The global cultured meat market size is expected to reach US$352.4m by 2028 according to a new study by Polaris Market Research. The report “Cultured Meat Market Share, Size, Trends, Industry Analysis Report, By Production Technique (Scaffold-Based Technique, Self-Organizing Technique, Cell Culture Media); By Source (Seafood, Beef, Poultry, Pork); By End-Use (Sausages, Nuggets, Meatballs, Hot Dogs, Burgers); By Regions; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The cultured meat market is projected to witness growth over the forecast period. Consumers are inclined towards consumption of cultured meat to focus on healthy and clean eating habits and reduce cholesterol intake. The rising shift of consumers towards vegan and vegetarian diets also increases the demand for cultured meat. Growing awareness regarding animal welfare, increasing demand for meat products, the need for enhanced food safety, and rising disposable income are some factors boosting the market growth.
With increasing investments in the global cultured meat market, companies, manufacturers and private organisations are collaborating to expand and cater to wider applications. In January 2018, Tyson Foods, Inc. made an investment in MEMPHIS MEATS, which is a food tech company working towards producing cultured meat from animal cells.
The investment aims at catering to the growing global demand for protein. Through this investment, the company focuses on entering the cultured meat market to address challenges regarding the environment, animal welfare, and public health.
The nuggets segment is expected to account for the highest share during the forecast period. The increasing demand for healthy snacks and on-the-go meals has increased the demand from this segment. Companies operating in this segment are developing healthy snacking products for specific demographics such as children and the aging population.
The different techniques for cultured meat production include scaffold-based technique, self-organising technique, cell culture media, and others. The self-organising technique is used for the production of complex structures in cultured meat products. Production of complex structures such as steak requires three-dimensional tissue production using animal tissue explants.
The different sources of cultured meat include seafood, duck, beef, poultry, pork, and others. The poultry segment is expected to account for the highest share during the forecast period owing to its simplified cell structure and the ease of production as compared to other cultured meat.
There has been an increased awareness among consumers regarding health benefits, wellbeing, weight loss, and nutritional needs, which supplements the growth of this segment. Additionally, increasing disposable income coupled with busy lifestyles encourage consumers to opt for on-the-go meal replacements further augmenting the market growth.
North America emerged as the largest market in 2019 and is expected to maintain its dominance over the forecast period. Population growth, high disposable incomes, and growing demand for fast food products drive the market growth in the region.
Rising urbanisation, growth in environmental awareness and technological advancements also support market growth in this region. Consumers in the region are increasingly realising the importance of healthy eating which has increased the need for cultured meat production to provide nutritional requirements and offer enhanced food security.
Owing to technological advancements, and increasing investment in research and development, companies collaborating in order to retain customers and gain market share. Broadening of the product portfolio is another trend that is visible in the industry.
Some of the major market participants include Biofood Systems LTD., Integriculture Inc., New Age Meats, Balletic Foods, Memphis Meats, Aleph Farms Ltd., Seafuture Sustainable Biotech, Higher Steaks, Just, Inc., Mosa Meat, Avant Meats Company Limited, Appleton Meats, Cubiq Foods, Mission Barns, and Bluenalu, Inc.
Polaris Market research has segmented the cultured meat market report on the basis of production technique, source, end-use and region.