The cultured meat market is primarily driven by factors such as growing meat consumption, increasing interest of manufacturers in producing alternative protein, and growing number of investors including major food industry giants such as Cargill and Tyson Foods investing in cellular agriculture-based technology. The global cultured meat market is projected to reach USD 15.5 Million by 2021 and by 2027, at a CAGR of 4.0%.
Companies such as Memphis Meats (US), MosaMeat (Netherlands), SuperMeat (Israel), Just, Inc (US), and Integriculture Inc. (Japan) conduct extensive research & development of cultured meat products.
On the basis of source, the cultured meat market is segmented into poultry, pork, beef, and duck. The poultry segment is projected to account for the largest share, followed by pork, in 2022. Currently, cells cultured from poultry meat are preferred for making cultured meat due to consumer preference for chicken, its cost effectiveness, and simplified cell structure as compared to other sources such as beef.
On the basis of end use, cultured meat is expected to be preferred for the preparation of nuggets. The nuggets segment is expected to account for the largest market share by 2022. Developed countries such as the UK, Canada, the US, Germany, and Spain are major consumers of nuggets as snacks and present a positive outlook for the cultured meat during the forecast period. Cultured meat is also expected to be used in making sausages, burgers, meatballs, and hot dogs. The growing demand for clean meat and positive attitude towards cultured meat by consumers in developed countries are some factors expected to the growth of this segment.
The North American region is projected to account for the largest share in the global cultured meat market in 2022. A large meat eating population, growing investment and research on cultured meat, and the presence of cultured meat manufacturers is expected to provide promising prospects for growth and diversification in the region’s cultured meat market.
