Increasing global demand for sustainable and ethical food options is driving significant growth in the cultured meat market. Valued at USD 272.4 million in 2023, this market is projected to reach USD 6,169.6 million by 2034, exhibiting a CAGR of 33.3% from 2028 to 2034.
Also known as lab-grown or cell-based meat, cultured meat offers a more environmentally friendly and animal-friendly alternative to traditional livestock farming.
By cultivating animal cells in a controlled environment, this emerging industry addresses concerns about the environmental impact and ethical implications of animal products.
Key Market Drivers:
- Technological Advancements in Cellular Agriculture: Industry 4.0 has revolutionized the food industry, enabling the development of plant-based foods and meat alternatives like the Impossible Burger and ground beef patty. Cellular agriculture, cutting-edge technology, leverages digital, physical, biotechnological, and food science elements to produce plant-based meat and other food products.
- Increasing Demand for Sustainable and Ethical Food Options: Growing consumer awareness of environmental issues and animal welfare has fueled the demand for sustainable and ethical food choices. Cultured meat offers a solution to these concerns, reducing the carbon footprint and animal suffering associated with traditional meat production.
Market Restraints:
- High Setup Costs: The initial investment required to establish a laboratory with bioreactors is substantial, making it challenging for manufacturers to scale up production and reduce costs.
Market Opportunities:
- Rising Demand for Meat in Emerging Southeast Asian Economies: Countries like Vietnam, Malaysia, Thailand, the Philippines, and Indonesia are experiencing a surge in meat consumption, leading to increased imports. It can help meet this demand, especially in regions with limited domestic supply.
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- Shift towards Plant-Based Protein: While cultured meat offers a promising solution, the growing popularity of plant-based protein poses a competitive challenge.
Companies like Beyond Meat and Impossible Foods have successfully introduced plant-based alternatives that mimic the taste and texture of traditional meat products.
Market Segmentation:
- By Source: Poultry is expected to dominate the market due to its affordability and health benefits.
- By End-Use: Nuggets are predicted to have the highest growth rate, driven by increasing consumer demand for convenient and sustainable food options.
Regional Market Analysis:
- North America: Due to its strong economy, advanced technological infrastructure, and increasing consumer awareness of sustainable food options, this region is projected to lead the cultured meat market.
Top Companies in Cultured Meat Market:
- Mosa Meat (Netherlands)
- UPSIDE FOODS (US)
- Eat Just Inc. (US)
- IntegriCulture Inc (Japan)
- Mewery (Czech Republic)
- BioCraft, Inc (US)
- Finless Foods (US)
- Avant Meats (China)
- BlueNalu (US)
- Fork & Good (US)
- Mission Barns (US)
- Ivy Farm Technologies Limited (UK)
- Meatable (Netherlands)
- BioTech Foods (Spain)
- CUBIQ FOODS (Spain)
These companies are actively involved in research and development to improve the taste, texture, and affordability of cultured meat products. As the market continues to evolve, we can expect to see further innovation and growth in this exciting and sustainable food sector.