Cultured Meat Market: Key Companies & Market Share Insights

[sara James]

The global Cultured Meat Market size is expected to reach USD 348.0 million by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 11.4% from 2022 to 2028. The market is anticipated to be driven by the growing consumer preference to adopt a protein-rich diet. The COVID-19 era strongly reflected the demand for nutritional ingredients and vitamins. Cultured meat can be costly if manufactured with current technology. It needs large capital investment for R&D activities. These are some factors that may impede the growth of the global market. However, high meat consumption among customers can create large revenue opportunities for companies in the market. 

The demand for pork-based cultured meat is continuously increasing to accomplish the essential need for proteins, minerals, and vitamins. The key players of in-vitro meat are adopting new technologies, such as three-dimensional printing technology, for customizable slaughter-free meat production. At present, key players are focusing on reducing the prices of in-vitro meat products. The companies are trying to maintain the natural taste of in-vitro meat products. Hence, the market is expected to witness lucrative growth during the forecast period. During the COVID-19 pandemic, the demand for in-vitro meat slightly improved due to the high demand for healthy food. In-vitro meat gained immense traction during the COVID-19 era to scale up the healthy diet. The growing concerns among consumers to boost immunity and adopt nutritious ingredients in meals are propelling the market growth. 

The poultry source segment held the largest revenue share of over 35.0% in 2021. Rising investment in the poultry segment by various companies is propelling the growth of the market. Moreover, the increasing demand for nutritional ingredients from meat consumers to improve the human immune system will augment the segment growth. The rising health concerns among consumers and the affordable cost of poultry-based products are further fueling the segment growth. North America dominated the market with a revenue share of more than 35.0% in 2021. At present, the U.S.-based key players are focusing on strategic partnerships and mergers & acquisitions in order to attract a large consumer base. Gradually rising consumption of meat as well as meat products, combined with the associated nutritional benefits, is likely to support the regional market growth. Hence, the market is expected to witness significant growth during the forecast period.

Related Press Release@ Cultured Meat Market Report

Cultured Meat Market Report Highlights

• The poultry source segment held the largest revenue share of over 35.0% in 2021. This is due to the growing inclination towards chicken among customers as it is economical and has a simple cell structure
• The burgers end-use segment held the largest revenue share of more than 40.0% in 2021 due to the rising popularity of hamburgers in the U.S. and Canada. Moreover, the mounting consumer need for the use of clean meat in foodstuffs, such as burgers, is expected to fuel the segment growth
• Asia Pacific is expected to register the fastest growth rate of 12.1% from 2022 to 2028 owing to the increasing demand for poultry products in emerging economies, such as China and India. In addition, the increasing adoption of in-vitro meat to beat the zoonotic diseases will drive the Asia Pacific market