India Lab-Grown Meat Market Set to Reach USD 39 Million by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India lab-grown meat market size at USD 10.20 million in 2022. BlueWeave expects the India lab-grown meat market size to reach USD 38.96 million by 2029 growing at a robust CAGR of 25.03% during the forecast period between 2023 and 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India lab-grown meat market size at USD 10.20 million in 2022. BlueWeave expects the India lab-grown meat market size to reach USD 38.96 million by 2029 growing at a robust CAGR of 25.03% during the forecast period between 2023 and 2029. Growing concerns about animal welfare and ethical considerations related to traditional meat production have led to an increased interest in alternative protein sources. Lab-grown meat offers a way to produce real meat without the need for raising and slaughtering animals, potentially appealing to consumers who are concerned about animal welfare. Advances in tissue engineering, cell culture techniques, and biotechnology are paving the way for the development and commercialization of lab-grown meat. As these technologies continue to improve and become more cost-effective, it could facilitate the growth of the lab-grown meat market in India. The Indian government has shown an interest in promoting alternative protein sources and sustainable agriculture practices.
Opportunity: Rising demand for alternative proteins
The Indian market offers significant potential for alternative protein sources, including lab-grown meat. With the world’s largest population and increasing meat consumption, there is a growing market for sustainable and ethical meat alternatives. Consumers in India are becoming more health-conscious and are seeking healthier food choices. Lab-grown meat, which can be produced with controlled nutrients and reduced use of antibiotics, hormones, and other additives, aligns with the health preferences of such consumers. The environmental impact of traditional livestock farming is a growing concern in India. Lab-grown meat has the potential to address sustainability issues by reducing greenhouse gas emissions, land and water usage, and deforestation associated with conventional meat production.
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Impact of COVID-19 on the India Lab-Grown Meat Market
The lab-grown meat business, like many others, encountered supply chain interruptions as a result of lockdown measures, mobility restrictions, and reduced staff availability. This affected the availability of laboratory equipment, cell culture medium, and other components required for lab-grown meat production. The pandemic's economic uncertainties and financial limitations influenced the availability of investments for startups and enterprises in the lab-grown meat sector. Investors have become more cautious and conservative, thus impeding the growth and development of lab-grown meat enterprises.
India Lab-Grown Meat Market - By Application
Based on application, the global lab-grown meat market is segmented into nuggets, burger patties, meatballs, steak, hot dogs & sausages, and other applications. The nuggets segment is expected to account for the largest share of the lab-grown meat market during the forecast period. The large market share of this segment is attributed to the increasing adoption of on-the-go lifestyles and the increasing demand for snacking and frozen products. However, the burger patties segment is projected to register growth at the highest CAGR during the forecast period.
Competitive Landscape
Leading players operating in the India lab-grown meat market include Clear Meat, Good Dot, Evo Foods, Mister Veg, Greenest, Vezlay, Wakao, and Imagine Meats. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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