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Cultured Meat Market To Reach USD 7.56 Billion By Year 2032

The Global Cultured Meat Market Size Was Valued at USD 2.38 Billion in 2023 and is Projected to Reach USD 7.56 Billion by 2032, Growing at a CAGR of 13.7 % from 2024-2032.

11-07-2024
shashidhar kotian
Food and Beverages
Pristine Intelligence LLP

According to a new report published by Pristine Market Research, titled, “Cultured Meat Market by Type, Source, End User, and Region Global Market Analysis and Forecast, 2024-2032. The Global Cultured Meat Market Size Was Valued at USD 2.38 Billion in 2023 and is Projected to Reach USD 7.56 Billion by 2032, Growing at a CAGR of 13.7 % from 2024-2032.

Cultured meat, also known as the law, is produced through in vitro cell culture instead of animal slaughter. This method replicates the taste, texture, and aroma of farmed meat by transferring farm animals' cells into a controlled medium containing nutrients and growth factors. Lab-grown meat, also known as lab-grown meat, is created in a controlled environment and eliminates the need for animals to be killed. The primary goal of lab-grown meat is to create a sustainable environment for animals and humans, making the meat industry more humane.

Cell-grown meat is created using stem cells, which are the fundamental cells for all living organisms. The animal stem cells are produced in a lab by immersing them in a liquid that helps them replicate. The whole unit is then placed in a bioreactor, a laboratory apparatus used for cultivating animals. Consumers are increasingly interested in cultured meat due to its smaller environmental impact, lower greenhouse gas emissions, and lower saturated fats. Health-conscious individuals are adopting cultured meat as a healthier option, and those who prioritize animal welfare are choosing it as a more compassionate choice.

According to Cultured Meat, the Market is segmented into Type, Source, and End User. By type, the market is categorized into Red Meat, Poultry, and Seafood. By Source, the market is categorized into Private-label and branded. By Application, the market is categorized into Poultry, Beef, Seafood, Pork, and Duck. By End User, the market is categorized into Household and Food Services. By region, it is analyzed across North America (U.S.; Canada; Mexico), Europe (Germany; U.K.; France; Italy; Russia; Spain, etc.), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).

The global cultured meat market is expected to grow due to growing awareness of the unethical treatment of animals in the traditional meat industry. Animal welfare organizations, NGOs, and the public are concerned about the cruelty animals experience on farms, which includes being housed in tight spaces and genetically manipulated to meet the increasing demand for animal supplies. This treatment affects not only the physical health of the animal but also its emotional well-being. Animal welfare organizations are raising awareness and improving understanding of animal treatment, which is expected to increase the demand for cultured meat. Lab-grown meat production is animal-friendly, as only a small number of stem cells are removed to grow a whole portion of animal meat.

The rising per capita meat consumption and significant meat imports in emerging Southeast Asian economies present a promising market opportunity for affordable, locally sourced cultured meat. This eco-friendly and locally sourced option can bridge the gap between traditional meat sources and the growing middle-class populations. The use of meat imports in these regions reduces reliance on external sources and enhances food security. Cultured meat meets consumer demands for ethical and sustainable food options, addressing environmental and resource limitations. This presents a great chance for cultured meat producers to gain a presence in the growing cultured meat market. Malaysia's Cell AgriTech plans to complete its inaugural cultivated meat facility by 2024. Singapore, known for approving cultured meat products, is home to other cultured meat producers, including Umami from Mihir's company.

Global Cultured Meat Market, Segmentation

Cultured Meat is Segmented Based on Type, Source, End User, and Region.

By Type:

It is anticipated that the red meat industry will lead the market in the upcoming time frame. In 2023, the red meat industry dominated the market. Red meat consists of muscle tissue from animals such as beef, lamb, pork, veal, venison, and goat. Cultured red meat is produced by harvesting muscle cells from living cows. Throughout the projected period, cultured red meat is anticipated to gain increased popularity in the worldwide cultured meat market. This is mostly a result of non-vegetarians' general liking for traditional red meat. Red meat is one of the most commonly consumed meats worldwide. The cause of this is the numerous benefits associated with consuming red meat, such as promoting muscle growth and preserving muscle mass, providing essential vitamins and minerals for good health, and enhancing the immune system, leading to an increase in the cultured meat market.

By Indication:

The biggest portion was held by the Food Service sector. The food service industry, which encompasses hotels, fast food establishments, catering companies, and more, dominated the cultured meat market share in 2023 and is projected to continue leading. This sector holds a large portion of the market for lab-grown meat consumption. Several factors contribute to this leadership, such as the rise in urbanization, increased disposable incomes, and the trend of eating out. The rise of food delivery applications across the globe has also led to the growth of restaurants and hotels, contributing to the expansion of the cultured meat market. The ease offered by these applications is fueling the increase, simplifying the process for customers to experiment with different food options like lab-grown meat.

Region:

The Market is expected to be dominated by Asia Pacific in the forecast period. The cultured meat industry in the Asia-Pacific area is flourishing with a growing number of players. These companies are actively developing new products and expanding production capacity in anticipation of a projected rise in demand. In December 2020, Singapore created a landmark by authorizing the first lab-grown meat product for retail. Eat Just, Inc.'s groundbreaking creation employs bioreactors to produce real meat without causing harm to animals. The new process begins with cells from a repository, eliminating the need to slaughter chickens or take samples from live animals. This development marks a significant progression for the cultured meat industry in Asia-Pacific as well as globally.

Some of The Leading/Active Market Players Are-

  • BlueNalu, Inc. (U.S.)
  • WildType (U.S.)
  • New Age Eats (U.S.)
  • Finless Foods, Inc (U.S.)
  • Fork & Good, Inc. (U.S.)
  • UPSIDE Foods (U.S.)
  • Mission Barns (U.S.)
  • Beyond Meat (U.S.)
  • Memphis Meats (U.S.)
  • BioBQ (U.S.) and Other Active Players

Key Industry Developments

In September 2023, The Halal Products Development Company (HPDC) and US-based Eat Just Inc. announced a strategic partnership to facilitate Eat Just's entry into the Halal market. HPDC, a subsidiary of the Public Investment Fund of Saudi Arabia, will advise Eat Just on obtaining Halal certification and approvals. The collaboration will also involve developing a strategy for Eat Just to export its innovative food products to Halal markets across the region.

In March 2023, BlueNalu signed a Letter of Intent with Nutreco in a move to advance cell-cultured protein. This collaboration focuses on building a food-grade supply chain specifically for cell-cultured seafood production.  This builds on prior successful collaborations between the two companies. The agreement highlights the growing interest in alternative proteins and the steps being taken to bring them to market.

Findings of the Study:

  • The global cultured meat market is expected to grow due to growing awareness of the unethical treatment of animals in the traditional meat industry.
  • The rising per capita meat consumption and significant meat imports in emerging Southeast Asian economies present a promising market opportunity for cultured meat.
  • The cultured meat industry in the Asia-Pacific area is flourishing with a growing number of players. These companies are actively developing new products and expanding production capacity.
Pristine Intelligence LLP

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