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Cultured Meat Market Size By Source (Beef, Poultry, Seafood, Pork, Duck), By End-Use (Burgers, Nuggets, Meatballs, Sausages), & Forecast 2024 - 2032
- Report ID: GMI4823
- Published Date: Apr 2023
- Report Format: PDF
Cultured Meat Market Size
Cultured Meat Market was valued at USD 665 million in 2023 and is poised to grow at over 137% CAGR from 2024 to 2032.
Meat production has grown exponentially over recent years, attributed to consistent population growth and a steady rise in disposable incomes. According to OECD, the global production of meat comprising pork, poultry, and beef reached an estimated 340 million tons in 2021. The proliferation of industrialized agriculture has put traditional animal husbandry under pressure and also resulted in increased GHG and carbon emissions. These practices, in turn, have bolstered the demand for meat substitutes, such as plant-based alternatives and cell-based meat, creating a favorable growth outlook for the cultured meat market.
| Report Attribute | Details |
|---|---|
| Base Year: | 2021 |
| Forecast Period: | 2024 to 2032 |
| Historical Data for: | 2018 to 2023 |
| No. of Pages: | 350 |
| Tables, Charts & Figures: | 378 |
| Segments covered: | Source, End use and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Strict regulatory framework to hamper the market growth
Cultured meat facilities involve high set-up costs, which may impact the market dynamics over the next ten years. Additionally, artificial meat labs are subject to stringent regulatory norms and requirements and have to undergo frequent inspections. This makes their operations a bit complicated and may further impede market performance. However, increasing strategic alliances and ample acquisition opportunities market may favor the industry expansion.
Cultured Meat Market Analysis
The cultured meat market from poultry segment is predicted to reach USD 4.9 billion by 2032, credited to the increasing consumption and subsequent rise in poultry meat imports. According to the US Department of Agriculture (USDA), global poultry imports could reach 17.5 million metric tons by 2031. Besides, the accelerating consumer shift toward animal-friendly food products will drive the cultured meat business through 2032.
Based on the end-user, the cultured meat market share from burgers segment is slated to exhibit over 142% CAGR during the forecast timeline, propelled by the growing consumer inclination toward alternative protein-sourced food products, such as alternative meat burgers. Moreover, the escalating environmental concerns associated with industrial livestock practices may further augment the demand for synthetic meat.
The Europe cultured meat market is projected to witness 175% CAGR and amass USD 5.5 billion by 2032, fueled by the rising health concerns and the increasing uptake of alternative protein products due to their rich nutritional composition. Nonetheless, the growing popularity of several meat alternatives and the rapid inclination toward environmentally sustainable products will further boost clean meat demand in the region.
Cultured Meat Market Share
Leading companies in the cultured meat market include:
- Mosa Meat
- Upside Foods
- Aleph Farms
- Finless Foods
- Meatable
- New Age Meats
- HigherSteaks
- Biofood Systems
- Avant Meats Company Limited
- Balletic Foods
- Future Meat Technologies
- BlueNalu
- Eat Just
- Biotech Foods
- Cell AG Tech.
Companies operating in this business vertical have been focusing on strengthening their strategic bonds to expand their global reach and gain a competitive edge over their counterparts. For instance, in August 2021, Upside Foods partnered with chef Dominique Crenn. This strategic partnership aimed to serve the company’s cell-based chicken in Atelier Crenn restaurant in San Francisco post-regulatory approval.
Impact of the COVID-19 pandemic
The COVID-19 pandemic had a significant impact on global meat production, value chain management, and meat prices resulting in an intense socio-economic crisis worldwide. As a result of panic buying during the initial months of the viral outbreak, meat and meat product costs witnessed a noticeable uptick. In contrast, later on, production and demand for meat fell significantly owing to lockdown restrictions and the declining purchasing power of consumers, resulting in diminished product demand.
Besides, the unprecedented shutdown of in vitro meat labs and facilities due to lockdown situations and labor force shortage further worsened the crisis. The modifications in the legislation of local and international export markets severely disrupted industrial operations, further hampering the industry revenue streams.
This cultured meat market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons and revenue in USD million from 2018 to 2032 for the following segments:
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Market, By Source
- Beef
- Poultry
- Seafood
- Pork
- Duck
- Others
Market, By End-use
- Burgers
- Nuggets
- Meatballs
- Sausages
- Others
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Singapore
- Malaysia
- Latin America
- Brazil
- Middle East & Africa
- UAE
- South Africa
- Qatar
- Israel
Frequently Asked Questions (FAQ) :
Cultured Meat Market Scope
