The cultured meat market is forecasted to experience substantial growth, with a projected CAGR of 16.5% from 2028 to 2034, reaching USD 1.1 billion by 2034 from an estimated USD 0.2 billion in 2023. This surge is attributed to the growing global emphasis on sustainability and environmental consciousness, positioning cultured meat as a pivotal solution to the challenges posed by traditional livestock farming.
The market benefits from heightened awareness of environmental issues, prompting increased investment from venture capitalists, large food companies, and impact investors. These funds are accelerating research and development, driving the commercialization of cultured meat products. Government support, in the form of grants, research funding, and streamlined regulatory pathways, plays a crucial role in fostering innovation, ensuring safety and quality standards, and expediting market acceptance.
The poultry segment is anticipated to lead in CAGR during the forecast period, owing to its controlled and sterile production environment that addresses food safety concerns. Transparency and traceability in the cultured meat production process enhance consumer confidence in the safety of the end product, contributing to the segment’s growth.
Nuggets dominate the cultured meat market in 2023, driven by culinary innovation and product diversity facilitated by the versatility of cultured meat technology. Companies are replicating traditional chicken nugget taste and texture while offering unique variations, attracting consumers seeking novel dining experiences. Customization possibilities, such as specific flavor profiles, herbs, or spices, contribute to the broadening consumer base, propelling the growth of the nuggets segment.
The U.S. is expected to hold the largest market share in 2023, attributed to a dynamic environment fostering innovation, investment, and regulatory support. Recent USDA approvals for lab-grown chicken products from companies like Upside Foods and Good Meat mark a significant milestone, signaling government support and creating pathways for cultured meat products to reach mainstream consumers through established foodservice channels.
Major players driving the cultured meat market include Mosa Meat (Netherlands), UPSIDE FOODS (US), JUST, Inc. (US), Integriculture Inc. (Japan), and BioCraft, Inc (US). Their contributions in innovation and partnerships underscore the industry’s progress and potential for widespread acceptance as a sustainable and ethical alternative to traditional meat sources.
