According to Facts and Factors, the global cultured meat market was worth around USD 103 Million in 2020 and is expected to be worth about USD 248 Million by the end of 2026, with a CAGR of around 15.7% between 2021 and 2026.
Cultured meat is described as lab-grown meat created in a culture medium utilizing different tissue and bio-engineered techniques. In vitro meat, clean meat, and synthetic meat are all terms used to describe cultured meat. Cells from an animal are gathered and developed in an enhanced and suitable culture medium to produce cultured meat. As a result of being cultivated in an aseptic and highly regulated environment, the final meat produced is devoid of any hazardous organisms. Such lab-grown meat also offers a number of advantages over traditional meat, including being healthier and devoid of foodborne and nutrition-related disorders. Commercialization of in vitro meat production would also lower the number of animals sacrificed, as well as the amount of land, water, and energy consumed.
The growing popularity of vegetarian and vegan lifestyles is fueling the cultured meat business. Veganism has exploded in popularity in recent years, with social media playing a crucial part in this movement. As a result, non-vegetarians who have converted to veganism prefer cultured meat. Because cultured meat is generated in labs and is cell-based, it eliminates the possibility of fungal or bacterial development or illnesses spreading through the intake of cultured meat. As a result, as customers’ preferences move toward clean labels and a healthy lifestyle, safer grade meat is a crucial driver driving the industry. Factory farming difficulties are thought to be solved with cultured meat. This type of meat has the potential to solve a number of environmental issues while also improving animal welfare. Consumer choice is changing toward items that are environmentally friendly and offer animal welfare, which is a significant driver driving the market over the projected period.
Future Meat Technologies secured USD 14 million in investment in October 2019 to expand its cultured meat R&D efforts and open its first cultured meat manufacturing plant. The company’s activities are anticipated to commence in 2020 in Tel Aviv, with a product launch following in 2021.
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Top Market Players
Major players operative in the global cultured meat market are Memphis Meats, MosaMeat, Cubiq Foods, Seafuture Sustainable Biotech, SuperMeat, Cell Farm FOOD Tech/Granja Celular S.A, Just, Inc, New Age Meats, Fork & Goode, Integriculture, Lab farm Foods, Aleph Farms Ltd, Finless Foods Inc., Meatable, Avant Meats Company Limited, Shiok Meats, Balletic Foods, Bluenalu, Inc., Mission Barns, Appleton Meats, Kiran Meats, Future Meat Technologies Ltd, Higher Steaks, Wild Type, and Biofood Systems LTD amongst others.
Mosa Meat partnered with Nutreco, an animal nutrition firm, in January 2020 to deliver nutrient-rich liquid for non-vegetarian food development. Nutreco and Lowercarbon Capital also contributed to Mosa Meat’s ability to create the product on a wide scale. By 2022, the business hopes to have cultured hamburgers on the market in Europe. An increased need for protein has arisen as a result of the world’s growing population, which the firm hopes to meet with a sustainable solution.
Market Dynamics
Because of the rising worldwide need for meat replacements and other sources of protein, the worldwide cultured meat industry is likely to see substantial growth. Growing health awareness, environmental concerns, and improved health benefits are all expected to have a beneficial influence on the market’s growth. Other key variables expected to boost the global cultured meat market are increased consumer inclination toward animal welfare and breakthroughs in cellular agriculture. Furthermore, rising meat consumption, along with rising demand for healthy meat, is expected to aid market expansion throughout the forecast period.
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North America is projected to Dominate Global Cultured Meat Market Growth
In 2020, the worldwide market for cultured meat was controlled by North America. Increased urbanization, increased research and development activities, the presence of foreign players in the region, and technical breakthroughs are some of the reasons that have contributed to the region’s prosperity. The region’s market development is fueled by strong disposable incomes and increased environmental concerns. The market for cultured meat has risen as a result of rising agricultural technical developments and rising fast-food consumption. Growing knowledge of animal welfare, improved lifestyles, and health concerns are some of the causes driving the expansion of the cultured meat business in North America.
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