Global Cultured Meat Market size (2024-2030)

The Cultured Meat Market witnessed a valuation of USD 236.9 million in 2023, with a projected growth to USD 630.16 million by 2030, reflecting a robust Compound Annual Growth Rate (CAGR) of 15% throughout the forecast period. This expansion is primarily attributed to the increasing consumer preference for protein-rich diets and the growing reliance on omega-3 fatty acids to fulfill essential nutrient requirements.

Industry Overview

The global lab-grown meat sector, still in its nascent phase, is primarily driven by its environmental advantages. The economic viability of cultured meat production aims to mitigate the significant environmental impact associated with traditional meat production methods. Moreover, the resource-intensive nature of conventional meat production is expected to be addressed, as cultured meat necessitates nourishing cultured cells rather than sustaining entire organisms. However, sensory characteristics pose temporary challenges to market acceptance, although ongoing efforts by producers aim to overcome these obstacles. The imminent achievement of cost competitiveness in lab-grown meat production is poised to drive industry growth.

The rise of veganism worldwide, driven by environmental concerns, has catalyzed the search for sustainable alternatives to animal-derived foods. Consequently, food processors are increasingly exploring lab-grown meat, also known as clean meat or cultured meat. Notably, numerous startups have entered this sector, supported by reputable organizations. For instance, Cargill has invested in Mosa Meat, a Dutch food technology company specializing in cultured meat manufacturing technologies.

Despite these advancements, the absence of a clear regulatory framework for innovative food products poses a significant obstacle to the establishment of the lab-grown meat industry. Regulatory deliberations concerning the classification of such products as "meat" are underway, while consumer studies reveal prevailing skepticism towards lab-grown meat. Enhanced communication and awareness initiatives are deemed essential to address consumer concerns. Initial demand for cultured meats has primarily originated from various foodservice channels, with businesses leveraging beef, chicken, duck, and hog cells for ready-to-eat food items such as burgers and nuggets.

Impact of COVID-19 on the Cultured Meat Market

The global food industry is undergoing significant transformations, driven by changes in consumer preferences across various subsectors. Notably, the COVID-19 pandemic has precipitated a vegetarian revolution in major food markets, particularly in North America and Europe. Heightened consumer awareness and industry emphasis on sustainable alternatives have spurred the adoption of meat substitutes, including plant-based and cultured meat products. The pandemic has underscored the importance of food safety and healthy eating, thereby influencing consumer preferences towards natural and plant-based food options.

Market Drivers

Consumers' increased interest in eating alternatives to animal products is propelling the cultured meat market industry’s growth

Consumer interest in alternative protein sources continues to drive the growth of the cultured meat market. Heightened concerns regarding animal welfare and environmental sustainability have reshaped perceptions of meat consumption, positioning cultured meat as a viable solution to address these issues.

The growing investment by the key market players likely to influence market growth

Furthermore, substantial investments by key market players are expected to accelerate market expansion. Technological advancements in tissue engineering and increased research and development spending are fueling innovation within the industry, paving the way for cost-effective cultured meat production methods and subsequent market growth.

The growing awareness of nutritional diets and consumption of meat is acting as a market driver

Moreover, growing awareness of nutritional diets and meat consumption patterns is driving market expansion. Synthetic poultry, in particular, is witnessing significant demand due to its in vitro manufacturing process and nutritional benefits, presenting lucrative opportunities for market players to cater to evolving consumer preferences.

Market Restraints

The cultured meat is not widely available

Despite its potential, the cultured meat market faces several challenges. Limited availability of cultured meat products, primarily confined to specialist stores and restaurants, impedes widespread market penetration. Manufacturers must address this constraint to achieve global market expansion effectively.

Strict regulation and approval policy is restricting the market growth

Moreover, stringent regulatory frameworks governing cultured meat production pose hurdles to market growth. Public perception, influenced by misconceptions surrounding lab-grown meat, contributes to consumer reluctance and hampers market acceptance. Efforts to educate consumers and establish trust in cultured meat products are essential to overcoming these barriers.

CULTURED MEAT MARKET- BY SOURCE

• Poultry
• Beef
• Seafood
• Pork
• Duck

The cultured meat market is categorized into Poultry, Beef, Seafood, Pork, and Duck based on its source. In the year 2021, the poultry sector dominated with over 35.0 per cent of the total sales, attributed to the affordability and widespread availability of chicken products. Poultry products are also recognized for their immune-boosting properties, aligning with consumers' increasing health consciousness and preference for cost-effective options, thus contributing to the segment's growth.

