Cultured Meat Market to Witness Unprecedented Growth in Coming Years

November 23 21:26 2020
Cultured Meat Market to Witness Unprecedented Growth in Coming Years

MarketsandMarkets™
The increasing global population in developing economies coupled with the rising meat consumption is projected to drive the market growth of cultured meat across the globe.

According to MarketsandMarkets, the global cultured meat market is estimated to be valued at USD 214 million in 2025 and is projected to reach USD 593 million by 2032, recording a CAGR of 15.7% from 2025 to 2032 in the normal scenario. The growth of this market is attributed to the startups that are entering the market, owing to the increasing number of investors, such as Cargill and Tyson Foods.

Cultured Meat Market

Various other factors that are expected to drive the global cultured meat industry include innovations in cellular agriculture and the rising inclination toward animal welfare and environmental sustainability. Rising consumption of meat coupled with increasing demand for nutritional meat is expected to support the market growth during the forecast period. This growing trend of protein consumption is expected to present several opportunities for various meat processors and food companies to invest in alternative meat protein such as cultured meat to fulfill consumer demand.

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The poultry segment is projected to witness the fastest growth during the forecast.

Based on the source, the cultured meat market is segmented into poultry, beef, seafood, pork, and duck. The poultry segment is projected to witness the fastest growth during the forecast period, due to its availability when compared to other meat sources, such as beef, and also due to the large consumer preference for poultry & poultry products.

The growing popularity of poultry products in various quick-service restaurants (QSRs) has encouraged manufacturers to develop innovative alternative products to meet future demand from meat consumers. Moreover, the rising demand for chicken meat, owing to the rapidly growing urbanized population in developing countries, is expected to support the cultured meat market globally. According to the FAO, the growing demand for poultry products is driven by urbanization, population growth, and an increase in income levels in developing countries.

By end-use, the nuggets segment accounted for the largest market size in the cultured meat market during the forecast period

The demand for nuggets is increasing significantly as an important processed meat product. Thus, North America is expected to be the largest market for cultured meat in 2021. Chicken continues to be the most popular meat product among the people in the US and the other North American countries. Nuggets is one of the primary forms, in which chicken meat products are consumed in various countries. Due to the increasing adoption of on-the-go lifestyle and consumption of snacking products, particularly in the US, consumers are looking for options that are convenient to eat anytime. Thus, key companies such as Tyson Food and Cargill are focusing on investing in developing clean meat or cultured meat chicken products in the form of nuggets to attract consumers. Hence, the North American region is projected to dominate the market for cultured meat nuggets during the forecast period.

North America is projected to account for the largest market share during the forecast period

North America is likely to lead the industry by accounting for the largest cultured meat market share in 2021. Rise in innovations and developments, and high spending for efficient R&D is expected to be the contributing factors in its largest share. Health concerns about the consumption of meat products, increase in investor interests in alternative proteins, and potentials to provide the required nutrition in tailor-made proteins are the major factors for the consumers to shift from conventional meat to cultured meat products. In the US and Canada, metropolitan areas are expected to lead the growth due to the higher number of flexitarians, with the openness and acceptance of meat substitutes and alternative proteins. The rising demand for the alternative protein in the region supports increased investment in cultured meat companies.

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Key Market Players:

The key players in this market include Memphis Meats (US), MosaMeat (Netherlands), SuperMeat (Israel), Just, Inc (US), Integriculture (Japan), Aleph Farms Ltd (Israel), Finless Foods Inc. (US), Avant Meats Company Limited (China), Balletic Foods (US), Future Meat Technologies Ltd (Israel), Appleton Meats (Canada), Higher Steaks (UK), Biofood Systems LTD (Israel), Fork & Goode (US), Meatable (Netherlands), Mission Barns (US), Bluenalu, Inc. (US), New Age Meats (US), Shiok Meats (Singapore), Seafuture Sustainable Biotech (Canada), Wild Type (US), Lab farm Foods (US), Cubiq Foods (Spain), Kiran Meats (US), and Cell Farm FOOD Tech/Granja Celular S.A (Argentina).

Memphis Meats (US) is one of the largest producers of cultured meat. The company has so far produced beef, chicken, and duck directly from animal cells.

1. In February 2016, it produced lab-grown meatballs using blood cells harvested from fetal bovine serum.
2. In March 2017, the company added lab-grown chicken and duck in its portfolio.
3. In August 2017, Cargill made an undisclosed investment in Memphis Meats, making its entry in the nascent technology of culturing meat from animal cells. Cargill aimed at exploring potential options in the cultured meat segment of the protein market to expand its product portfolio.

JUST, Inc. (US) is a company developing cultured meat and claims to bring its products at the commercial level by the end of 2018. It will primarily cater to retail and foodservice customers. It comprises a team of 60 R&D members engaged in bringing products from research to the market. In 2015, the company entered into a partnership with Compass Group USA, Inc. (US), a leading foodservice provider, along with strong retail partnerships with Walmart (US), Safeway (US), and Whole Foods (US), which presents future opportunities and a platform to launch its lab-grown meat products.

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