Cultured Meat Market Size Expected to Reach $6,501.8 million by 2033

Cultured meat, also known as lab-grown meat, has garnered attention as a potentially more sustainable alternative to traditional animal agriculture.

WILMINGTON, DE, UNITED STATES, October 23, 2024 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Cultured Meat Market,” The cultured meat market size was valued at $65.20 million in 2023, and is estimated to reach $6,501.8 million by 2033, growing at a CAGR of 58.5% from 2024 to 2033.

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It involves the cultivation of animal cells, typically derived from a biopsy of livestock, in a controlled environment such as a bioreactor. These cells are then nourished with a growth medium that contains nutrients necessary for their proliferation and differentiation into muscle tissue.

Changing dietary preferences and culinary trends play a pivotal role in driving the growth of Environmental concerns and are a significant driver behind the cultured meat market trend. Traditional livestock farming is associated with substantial environmental impacts, including deforestation, water pollution, and greenhouse gas emissions. As awareness of these issues grows among consumers and policymakers, there is increasing pressure to find more sustainable alternatives. Cultured meat offers a promising solution, as it requires significantly fewer resources to produce compared to conventional meat. By eliminating the need for large-scale animal agriculture, cultured meat reduces land use, water consumption, and greenhouse gas emissions, helping to mitigate the environmental footprint of food production.

Moreover, the production process for cultured meat can be tailored to be more environmentally friendly. For example, lab-grown meat can be produced using renewable energy sources and recycled water, further reducing its environmental impact. As consumers become more conscious of their ecological footprint, the appeal of cultured meat as a more sustainable protein source is expected to continue driving market growth. Additionally, regulatory initiatives aimed at promoting sustainable food production may further incentivize the adoption of cultured meat, creating a conducive environment for market expansion during the cultured meat market forecast.

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Ethical considerations surrounding animal welfare present a significant opportunity for the cultured meat market. As consumers become increasingly aware of the environmental and ethical implications of traditional animal agriculture, there is a growing demand for cruelty-free alternatives. Cultured meat offers a solution by providing meat without the need for raising and slaughtering animals, aligning with the values of ethical consumers. Companies can capitalize on this opportunity by marketing cultured meat as a compassionate choice, appealing to individuals who seek to minimize their contribution to animal suffering which is expected to create cultured meat market opportunities in the upcoming years.

According to the market analysis, the cultured meat market is segmented into type, end user, and region. By type, the market is divided into red meat, poultry, and seafood. By end user, the market is segmented into household and food services. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, Italy, Spain, the UK, Russia, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Thailand, Indonesia, and rest of Asia-Pacific), Latin America (Brazil, Argentina, and rest of Latin America), and Middle East and Africa (South Africa, Saudi Arabia, UAE, and rest of MEA).

By type, the red meat segment accounted for more than 87.8% of the market share, in terms of revenue, in 2023. Cultured red meat is projected to gain major traction in the global cultured meat market during the forecast period. This is majorly attributed to the popularity of conventional red meat among the meatatarian people. Red meat is one of the most consumed meat forms in the world. This is attributed to the fact that enormous benefits are associated with red meat consumption such as it helps muscle growth and supports muscle mass, provides essential vitamins and minerals that support good health and well-being, and helps to strengthen the immune system.

For instance, beef is an ideal source of zinc, which supports cognitive function, fertility, and reproduction and contributes to the maintenance of normal testosterone levels in the blood. The supply-demand has increased due to the limited production of red meat. The scarcity of meat is attributable to various factors such as a decrease in animal headcount, a rise in population, and a surge in demand for protein & nutrients.

By end user, the food service segment led the market and accounted for more than 93.9% of the cultured meat market share in 2023 and is expected to maintain its dominance during the forecast period. The food service industry is expected to dominate the market in the years ahead, owing to rapid urbanization, an upsurge in disposable income, and an increase in trend of dining out. Furthermore, the rise in the number of food delivery apps has resulted in an increased number of restaurants and hotels, globally, which promotes the cultured meat market growth.

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Moreover, an increase in consumption of fast food and ready-to-eat food products is expected to create more demand for cultivated meat through the food services industry. In addition, an increase in urban population is likely to have a favorable impact on the growth of the cultured meat market, as metropolitan people are more likely to try cultured meat as compared to rural people, owing to high disposable income and busy lifestyle.

Region-wise, Asia-Pacific was the largest market in 2023 and had the highest market share of 62.1%. The inclination of consumers toward animal well-being and against slaughtering in countries such as China and Japan fosters the growth of the cultured meat market in the region. In addition, the increase in health & fitness consciousness and recent innovative product launches by Eat Just are the major factors that contribute to the overall consumer demand for the cultured meat industry in the region.

Japan is expected to be one of the promising markets in the cultured meat market, owing to the favorable conditions in the country. According to the Japanese Ministry of Agriculture, Forestry and Fisheries, in Japan, the consumption of fish has decreased over the past few years, whereas the consumption of meat is growing. In 2018, per capita consumption of meat was higher than in 2017 (33.2 kg), which by category can be seen as 13.8 kg for chicken, 12.9 kg for pork, and 6.5 kg for beef.

Some of the key players profiled in the cultured meat market analysis include Aleph Farms Ltd., Cubiq Foods S.L., Eat JUST, Inc., Future Meat Technologies, Meatable B.V., Memphis Meats, Mission Barns, Mosa Meat BV, Redfine Meat Ltd., and Vow Group Pty Ltd.

Key findings of the study

By type, the seafood segment is projected to witness the highest CAGR of 62.7%, in revenue terms, during the forecast period.

By end user, the household segment is projected to witness the highest CAGR of 61.3%, in revenue terms, during the forecast period.

By region, Europe is anticipated to witness the highest growth rate, registering a CAGR of 99.6% from 2024 to 2033.

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