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The Cultured Meat Market was valued US$ XX Mn in 2019 and it is Expected To Reach More Than US$ 19.4 Mn By 2028 Growing at a CAGR Of 4.3 % During The Forecast Period
The global cultured market is at its initial stage and is estimated to witness moderate growth in the coming years. Enhanced food safety concerns, rising demand for protein alternatives, and rising concern for environment sustainability are driving the demand for the global cultured meat market.
Cost-Effectiveness and Better Taste of Cultured Meat is Likely to Drive the Growth of the Global Market
The cultured meat market is at its initial stage and it is expected to experience the rise in production of cultured meat during the forecast period. The first burger based on cultured meat was very costly. However, the prices are projected to lower over the period of time. Furthermore, the artificial meat is greater in taste which is expected the boost the demand among the large consumer base. Moreover, the collaboration between biological science and social science is anticipated to create ample opportunities for the growth of the global market.
Poultry Segment Dominates the Global Cultured Meat Market
On the basis of source, the poultry segment is anticipated to dominate the global market by holding a larger market share. The dominance of the segment can be attributed to the rising adoption of poultry meat in several restaurants which encourages the manufacturers to develop more advanced products to cater to consumer’s demand.
Moreover, the rising demand for chicken meat and animal protein across the globe is supporting the growth of the segment. Additionally, the rising modernization and urbanization are expected to boost the growth of the poultry segment during the forecast period.
Nuggets Segment Occupied Significant Market Share
By application, the nuggets segment is expected to be the dominant segment throughout the forecast period. Huge demand for nuggets has been registered from different countries including North America and Europe. In U.S. consumption of snacking products is increasing rapidly which is supporting the growth of the segment. Also, the rising adoption of on-the go lifestyle is anticipated to create new opportunities for nuggets applications.
Moreover, in developed countries such as Germany, the U.S., and Canada the trend of nugget bouquet is gaining traction among consumers is putting a positive impact on the growth of the nuggets segment.
North America to Dominate the Global Cultured Meat Market during the Forecast Period
In terms of region, the global cultured meat market is dominated by North America. The region is estimated to maintain its dominance throughout the forecast period. The U.S. and Canada are the major contributors for the cultured meat market. The growth of the region can be accredited to rise in developments and innovations, and huge investment in R&D activities conducted by enterprises operating in the region. Moreover, rising awareness regarding health benefits associated with cultured meat is expected to fuel the growth of the cultured meat market in North America.
On the other hand, Europe and the Asia Pacific are projected to witness significant growth over the forecast period. This is mainly due to the acceptance and openness of meat substitutes due to the high nutrition offered by these products across the globe. In the Asia Pacific, the rising number of fitness conscious population in metropolitan areas is expected to create ample opportunities for the growth of the region.
The Global Cultured Meat Market Has Experienced Capacity Expansion And Product Agreements By Key Players
The global cultured meat market is extremely fragmented with a number of global and regional players. The companies are engaged in expanding their facilities through organic methods such as product launch, partnership, collaboration, R&D investments, and strategic mergers & acquisitions.
For instance, in October 2019, Future Meat Technologies announced that they are planning to build the world’s first pilot manufacturing unit for cultured meat. The strategy is intended to strengthen their foothold in the global cultured meet market.
In January 2020, Mosa Meat announced that they have signed an agreement of partnership with Lowercarbon Capital and Nutreco. The partnership was aimed at launching a new cultured meat portfolio.
Some of the prominent companies operating in global Cultured Meat market include Cell Farm FOOD Tech, Memphis Meats, Kiran Meats, SuperMeat, Cubiq Foods, Just, Inc, Lab farm Foods, Integriculture, Wild Type, Aleph Farms Ltd, Seafuture Sustainable Biotech, Finless Foods Inc., Shiok Meats, Avant Meats Company Limited, New Age Meats, Balletic Foods, Bluenalu, Inc., Future Meat Technologies Ltd, Mission Barns, Appleton Meats, Meatable, Higher Steaks, Fork & Goode, and Biofood Systems LTD.
Global Cultured Meat Market by Source
Global Cultured Meat Market by Application
- Hot Dogs
Global Cultured Meat Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America