Wilmington, Delaware, June 06, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Cultured Meat Market by Type (Red Meat, Poultry, and Seafood), and End User (Household and Food Services): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the cultured meat market was valued at $65.2 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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Prime determinants of growth
Animal welfare concerns are a significant driver behind the burgeoning growth of the cultured meat market. Traditional livestock farming practices often involve overcrowded and stressful conditions for animals, leading to ethical dilemmas and consumer backlash. Cultured meat offers a humane alternative by eliminating the need to raise and slaughter animals for food. This appeals to a growing segment of consumers who prioritize the welfare of animals and seek cruelty-free protein options. As awareness of the ethical implications of meat consumption continues to rise, more consumers are turning to cultured meat as a guilt-free alternative that aligns with their values.
On the other hand, health consciousness plays a pivotal role in propelling the growth of the cultured meat market. With increasing awareness of the health risks associated with consuming traditional meat products, consumers are actively seeking healthier alternatives. Cultured meat offers a compelling solution, as it is produced in controlled environments without the use of antibiotics, hormones, or other harmful additives commonly found in conventional livestock farming.
Report Coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2022 | $65.2 million |
| Market Size in 2032 | $6,501.8 million |
| CAGR | 58.5% |
| No. of Pages in Report | 305 |
| Segments Covered | Type, End User, and Region |
| Drivers | The surge in demand for alternative protein products. |
| Increase in concerns about animal welfare & rise in environmental awareness. | |
| Rise in consumer demand for allergen-free food | |
| Opportunities | Rise in supply-demand gap of conventional meat |
| Increase in purchasing power | |
| Restraints | High cost of production |
| Availability of healthier substitutes |
Red Meat segment to maintain its leadership status throughout the forecast period
By type, the red meat segment held the major share of the market share in 2023, accounting for more than four-fifths of the global cultured meat market, and is estimated to maintain its leadership status throughout the forecast period. This is majorly attributed to the popularity of conventional red meat among non-vegetarian 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 in muscle growth, supports muscle mass and helps to strengthen the immune system.
Seafood was the fastest-growing segment of the market in 2023. An increase in awareness regarding the benefits of seafood and a change in the dietary preferences of consumers majorly drive the growth of the cultured seafood market during the forecast period. In addition, the shift of nonvegetarian people toward pescatarians contributes to the market growth.
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Food Services segment to retain its dominance by 2033
By end user, the food services segment held the major share of the market in 2023, accounting for more than four-fifths of the global cultured meat market, and is estimated to maintain its leadership status throughout the forecast period. The food service industry is among the major consumers of cultured meat. The food service industry includes hotel chains, fast food restaurants, cash & carry outlet caterers, and other business buyers. 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 the trend of dining out.
Household was the fastest-growing segment of the market in 2023. A rise in disposable income, an increase in awareness regarding the benefits of cultured meat, and an upsurge in expenditure on premium food products are expected to promote the consumption of cultured meat through the household segment.
Asia-Pacific to maintain its dominance by 2033
By region, Asia-Pacific held the highest market share in terms of revenue in 2023, accounting for nearly three-fifths of the global cultured meat market. It has witnessed an increase in the number of players entering the market. These players are focusing on new product development and increasing production capabilities, projecting the upcoming demand for cultured meat products. Recently in December 2020, the cultured meat that is produced in bioreactors of Eat Just, Inc. without the slaughter of animals has been approved for sale by a regulatory authority for the first time in Singapore.
Europe is the fastest-growing region of the market in 2023. In Europe, countries such as the UK, Germany, Belgium, the Netherlands, Italy, Switzerland, and other countries, primarily in Western Europe, have witnessed a decline in per capita consumption of meat in the past few years. Lately, the consumption of meat has come under scrutiny and hence, has become subject to a lot of discussions.
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Leading Market Players
- Aleph Farms Ltd.
- Cubiq Foods S.L.
- Future Meat Technologies
- Meatable B.V.
- Memphis Meats
- Mission Barns
- Mosa Meat BV
- Redefine Meat
- Vow Group Pty Ltd.
The report analyzes these key players in the global cultured meat market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others, to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, developments, and product portfolios of every market player.
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