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Cultured Meat Market to expand at a CAGR of 51.90% by 2032

Dec 12, 2023 4:36 PM ET

Cultured Meat Market to expand at a CAGR of 51.90% by 2032

Market Overview

In 2022, the market for cultured meat market was estimated to be worth USD 0.22 billion. The market for cultured meat is expected to expand at a compound annual growth rate (CAGR) of 51.90% between 2023 and 2032, from USD 0.33 billion in 2023 to USD 9.47 billion by 2032. The main factors propelling the market’s growth are the growing number of vegans, advancements in the science of substitute proteins, and consumer attitudes on animal welfare.

The necessity for finding meat substitutes and other proteins is growing as the world’s population and environmental impact both expand. There is a chance that the cultured meat industry may grow globally if there is more focus on environmental sustainability and meat supply security. Forecasts indicate that the growing vegan population and consumer sentiments towards animal welfare will be factors in the proliferation of cultured meat. Research and development are being conducted to enable the mass manufacture of cultured meat, even if the market is still in its infancy. The primary market participants are focusing on obtaining legal authorization to sell items made from cultured meat. Increased public funding for cellular agriculture in developed countries like as the United States will create opportunities for farm-raised beef demand to grow. The support of governments and regulatory bodies in some countries to direct capital and funding towards the cultured meat industry will have a big influence on the licencing and commercialization of produced meat.

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A multitude of benefits, including the lack of environmental effect, the removal of the need to rear animals, and the decrease in risks to public health, are driving the growth of the global cultured meat business. Another alternative protein source is cultured meat. Customers are turning back to choosing a diet that is higher in nutrients, promotes sustainability, and uses less animal proteins. People who are allergic to animal-based proteins are also the primary market for alternative proteins. Hence, driving the income of the Cultured Meat market.

Sectoral Insights

Based on source, the Cultured Meat Market is segmented into categories such as chicken, beef, fish, pig, and duck. In 2022, the poultry category held the highest revenue share.

Nuggets, burgers, meatballs, sausage, hot dogs and other items are included in the segmentation of the cultured meat market depending on end use. In 2022, the cultured meat market was led by the burger sector.

Regional Analysis 

The report offers market information for North America, Europe, Asia-Pacific, and the rest of the world, broken down by region. In 2022, the North American cultured meat market held a 45.80% share of the market. The existence of significant businesses in the region and the growing customer demand for meat and poultry products produced responsibly are driving the increase. Many American companies are gradually investing in cell-agriculture technology to produce cultured meats locally. Additionally, the market for cultured meat in the United States had the most market share, while the market in Canada had the highest rate of growth.

Key Companies in the Cultured Meat market include

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

UPSIDE Foods

Mission Barns

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COVID-19 Analysis 

The Covid-19 epidemic in 2020 increased demand for contact-free biometric services at airports because they provide identity and verification without any physical touch. Contactless biometric services provide quick and accurate identification while limiting exposure. Additionally, the pandemic has compelled airport management to implement contactless thermal checking biometric equipment to monitor passenger admission by measuring body temperature. Throughout the projected period, it is anticipated that the contactless airport biometric services industry will continue to rise. Airports all around the world are quickly implementing contactless biometric services including face recognition, voice recognition, & 3D advanced fingerprint recognition.

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