PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485735
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485735
The cultured Meat Ingredients Market size was valued at USD 988.23 million in 2023, expanding at a CAGR of 15.7% from 2024 to 2032.
The market for cultured meat, which offers a fresh approach to producing meat, signifies a revolutionary change in the food sector. Cultured meat, alternatively referred to as lab-grown or cell-based meat, is produced by raising animal cells under carefully monitored conditions, doing away with the necessity for conventional cattle rearing. The goal of this innovation is to address the ethical, environmental, and sustainability issues related to conventional meat production. Increased interest and investments are being seen in the sector as consumer knowledge of these issues rises. The market for cultured meat is still in its infancy, but it has the potential to drastically alter how people will consume protein in the future ethically and ecologically.
Cultured Meat Ingredients Market- Market Dynamics
Increasing consumer acceptance and demand for cultured meat product
The growing consumer acceptance and demand for cultured meat products represent a significant shift in the way people perceive and consume food. Health-conscious consumers are attracted to the potential health benefits of cultured meat, such as lower levels of saturated fats and the absence of antibiotics or hormones often found in traditional meat products. According to the European Environment Agency, globally, the consumption of animal-based foods is expected to increase in the coming decades because the global population increased from 2.5 billion in 1950 to 7.7 billion in mid-2019 and is expected to reach 9.7 billion people in 2050. As technology continues to advance and production costs decrease, cultured meat has the potential to become a mainstream part of the global food supply.
Cultured Meat Ingredients Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 15.7% over the forecast period (2024-2032)
Based on source segmentation, animal-based sources were predicted to show maximum market share in the year 2023
Based on end user segmentation, the food industry was the leading type in 2023
based on region, Asia Pacific was the leading revenue generator in 2023
The Global Cultured Meat Ingredients Market is segmented based on Product Type, Source, End User, and Region.
The market is divided into three categories based on end users: The food industry, research institutes and biotech companies. The food service category accounted for around one-third of the worldwide cultured meat market share, and it is anticipated that it will maintain its position during the projected period, according to market trends for cultured meat. This is mostly related to the tendency to eat out, the growth in disposable money, and the rate of urbanisation. Additionally, the proliferation of meal delivery apps has led to a surge in hotels and restaurants worldwide, which supports the expansion of the food service sector.
The market is divided into three categories based on source: Plant based, animal based and synthetic source. Animal-Based Sources led the industry in terms of revenue since over the past 50 years, chicken consumption has surged in North America. With more than 8 billion chickens killed for food each year, it is the most popular meat consumed in the United States. The expansion of the poultry segment is being aided by the increase in startups and new market players who are investing in cellular agriculture technology to develop goods cultivated from chicken.
Cultured Meat Ingredients Market- Geographical Insights
The market for cultured meat was led by Asia-Pacific, and this trend is anticipated to continue for the duration of the industry's projection. China and India have been recognized as important nations for consumer research on cultured meat. This is explained by both expanding economies and a growing population, which raises consumer affordability for high-end goods and increases meat consumption. For example, Eat Just, a US start-up, was permitted by the Singapore Food Agency (SFA) to start selling its cultured chicken, developed in a lab, as a food ingredient in Singapore.
The companies involved in the global market for cultured meat have implemented diverse developmental strategies to enhance their market share, boost profitability, and maintain their competitiveness., Future Meat Technologies, Aleph Farms Ltd., Cubiq Foods S.L, Redefine Meat., Memphis Meats, Mission Barns, Mosa Meat BV, and Vow Group Pty Ltd. are some of the major players in the market. For instance, in July 2021, Swiss giant, Nestle SA, announced that enter the lab-grown meat industry which could help deliver the nascent technology faster to the mass market. In addition, in September 2023, Dutch cultivated meat company Mosa Meat announced that it has received B Corp certification and will soon apply for regulatory approval across the globe.
In April 2023, cultivated meat manufacturer Aleph Farms announced the launch of its first product brand, Aleph Cuts. Under the Aleph Cuts brand, the company will also market its first product, a cultivated Petit Steak, which it claims is the world's first cultivated steak and is anticipated to launch in Singapore and Israel later this year, pending regulatory approvals.
In July 2021, Nestle explored emerging technologies where the company is evaluating innovative technologies to produce cultured meat or cultured meat ingredients with several external partners and start-ups.
GLOBAL CULTURED MEAT INGREDIENTS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Aleph Farms
Avant Meats Company Limited
Biftek INC
Mosa Meat
BlueNalu, Inc.
BioFood Systems Ltd
WildType
New Age Eats
Shiok Meats Pte Ltd
SuperMeat
Meatable
Finless Foods, Inc
Fork & Good, Inc.
Future Meat Technologies Ltd
Others