The pork segment is anticipated to witness the most significant expansion over the forecast period due to escalating demand, driven by its high nutritional value and distinct flavor. Factors such as the elevated L-carnitine content in cultured beef, coupled with consumer concerns regarding food safety, are propelling the growth of this segment. Cultured beef, being free from toxins and meeting the requirements of a nutrient-rich diet, further reinforces its market demand.

CULTURED MEAT MARKET- BY END-USER

• Nuggets
• Burgers
• Meatballs
• Sausages
• Hot Dogs

End-use segmentation comprises Nuggets, Burgers, Meatballs, Sausages, and Hot Dogs. In 2021, burgers led with a revenue share exceeding 40.0 per cent, fueled by increasing consumer preference for clean meat, particularly in burger preparations. The surge in popularity of hamburgers in the United States is expected to drive the expansion of this category, especially with the growing demand for high-protein burgers in the US and Canada. Cultured meat burgers are gaining traction as a preferred alternative to traditional beef burgers due to their lower environmental impact and ethical considerations.

Meatballs are projected to witness the highest growth over the forecast period, attributed to increased private sector investments in tissue-based meatball development and rising demand from retail and fast-food channels. The growing inclination towards processed meat, substantial purchases of packaged meatball meals, and a burgeoning appetite for slaughter-free processed meat products are anticipated to foster the global acceptance of cultured meat.

CULTURED MEAT MARKET- BY REGION

• North America
• Europe
• The Asia Pacific
• Latin America
• The Middle East
• Africa

Regional segmentation includes North America, Europe, Asia Pacific, Latin America, The Middle East, and Africa. North America led the market with approximately 35.0 per cent of revenue share in 2021, driven by the increasing demand for in-vitro meat in the United States and Canada. The consistent rise in meat consumption, coupled with its nutritional benefits, is poised to propel market growth in the region. Notably, major firms in the US are focusing on strategic collaborations to broaden their consumer base, indicating significant market expansion prospects.

Asia Pacific is forecasted to witness the highest Compound Annual Growth Rate (CAGR) of 12.1 per cent from 2024 to 2030. This growth trajectory is primarily attributed to the surging demand for chicken products in emerging economies like China and India. Moreover, rising health concerns in Japan regarding long-term dietary habits are contributing to market growth. Approval from the Singapore Food Agency for the sale of lab-grown meat products, along with initiatives by companies like Eat Just, is driving the regional market, particularly in combatting zoonotic infections.

CULTURED MEAT MARKET- BY COMPANIES

Enterprises are primarily focused on adopting innovative technologies such as three-dimensional printing for personalized slaughter-free meat production. However, implementing sustainability poses its own set of challenges and constraints. Key companies are prioritizing the reduction of fat content and unsaturated fatty acid ratios in their products. Additionally, several firms are actively working to lower the costs associated with cultured beef products. Notable players in the cultured meat market include:

1. Aleph Farms Ltd.
2. Avant Meats Company Limited
3. Balletic Foods
4. Bluenalu, Inc.
5. Biofood Systems LTD.
6. Finless Foods Inc.
7. Fork & Goode
8. Future Meat Technologies Ltd.
9. Higher Steaks
10. Integriculture Inc.
11. Lab Farm Foods
12. Meatable
13. Memphis Meats
14. Mission Barns
15. Mosa Meat
16. New Age Meats
17. Shiok Meats
18. Supermeat
19. Wild Type

NOTABLE DEVELOPMENTS IN THE CULTURED MEAT MARKET

• INVESTMENT: Mosa Meat concluded a USD 85 million Series B funding round in February 2021. Notable investors in this round included Nutreco, a global leader in animal nutrition and aquafeed, and JitseGroen, CEO of Just Eat Takeaway.com. This investment is expected to facilitate Mosa Meat in scaling up its beef production safely and sustainably.
• COLLABORATION: In September 2021, UK-based frozen fish firm Nomad Foods partnered with US-based seafood cell-cultured company BlueNalu. The collaboration aims to pave the way for the introduction of cell-based products in Europe.