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Cultured Meat Market size to reach $20 Bn by 2032
- Published Date: March 20, 2023
Cultured Meat Market size is expected to cross USD 20 billion by 2032, according to a new research report by Global Market Insights Inc.
The study claims that the increasing popularity of cruelty-free alternatives to animal-based meat products will enhance the adoption rate of clean meat over the next ten years. According to a survey conducted and commissioned by OpinionWay and the Goof Food Institute (GFI) on 4096 participants from Germany, France, Italy, and Spain, over 60% of the residents from all four nations think that substitutes for conventional animal agriculture need to be introduced.
An increasing number of companies focusing on capitalizing on this trend and manufacturing products that can indeed compete with traditional meat on taste and price to provide sustainable options will aid the expansion of the cultivated meat market worldwide. For instance, in May 2021, Memphis Meats rebranded itself as Upside Foods and introduced its first consumer product, cultured chicken. Furthermore, the proliferation of e-commerce as a potential sales channel for food products will create a robust growth outlook for the industry in the foreseeable future.
Escalating concerns pertaining to aquaculture sustainability to push the adoption of artificial seafood
Based on the source, the cultured meat market share from seafood segment is anticipated to amass a valuation of USD 6.5 billion by 2032, attributed to its rich nutritional composition and delicious taste. In addition, an increased emphasis on advancing aquaculture sustainability and reducing fishing pressure on oceans will augment the demand for cultivated seafood.
Rising awareness about animal cruelty to bolster the sales of clean meat nuggets
With respect to the end-user, the cultured meat market size from the nuggets segment is poised to expand at over 137% CAGR from 2023 to 2032 and surpass an estimated USD 6.2 billion by 2032, credited to the increasing consumption of processed food products, including chicken nuggets, among the youth. Besides, the ongoing replacement of traditional meat and meat products with eco-friendly and cruelty-free alternatives will positively influence the industry dynamics.
Browse key industry insights spread across 350 pages with 356 market data tables and 39 figures & charts from the report, “Cultured Meat Market Size By Source (Beef, Poultry, Seafood, Pork, Duck), By End-Use (Burgers, Nuggets, Meatballs, Sausages), & Forecast 2023 - 2032” in detail along with the table of contents:
Improving economic landscape to drive the industry growth across the Asia Pacific
From a regional viewpoint, Asia Pacific cultured meat market is poised to be worth over USD 6 billion by 2032, claims the report. The flourishing global trade, accelerating urbanization, and the positive economic outlook across several regional economies, including China, India, and Japan, will fuel the regional landscape. Over and above, the rapid consumer shift from vegetarianism towards diets containing high amounts of meat and dairy food products will propel synthetic meat sales in the region.
Portfolio expansion remains the key growth strategy
Major players involved in the cultured meat market are 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, and Cell AG Tech.
These companies have been raising several investments to scale their products and expand their portfolio to gain access to a broader consumer base. For instance, in March 2021, Meatable raised a series A funding of USD 47 million led by investors such as Section 32, DSM Venturing, Dr. Rick Klausner, and Dr. Jeffrey Leiden. Through the capital, the company aims to expand its product portfolio with beef. With the funding round, the company's total funding reached USD 60 million.