Lab-Based Meat Key Market Players by Regional Growth, and Forecast to 2030
Lab-Based Meat Market Overview
The Lab-Based Meat Market is expected to be valued at USD
22.8 Million by 2030 and is projected to register a CAGR of 5.5% during the
forecast period.
Market Dynamics
Rising meat consumption, increasing demand for alternative
proteins by food processors, a focus on environmental sustainability, and
technological breakthroughs in cellular agriculture are projected to boost
market expansion. The growing demand and supply imbalance for meat has prompted
a focus on alternative meat sources around the world. Increased investments in
the worldwide lab-based meat sector have resulted from the great growth
potential and expectation of significant profit realization. The rising demand
and supply mismatch is to blame for the increased focus on alternative meat
sources.
Large sums of money have been invested in the study and
development of lab-based meat due to the enormous profit margins. The use of
lab-based meat is expected to increase as public awareness and focus on
environmental issues, animal suffering, and sustainability grow. As a result,
manufacturers are attempting to lower production costs. Growing investments
have resulted from increased carbon emissions from cattle farming, as well as
the ‘slaughter-free' and ‘cruelty-free' labels connected with lab-based meat.
During the forecast period, the lab-based
meat market trends is expected to develop due to rising meat consumption
and increased demand for nutritional meat. This rising trend in protein
consumption is likely to present a number of opportunities for meat processors
and food firms to invest in alternative meat proteins, such as lab-based meat,
in order to meet customer demand. Conventional meat continues to dominate the
market, and industry lobbyists have been battling to keep it that way,
including by contesting the whole concept of alternative meats.
High production costs and tight regulations, on the other
hand, are likely to stifle market growth for the first five years after product
debut. Furthermore, consumer distrust of lab-based meat is a significant hurdle
for market competitors. Before lab-based beef becomes publicly available, there
are still considerable obstacles to overcome. Alternative meat producers will
confront resistance from traditional meat producers, in addition to ensuring
that the goods are affordable, which is still an issue, and dealing with
customer skepticism.
Competitive Dynamics
The lab-based
meat key market players are Finless Foods (US), Mosameat (Netherlands),
Just, Inc. (US), Memphis Meats (US), SuperMeat (Israel), Integriculture Inc.
(Japan), Future Meat Technologies (Israel), Biotech Foods (Spain), Aleph Farm
(Israel), and Higher Steaks (UK), are some of the top players operating in the
global lab-based meat market.
Market Segmentation
The lab-based meat market overview has been divided into
three categories: source, end-use, and geography.
The global lab-based meat business has been separated into
chicken, pork, beef, and others, according to the source. In 2021, the poultry
segment is predicted to have the biggest market share. High demand for chicken
and other white meat, ease of manufacturing, and high efficiency due to a simpler
cell structure than beef or pork are some of the factors that are likely to
propel the segment's growth at the fastest rate over the forecast period.
The global lab-based meat market has been divided into
burgers, nuggets, hot dogs, meatballs, and other categories based on end use.
In 2021, the nuggets sector is likely to lead the market and have the fastest
growth rate. In affluent countries such as the United States, the United
Kingdom, Canada, Germany, and Spain, meat snacks are in high demand, and nuggets
are a popular snack variety. The nuggets category is predicted to develop due
to rising demand for clean meat, increased environmental consciousness, and the
readiness to adopt lab-based meat.
Region Overview
Because of rising demand for clean meat products and
increased adoption of lab-based meat foods, the lab-based meat market in North
America is expected to dominate the global market and grow at the fastest rate
during the forecast period. The surge in inventions and advances, as well as
significant spending on efficient R&D, are predicted to account for the
majority of this share. Consumers are shifting from conventional meat to
lab-based meat products due to health concerns about meat consumption, a surge
in investor interest in alternative proteins, and the possibility of delivering
the essential nutrition of tailor-made proteins. Metropolitan areas in the
United States and Canada are likely to lead growth due to a higher proportion
of flexitarians who are open to and embrace meat alternatives and alternative
proteins. Increased investment in lab-based meat enterprises is supported by
the expanding demand for alternative proteins in the region. Due to the
increasing number of investors, such as Cargill and Tyson Foods, this region's
rise might be attributed to the startups that are entering the market.
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considering Covid19 Footprints for Better Analysis of Market and Industries.
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