Global Cultured Meat Market to Grow at a CAGR of 17.8% during 2022-2028
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Cultured Meat Market was worth USD 138.4 million in the year 2022. The market is forecast to grow at a CAGR of 17.8%, earning revenue of around USD 321.94 million by the end of 2028.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Cultured Meat Market was worth USD 138.4 million in the year 2022. The market is forecast to grow at a CAGR of 17.8%, earning revenue of around USD 321.94 million by the end of 2028. The lucrative growth of the Global Cultured Meat market is attributed to urbanization, the rising purchasing power of the consumer, adoption of synthetic meat products, increasing health consciousness, expanding Food and beverage industry, rapid technological innovation, and increasing consumption of meat-based fast food, as well as seafood across the globe. Furthermore, Global Cultured Meat market is one of the most emerging markets that is growing continuously owing to the fast advantages and integration of new technologies like tissue engineering techniques, the Internet of Things (IoT), artificial intelligence (AI), cloud computing, and others. However, some consumers consider that slaughtered meat is healthier and more original than lab-grown meat, which is the main restraining factor of the market. In addition, cultured meat is a new concept, and many people are not aware of it, thus, consumers fear buying cultured meat instead of traditional meat which is largely available in the market. Moreover, some consumers are more concerned about the freshness of the product and they prefer fresh as well as natural slaughtered meat, which in turn declines the growth of the Global Cultured Meat Market. Moreover, in western countries cultured meat products in general, are gaining huge popularity among some consumers who are more concerned about animal welfare. Cultured Meat Nuggets have already made carved a niche for themselves in the market due to changing lifestyles of consumers. With increasing launches of different other cultured meat products, the market is anticipated to proliferate during the forecast period (2023-2028) around the globe.
Based on Distributional Channel, the Global Cultured Meat Market is fragmented into Online Retail, Convenience Stores, Specialty Stores, Supermarkets/Hypermarkets, and Others. The Online Retail segment dominates the market as the demand for meat is increasing continuously, the rapidly growing Online Retail business is increasing the sales and availability of Cultured meat Sausages, Burgers, Nuggets, Meatballs, Hotdogs, and others as well as a variety of cultured meat products are available in Online shopping, thereby, fueling the growth of the Global Cultured Meat market during the forecast period. Based on End-User, the Global Cultured Meat market is fragmented into Food Services and households. The Food Service segment accounts to hold the largest share of the market during the forecast period owing to the major consumers of cultured meat associated with the food service industry. The food-service industry includes hotels, fast food restaurants, caterers, and others, which fuel the demand and growth of the Global Cultured Meat Market.
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Geographically, the Global Cultured Meat market is segmented into North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA). The North America segment accounts to hold the largest share in the market owing to the growing urbanization, rising purchasing power, expanding research and development activities, technological advancements, and availability of various international players across the region. The sudden outbreak of COVID-19 impacted negatively the growth of the Global Cultured Meat Market. Initially, the sales declined due to many productions being halted during the complete lockdown. However, now in the post-pandemic period the demand for cultured meat is set to increase owing to its similar properties to traditional meat but without sacrificing an animal and so the Global Cultured Meat Market is to recover from the slump during the forecast period. Moreover, people are more concerned about meat allergies, and the spread of viruses from animals, thereby, fueling the demand for lab-grown meat and increasing the growth of the Global Cultured Meat market during the forecast period.
The leading market players in the Global Cultured Meat market are Memphis Meats (US), SuperMeat (Israel), Aleph Farms Ltd (Israel), Future Meat Technologies Ltd (Israel), Finless Foods Inc. (US), Avant Meats Company Limited (China), Higher Steaks (UK), Seafuture Sustainable Biotech (Canada), Shiok Meats (Singapore), Lab farm Foods (US), Balletic Foods (US), Mission Barns (US), Meatable (Netherlands), MosaMeat BV, Redefine Meat and other prominent players. The Global Cultured Meat market is highly consolidated with the presence of multinational Food and beverages companies. These companies constantly launch a wide range of products with innovations to attract consumers and significantly invest in research and development activities to further innovate their offerings. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.
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