Cultured meat market to surpass US$20 billion by 2032
We don't normally publish these market insights as there are seemingly several being published each month, all with differing statistics, but a new one about cultured meat makes for interesting reading. According to a research study by Global Market Insights, the market valuation for this new-age 'meat' is anticipated to reach US$20 billion by 2032. A decade away...!
The study claims that the increasing popularity of cruelty-free alternatives to animal-based meat products will enhance the adoption rate of clean meat. According to a survey conducted and commissioned by OpinionWay and the Good Food Institute (GFI) on 4,096 participants from Germany, France, Italy, and Spain, more than 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 cultured meat market worldwide. For instance, in May 2021, Memphis Meats rebranded itself as UPSIDE Foods and introduced its first consumer product, cultured chicken.
The cultured meat market size from seafood segment will cross US$6.5 billion by 2032, due to its rich nutritional composition and delicious taste. In addition, an increased emphasis on advancing aquaculture sustainability and reducing fishing pressure on oceans will boost the demand for cultivated seafood.
The cultured meat market share from the nuggets segment is projected to witness over 137% CAGR between 2023 and 2032 and exceed US$6.2 billion by 2032, attributed 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 fuel the industry dynamics.
The APAC cultured meat market is estimated to be worth over US$6 billion by 2032. 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 influence synthetic meat sales in the region.
Prominent participants operating across the cultured meat market include Mosa Meat, UPSIDE Foods, Aleph Farms, Finless Foods, Meatable, New Age Meats, HigherSteaks, Biofood Systems, Avant Meats Company, Balletic Foods, Believer Meats, 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 US$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 US$60 million.
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