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(Health-NewsWire.Net, June 25, 2020 ) Market Overview
The Global Cultured Meat Market is expected to grow at a CAGR of 4.8% during the forecasting period (2020-2027).
Cultured meat also known as lab-grown meat is produced through in-vitro cultivation of animal cells, instead of slaughtered animals. The cultured meat has financial, health, animal welfare and environmental advantages over traditional meat. The cultured meat industry is experiencing new collaboration between the existing startups focusing on improving awareness among the communities regarding cell culture techniques and lab-grown meat technologies. Currently, the initial price of lab-grown meat is quoted at higher than traditional meat & further commercialization of cultured meat is expected to decrease the price and boost the sales during the forecast period.
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Market Dynamics
Increasing shifts in interests among the major convenience food producers towards the adoption of sustainable agricultural technologies are the primary factor driving the global cultured meat market. Minimal lead time in the production of cultured meat over conventional meat is expected to increase consumer interest towards lab-grown meat during the forecast period. Ongoing research by various agricultural organizations and startups proved that the production time of lab-grown meat is 2-3 weeks compared with traditional meat with a production time of 2-3 years. Livestock farming has a higher environmental impact compared with current lab-grown meat and this is another factor contributing to the growth of the global cultured meat market. Livestock farming is contributing to land & water degradation, biodiversity loss, acid rain, coral reef degeneration, and deforestation. While lab-grown meat produces 80% fewer greenhouse gases, 99% less land use, 96% less freshwater use and 100% similar nutritional value of conventional meat. Furthermore, the growing demand for meat and increasing the adoption of sustainable technologies by the major food producers are expected to boost the market for cultured meat globally during the forecast period.
However, the availability of alternatives for lab-grown meat and the high cost of these products are the primary factors hindering the growth of the cultured meat market globally during the forecast period.
Market Segmentation Analysis
The global cultured meat market is segmented on the basis of Meat Type into poultry, beef, seafood, pork, and others.
Cultured beef is expected to dominate the global cultured meat market owing to the high commercial availability of products over its compatriots and increased research activities by the startups & research organizations over-commercialization of cultured beef nuggets.
Market Geographical Analysis
By region, the global cultured meat market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East and Africa.
North America is expected to dominate the global cultured meat market owing to the high presence of respective startups in Silicon Valley and the greater adoption of advanced technology in the food industry by the major F&B companies located across the region. Increasing adoption of lab-grown meat production technologies by the major food-producing organization targeting future meat demand is additionally contributing to the growth of the cultured meat market in North America during the forecast period. The United States evolved as a dominant country in North America cultured meat market owing to increased consumer preference towards lab-grown meat traditional meat and predicted adoption of lab-grown meat by major food chains such as Burger King, Subway, Wendys and many others located across the region to attract wider group of communities.
Market Competitive Trends
The global cultured meat market is fragmented with a large number of startups operating the lab-grown meat business. The market is experiencing major investments by the food chains and agriculture-based companies in emerging cultured meat startups for the developments of food-based cell-culture technology and commercialization of respective products.
In October 2019, Future Meat Technologies raised USD 14 million in funding to boost their R&D activities in cultured meat and establishing their first cultured meat manufacturing facility. The company operations is expected to begin in its Tel Aviv facility in 2020 and product commercialization by 2021.
Some of the key players in the global cultured meat market include Balletic Foods, BlueNalu, Inc., Bond Pets LLC, Aleph Farms, and many other companies.
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