The global cultured meat market is estimated to observe substantial growth by 2030 owing to rising need for sustainable meat alternatives. Moreover, burgeoning demand for meat and poultry products across the globe is slated to further support industry outlook over the forecast period.
To offer alternative meat products, manufacturers have been focusing on getting the taste of cultured meat to resemble that of traditional meat, which is significantly less sustainable to produce. The cultured meat landscape is also gaining newer entrants with the evolution of the technology, which has been favorable for the competitive outlook of the market.
For instance, in September 2021, New Age Meats, the Berkeley-based cultured meat specialist, announced a $25 million Series A funding round. The company revealed that it would use the funding to commence production of its first product - a variety of pork sausages - next year. The company plans on starting with sausage although it will eventually foray into other categories of meat like chicken and beef.
Furthermore, government agencies are also investing in the technology, which has been pivotal for business growth in recent years. To cite an instance, in October 2021, the United States Department of Agriculture (USDA) awarded $10 million to Tufts University to support the establishment of the National Institute for Cellular Agriculture, marking its first investment in the lab-grown meat realm.
The cultured meat market has been bifurcated in terms of source, end-use, and region. Based on source, the market has further been categorized into poultry, beef, pork, seafood, duck, and others. The cultured meat industry from the others source segment is anticipated to be valued at over USD 480 million by the end of 2030, delivering a solid CAGR through the review timeframe.
From the end-use perspective, the market has been segregated into nuggets, sausages, burgers, meatballs, and others. The others end-use segment is projected to witness robust expansion, registering a CAGR of around 265% through the analysis timeline to reach a notable valuation by the end of 2030.
With respect to region, the Latin America cultured meat industry is expected to witness steady growth at more than 145% CAGR over the forecast period mainly driven by growing consumer preferences for alternative animal-based products across LATAM. Additionally, strategic initiatives adopted by companies, such as partnerships, for the production of cell-based meat is expected to further propel regional market growth in the coming years.
Meanwhile, the Middle East & Africa cultured meat market attained a valuation of over USD 3 million in 2020 and is calculated to grow at a stable pace through 2030. Soaring demand for meat, growing environmental concerns, lack of resources, and social ecological ethics are likely to impact product uptake in MEA over the study timeline.