Cultured Meat Market: Market Outlook
Cultured meat is produced from the cells of animals from advanced technology without slaughtering of the animals. The cultured meat is produced by taking several cells from an animal and growing them in a medium, which is very rich in nutrients. These cells have a capability of multiplying at a great extent that every single cell can be used to manufacture a good amount of meat for the world population in a year. The cultured meat is creating the major fad in the food and beverage industry as the food manufacturers are increasingly approaching the meat substitute products.
Although many numbers of in-between steps would be necessary to produce cultured meat in a very bulk quantity. After the multiplication of the cells forms a structure that looks like a sponge-like and is finally socked in nutrients, increases their protein content and size with the help of mechanical mechanism. The production of cultured meat is a proposed solution to feeding the ever-increasing growing population, it could also provide the benefits of favorable saturated fat level, reduced environmental impact and reduce foodborne illnesses. It is estimated that the resulting cultured meat can be seasoned, harvested, cooked to perfection for consumption as any other meat products such as chicken, hamburger, sausages and even a steak or a chicken breast.
Growing demand for alternative of animal-based products is among the major driving factor for the cultured meat market
The cultured meat market is driven by the rising consumer preference for consuming the substitute for animal-based products. The growing concerned over animal cruelty for meat production has created a valuable impact on consumer mindset on consuming meat products. Nevertheless, meeting the daily protein requirement and taste of the meat products is also a considerable factor to use the animal-based meat alternative products. This is formulating an advantageous opportunity for the cultured meat market. Furthermore, with the advancement of technology, cultured meat production is expected to rise in future. The developed regions such as Europe and North America is witnessing the higher consumption of meat analogue products which is also one of the driving factors for the cultured meat market in these regions. However, high pricing and lack of awareness are the major contributing factor which is restraining the growth of cultured meat market.
Cultured Meat Market Segmentation:
On the basis of end-use, the global cultured meat market has been segmented as
On the basis of distributional channel, the global cultured meat market has been segmented as
On the basis of region, the global cultured meat market has been segmented as
Cultured Meat Market Key Players
The major key players include a Francisco-based Memphis Meats, MosaMeat in the Netherlands, Brooklyn-based Modern Meadow, Tel Aviv-based Super Meat, and Brooklyn-based Finless Food and others.
Opportunities for Market Participants in the Cultured Meat Market
Since the demand for meat alternative products is rising, especially in developed countries, the manufacturers of cultured meat is obtaining the beneficial opportunity to grow in the market. The cultured meat is one of the major researched projects in the last decade, which is offering the greater potential to the market shortly. This is further creating the favorable market scenario to the global cultured meat market.
Global Cultured Meat Market: Regional Outlook
Cargill food ingredients through its commitment to invest and grow its traditional protein business derived from an animal. Their commitment is nearly up to US$ 700 million in the protein industry which could increase the production of cultured meat in North America. Developing the cultured meat is sustained for many years in both the United States and European nations. Since last decade, cultured meat research in the European Union has been gaining popularity. The support of the Dutch government has helped European cultured meat research largely.
COVID-19 Impact on Cultured Meat Market
The food and beverage industry is strongly hit by the global pandemic of COVID-19 disease which is expected to affect the sales of major food and beverage products. Cultured meat is one of the emerging market in the food and beverages industry and majorly produced through microbiological process. The manufacturing and research and development work has been stopped due to disease which further can affect the production of cultured meat. Moreover, consumer’s food demand and lifestyle could have a major impact after the end of the coronavirus disease outbreak, which, afterwards a considerable factor for the demand for cultured meat. Thus, cultured meat market would have a moderate to high impact due to COVID-19 disease pandemic.