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Cultured Meat Market Growth Drivers, Scope And Outlook Report To 2033
Cultured Meat Market Growth
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Cultured Meat Market 2024 Key Insights:
• 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%.
• Rising Meat Consumption To Drive Market Growth
• Product Innovations Transforming The Cultured Meat Market
• North America was the largest region in the cultured meat market in 2023
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