Cultured Meat Market is estimated to grow substantially through 2032, owing to the rising awareness regarding food safety and health benefits. In addition, the growing demand for animal-based product substitutes will also positively impact the industry growth in the coming years. Less contamination, fewer antibiotics, and reduced environmental impact are some of the key benefits slated to boost the product adoption.
An upsurge in animal protein or alternate protein consumption would further add to the market curve during 2023-2032. According to reports, in 2020, approximately thirteen million metric tons of alternative proteins were globally consumed. Besides, the high demand for quick-service restaurants, as they serve food items that require minimal preparation time and are delivered quickly, is likely to impel the product consumption.
Key players in the market are engaging in strategic initiatives such as mergers and acquisitions, partnerships, R&D investments, and new product launches to gain a competitive edge in the overall industry. To cite an instance, in February 2021, Mosa Meat announced concluding its Series B funding of $85 million. The raised capital was apparently used to expand the company’s existing pilot production facility at its home in Maastricht.
Overall, the cultured meat industry is segmented in terms of source, end-use, and region.
Based on source, the beef segment is expected to be valued at USD 3.4 billion by 2032, owing to the rising consumption and demand for beef. According to reliable reports, the global intake of beef in 2020 was approximately 130 billion pounds, with the United States accounting for 21% of the meat consumption. Moreover, the ongoing issues regarding the supply-demand gap, that can be overcome due to cultured beef could stimulate the segmental growth over the next ten years.
By end-use, the sausages segment is expected to exhibit over 154.5% CAGR from 2023-2032. The rising demand for farm-free fast foods that contain some flavor of traditional meat is anticipated to spur the demand for sausages. In addition, several leading industries are seeking ways to replace conventional farming with shiny, clean aluminum bioreactors that stir out drumsticks, tasty steaks, and flour, which will further aid the industry in expanding in the foreseeable future.
Regionally, the Europe cultured meat market is anticipated to garner potential gains by 2032 end. The regional market growth can be attributed to the rising demand for alternative proteins and increasing consumer awareness of healthy eating and staying fit following the COVID-19 outbreak. In addition, nutrition, safety, and sustainability are the key benefits offered by the alternative protein that will boost its adoption in the region in the coming years.