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Cultured Meat Market Size, Gross Margin Analysis, Opportunities And Trends By Forecast 2033
Cultured Meat Market
Cultured Meat Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $0.46 billion In 2028 At A CAGR Of 18.8% :
The cultured meat market size has grown rapidly in recent years. It will grow from $0.19 billion in 2023 to $0.23 billion in 2024 at a compound annual growth rate (CAGR) of 19.9%. The growth in the historic period can be attributed to sustainable food production, animal welfare concerns, resource efficiency, demand for protein alternatives, investments and funding.
The cultured meat market size is expected to see rapid growth in the next few years. It will grow to $0.46 billion in 2028 at a compound annual growth rate (CAGR) of 18.8%. The growth in the forecast period can be attributed to cost reduction strategies, global population growth, diversification of product offerings, and culinary integration. Major trends in the forecast period include technological advancements, investment and funding, diversity of cultured meat products, environmental and ethical considerations.
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Cultured Meat Market Major Segments
The cultured meat market covered in this report is segmented -
1) By Type: Poultry, Beef, Seafood, Pork, Duck
2) By Application: Nuggets, Sausages, Burgers, Hot Dogs, Meatballs, Other Applications
3) By Distribution Channel: Hypermarkets, Food And Drink Specialty Stores, Convenience Stores, Online Retail, Other Distribution Channels
4) By End-User: Household, Food Services
Key Driver - Rising Meat Consumption To Drive Market Growth
The increasing consumption of meat across the globe is contributing to the growth of the cultured meat market. Cultured meat is consumed as a healthy alternative to animal meat as it is less contaminated than animal meat. Around the world, people are eating more meat than before due to the increasing need for protein consumption and an increase in disposable income. According to the Organization for Economic Co-operation and Development - Food and Agriculture Organization (OECD-FAO) Agriculture outlook 2020-2029, the growth in global meat consumption is projected to increase by 12% between 2020 to 2029. Moreover, according to The World Counts report, global meat consumption is expected to reach between 460 and 570 million tons by 2050. Thus, increasing consumption of meat and meat products drives the market for cultured meat.
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Prominent Trend - Product Innovations Transforming The Cultured Meat Market
Major companies operating in the cultured meat market are developing new products such as cultivated fish balls to gain a competitive edge in the market. Cultivated fish balls typically refers to fish balls that are produced using cellular agriculture or cultured meat technology. For instance, in August 2022, Umami Bioworks, a Singapore-based cultivated seafood company, launched the cultivated fish ball laksa. The fish balls are made from cultivated fish cells, supplemented with plant proteins for enhanced mouthfeel and structure. Umami Meats focuses on developing sustainable alternatives for endangered fish species, using a proprietary, non-GMO process to produce fish muscle, fat, and connective tissue from a single stem cell. The company's cultivation process produces seafood that is free from mercury, antibiotics, microplastics, and other ocean pollutants, providing consumers with a sustainable and healthier choice.
Cultured Meat Market Players
Major companies operating in the cultured meat market report are Emergy Inc., Shiok Meats Pte. Ltd., Because Animals Inc., Lab Farm Foods Ltd., Biofood Systems Inc., Mosa Meat BV, Higher Steaks Cultivated Meat Ltd., UPSIDE Foods Inc., Eat Just Inc., Mission Barns Food Inc., Memphis Meats Inc., Mirai Foods Co. Ltd., Aleph Farms Ltd., Vow Foods Pty. Ltd., BioTech Foods Ltd., Meatable Pte. Ltd., Future Meat Technologies Ltd., Hoxton Farms Inc., Modern Meadow Inc., Bond Pet Foods Inc., Redefine Meat Ltd., MeaTech 3D Ltd., Finless Foods Inc., SuperMeat Ltd., Integriculture Inc., Cubiq Foods Inc., Cell Farm Food Tech Ltd., Avant Meats Company Inc., Cultured Decadence LLC, Biozoon RGS Group
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Largest And Fastest Growing Region In The Market
North America was the largest region in the cultured meat market in 2023. The regions covered in the cultured meat market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Cultured Meat Market Report Structure
3. Cultured Meat Market Trends And Strategies
4. Cultured Meat Market - Macro Economic Scenario
5. Cultured Meat Market Size And Growth
…..
27. Cultured Meat Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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