Cultured Meat Market to generate $1.64 million by 2021, and is expected to reach $2.78 billion by 2030, witnessing a CAGR of 95.8% from 2022 to 2030.
Upsurge in demand for alternative protein product and allergen free food and rise in concerns regarding animal welfare and environmental issues drive the growth of the global cultured meat market. However, high cost of productions and availability of healthier substitutes hinder the market growth. On the other hand, rise in supply-demand gap of conventional meat, rise in purchasing power, and changes in lifestyle and food habits present new opportunities in the next few years.
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- Growth in health concerns during the pandemic led to augmented demand for healthy food including cultured meat and related products.
- Also, the disrupted supply chain during the initial phase of the lockdown has immensely impacted the market in terms of sales.
- Nevertheless, the restrictions are getting lifted by the government bodies in various regions, which in turn would lead the market to recoup soon.
On the basis of distribution type, the red meat segment is expected to contribute to the highest market share, accounting for 91% of the global cultured meat market by 2021, and will maintain its lead position during the forecast period. This is due to popularity of the conventional red meat among the people and enormous benefits are associated with red meat consumption. However, the sea food segment is expected to witness the highest CAGR of 125.1% from 2022 to 2030. This is attributed to Increase in awareness regarding the benefits of seafood and change in dietary preferences of consumers.
On the basis of distribution on end-user, the food service segment is expected to hold the highest share in 2021, contributing to 93% of the global cultured meat market, and is projected to maintain its highest contribution during the forecast period. This is attributed to increase in consumption of fast food and ready-to-eat food products. However, the household segment is expected to portray the fastest CAGR of 124.5% during the forecast period, owing to rise in disposable income, increase in awareness regarding the benefits of cultured meat, and upsurge in expenditure on premium food products.
On the basis of end user, the food service segment was valued at $1.54 million in 2021, and is projected to reach $2,140.4 million by 2030, registering a CAGR of 91.3% from 2022 to 2030. This is attributed to rapid urbanization, increase in expenditure on premium food products, rise in trend of dinning out, and dynamic changes in eating habit. Moreover, fast food outlets have been gaining major traction, as they provide plant-based meat in burgers and pizzas, which are becoming popular processed food products among the millennial population. Furthermore, hotels and restaurants are displaying availability of allergen-free food, which further motivates customer to try cultured meat. This is how food services industry plays a vital role to publicize and market cultured meat.
On the basis of distribution on region, Asia-Pacific, followed by North America, accounted for the largest market share in terms of revenue in 2021, holding more than three-fifths of the global cultured meat market, and will maintain its leadership status by 2030. This is attributed to inclination of consumers toward animal well-being and against the slaughtering in countries such as China and Japan fosters the growth of the cultured meat market in the region. In addition, increase in health & fitness consciousness and recent innovative product launch by Eat Just further drives the growth in this province. However, Europe is expected to grow at the highest CAGR of 106.1% from 2022 to 2030, owing to growing concern about the animal welfare and demand for alternative protein.
The players operating in the cultured meat market have adopted product launch, acquisition, partnership, and business expansion as their key developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include Aleph Farms Ltd., Cubiq Foods S.L., Eat JUST, Inc., Future Meat Technologies, Meatable B.V., Memphis Meats, Mission Barns, Mosa Meat BV, Redfine Meat Ltd., and Vow Group Pty Ltd.
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