of revenue in 2018. New eating habits, such as veganism, is driving the market. Veganism involves refraining from the use of animal products, particularly in diet. Non-vegetarians who have turned vegans prefer poultry as the most preferred form of meat source for cultured meat over beef, duck, and pork. Beef followed poultry in terms of revenue in 2018, while pork is expected to grow the fastest during the forecast period 2019-2024.

End-use industry - Segment Analysis

The nuggets segment leads the cultured meat market segmented by the end-use industry. The nuggets segment in the cultured meat market segmented by end-use industry accounted for 23.72%, in 2018. This segment is preferred in developed countries like the U.S., Canada, the U.K., Spain, and Germany in the form of a snack. The demand for nuggets is expected to grow at a healthy rate over the forecast period 2019-2024. Meatballs are expected to follow the nuggets segment in terms of revenue. Moreover, the burger segment is expected to grow at the fastest rate during the forecast period over the other categories in the segment.

Geography - Segment Analysis

North America is expected to hold the largest share in the global cultured meat industry. North America accounted for a share of 51.46% in terms of revenue in 2018. There is much investment put in the research and development of cultured meat in this region, and most of the key players are based out of this region. Further, shifting focus toward alternative protein and environmental sustainability are key factors in driving the market in the region. The Middle East is expected to follow North America in terms of revenue share and is also expected to grow the fastest during the forecast period. 

Drivers - Cultured Meat Market

·         Growing preference for vegetarian and vegan lifestyles

Growing preference for a vegetarian and vegan lifestyle is a key factor driving the cultured meat market. Veganism has grown exponentially over the last few years; social media has played a key role in driving this lifestyle. Thus cultured meat is popular with non-vegetarian consumers who have adopted to veganism.

Further, it has been scientifically proved that this form of lifestyle is healthier than the traditional form of food consumption. According to an article published by the Harvard Health Publishing in October 2018 has mentioned that a vegan way of life is much healthier than traditional diets.  

·         Safer quality meat

According to ‘the Conversation’ cultured meat is much cleaner, in vitro meat, synthetic meat and safer than slaughter-free meat. The cultured meat is developed in labs, cell-based; thus, it nullifies the chance of any fungal or bacterial growth or diseases that can spread with the consumption of cultured meat. Therefore safer quality meat is a key factor in driving the market as consumers preference is shifting towards clean label and health wellbeing lifestyle. 

·         Environment sustainability and animal welfare

 Cultured meat is considered to be the solution to factory farming problems. This form of meat has the potential to eradicate many environmental problems and improve animal welfare. This is a key factor in driving the market during the forecast period 2019-2024 as consumer preference is shifting towards products which are environment-friendly and promises animal welfare.

Challenges – Cultured Meat Market

·         High cost

The high investment cost is the biggest challenge restraining the growth of the cultured meat market. There are a lot of stringent regulations on the production of cultured meat in every country; this is a key factor for the high cost. Further, cultured meat is developed in a lab from cells; this requires a lot of expensive apparatus and requires close supervision of the meat. Moreover, mass production is another key challenge in the growth of the cultured meat market.

·         Lack of awareness

The cultured meat is a very new concept, and most people don’t know about it. Further, consumers perceive that slaughter meat is better for their health over lab-grown meat. This is also a key reason why consumers are even scared to try cultured meat over slaughtered or traditional meat available in the market. 

Market Landscape

Ø Product innovation is the key strategy used by the players in the cultured meat market to gain a competitive advantage over its competitors. As of 2018, the market for the cultured meat in the supply chain is consolidated with the top 5 players accounting for 48.5% of the market share. The cultured meat top 10 companies included in the cultured meat include Aleph Farms, Finless Foods, Future Meat Technologies, Integriculture Inc., Just Inc., Memphis Meats, Modern Meadow, Mosa Meat, Super Meat, Wild Earth Inc. (U.S.).

Cultured Meat Market Research Scope:

The base year of the study is 2018, with forecast done up to 2025. The study presents the cultured meat industry outlook thorough analysis of the competitive landscape, considering the market shares of the leading companies. These provide the key market participants with the necessary business intelligence and help them understand the future of the cultured meat. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types, source, and end-use.