The global artificial meat market was worth USD 128.30 billion in 2021 and is expected to reach USD 310.97 billion by 2028, growing at a 15.90% CAGR.
Artificial Meat Market
The global artificial meat market size was worth USD 128.30 billion in 2021 and is estimated to grow to USD 310.97 billion by 2028, with a compound annual growth rate (CAGR) of approximately 15.90 percent over the forecast period. The report analyses the Artificial Meat Market's drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the Artificial Meat Market.
A few animal cells are used to make synthetic meat in a lab. It is real meat, but unlike traditional meat, it doesn't require killing animals. The goal is to create an ethical and sustainable beef industry from an environmental standpoint. Some industry experts believe that the "cellular agriculture" technology used to make meat is the way of the future.
Chronic diseases may be exacerbated by meat consumption. Though scientists can change the amount of fat and cholesterol in cultured meat, the evidence isn't clear about the potential consequences of lab-grown meat on nutrition. Artificial meats are much less likely to contain the E. coli bacteria found in animal feces and other contaminants that could be present in a meat processing factory. Artificial meat is also less harmful to the environment and less cruel to animals.
The COVID-19 pandemic impacted the supply chain, prices, and production of cultured meat, leading to a global socio-economic catastrophe. Due to decreased output and increased demand brought on by panic buying, the cost of meat and meat products skyrocketed. Facilities for packing and processing meat began to close in April 2020 due to the rapid COVID-19 virus transmission among employees. Furthermore, lab meat producers and processors had trouble harvesting and transporting the products because of lockdowns, a shrinking labor force, and changes in local and international export market legislation. These circumstances negatively harmed the lab meat industry.
Government preventive actions, including travel restrictions, border checks, and nationwide lockdowns, impact the cultured meat supply chain and its manufacturing. Due to difficulties in obtaining production inputs, transportation restrictions, a shortage of professional services & labor, and limitations in the provision of cultured meat & meat products to markets, the research & development, production, and processing of lab-grown meat were all hampered.
A tremendous increase in R&D investments to drive market growth
A tremendous increase in R&D expenditures over the past few years has been the primary driver of market expansion in the artificial meat sector. Increasing demand for products made without animal products has led investors to expect high growth prospects from the global artificial meat market. With increasing awareness about animal meat and its impact on health and the environment, artificial meat is gaining more recognition amongst vegetarians, youngsters, and people looking for healthier alternatives.
Availability of other healthy alternatives to restrict market expansion
The rising acceptance of plant-based goods encourages consumers to eat more fruits, vegetables, seeds, nuts, and legumes. These plant-based products also have numerous health advantages, which attracts more buyers. In response to diet-related illnesses like heart disease, obesity, type 2 diabetes, and cancer, many people have increased their consumption of meat from animals. Contrarily, plant-based products do not cause these illnesses, making them a better and healthier choice for customers. Many regions do not favor eating meat or imitation meat, so these populations prefer different vegetarian meals to meet their nutritional needs.
The global artificial meat market has been segmented into source, end-use, and region.
Based on the source, poultry, beef, seafood, pork, and duck are segments of the global artificial meat market. The poultry category will dominate the market in 2021. This can be linked to the rising demand for chicken products from quick-service restaurants (QSRs), which has prompted producers to create inventive alternatives to meet the rising consumer demand for meat. The items made from cultured chicken are anticipated to cost less than those from other sources and become immensely popular worldwide. The demand for poultry products also rises as the demand for animal protein does. Additionally, it is anticipated that this may hasten the commercial expansion of cultured meat globally. Additionally, it is anticipated that the rising demand for chicken meat would support the worldwide market for cultured meat due to the rapidly expanding urban population in emerging countries.
Based on end-use, the market is classified into nuggets, burgers, meatballs, sausages, hot dogs, and others. The demand for nuggets, a large processed meat product, is rising dramatically. In the U.S. and other North American nations, chicken is still the most widely consumed meat product. One of the main ways that chicken meat products are consumed globally is in the shape of nuggets. Customers are seeking solutions that are handy to eat anytime due to the rising adoption of the on-the-go lifestyle and consumption of snacking items, notably in the U.S. Therefore, to draw in customers, major corporations like Tyson Food and Cargill are concentrating on investing in the development of clean meat or cultured meat chicken products in the shape of nuggets.
North America dominated the artificial meat market in 2021
The global artificial meat market is most likely to be dominated by North America, which is also projected to lead the industry. High R&D spending and increased inventions and developments are expected to account for most of the share. Customers are mostly converting from conventional meat to cultured meat products due to health concerns about eating meat, increased investor interest in alternative proteins, and the possibility that specially designed proteins would provide the required nutrition. Metropolitan areas in the U.S. and Canada are expected to have the quickest rise due to the rising number of flexitarians and their growing acceptance of meat substitutes and other proteins.
Some of the main competitors dominating the global artificial meat market include- Memphis Meats, MosaMeat, SuperMeat, Just, Inc, Integriculture, Aleph Farms Ltd, Finless Foods Inc., Avant Meats Company Limited, Balletic Foods, Future Meat Technologies Ltd, Appleton Meats, Higher Steaks, Biofood Systems LTD, Fork & Goode, Meatable, Mission Barns, Bluenalu, Inc., New Age Meats, Shiok Meats, Seafuture Sustainable Biotech, Wild Type, Lab farm Foods, Cubiq Foods, Kiran Meats, and Cell Farm FOOD Tech/Granja Celular S.A.
Innovations in cellular agriculture, a growing interest in animal welfare, and environmental sustainability are a few more factors anticipated to drive the worldwide artificial meat market. Rising meat consumption and rising consumer demand for nutrient-dense meat are anticipated to promote market expansion during the projected period.
As per the report, the global artificial meat market size was worth USD 128.30 billion in 2021 and is estimated to grow to USD 310.97 billion by 2028, with a compound annual growth rate (CAGR) of approximately 15.90 percent over the forecast period.
The global artificial meat market is most likely to dominate North America, which is also projected to lead the industry. High R&D spending and increased inventions and developments are expected to account for most of the share.
Memphis Meats, MosaMeat, SuperMeat, Just, Inc, Integriculture, Aleph Farms Ltd, Finless Foods Inc., Avant Meats Company Limited, Balletic Foods, Future Meat Technologies Ltd, Appleton Meats, Higher Steaks, Biofood Systems LTD, Fork & Goode, Mutable, Mission Barns, Bluenalu, Inc., New Age Meats, Shiok Meats, Seafuture Sustainable Biotech, Wild Type, Lab farm Foods, Cubiq Foods, Kiran Meats, and Cell Farm FOOD Tech/Granja Celular S.A.
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