Cultured meat, a lab-grown alternative to animal meat that involves no cruelty, may experience a tremendous shift in the upcoming years. The primary factor contributing to the growth of the cultured meat market is the growing meat consumption across the globe which has significantly boosted the demand for alternative food sources. If we go by the FAO statistics, the total world meat production crossed 337 million tons in 2020.
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Cultured or cultivated meat is free from antibiotic abuse and is lesser prone to contamination from E.coli bacteria and other contaminants in the meat processing industries. It uses less water, requires less land, produces less pollution, and reduces emissions of harmful gases like methane, nitrous oxide, carbon dioxide, offering them a competitive edge over animal-derived meat.
Since it does not require animal killing, it supports initiatives of several organizations like PETA that work against animal cruelty and slaughter. These factors, in tandem with the increasing demand for QSR and rising online food delivery trends, will bolster the cultured meat industry outlook in the future.
Based on research by Global Market Insights Inc., the cultured meat industry may record a valuation of 12.7 billion by 2030.
Listed below are some noteworthy trends that will foster industry expansion over the analysis period.
Fueling strategic collaborations
New and existing players across the globe are developing their infrastructure to meet the growing demand for cultivated meat products. They are pouring in heavy investments and indulging in brand collaborations to establish their position in the market and expand their global footprints.
In February 2022, Israel's largest food-producing enterprise, Tnuva Group, entered into a collaboration with Israeli biotechnology firm, Pluristem Therapeutics to co-launch a cultivated food platform that focuses on the manufacture, commercialization, and growth of cell-based products for the food sector. The platform will run under a newly incorporated establishment NewCo. in which Tnuva has invested USD 7.5 million and owns 16% of the total stake.
Explosive industry growth in the Asia Pacific region
Asia Pacific cultured meat market will experience notable expansion in the future due to the presence of large meat-producing nations like China in the region. According To World Data Atlas, China accounted for more than 22% of the total world meat production in 2020. These estimates, coupled with the favorable government initiatives to speed up the integration of plant-based meat alternatives, will push the growth of the cultivated meat market in the region.
Under its 14th five-year plan, China put forth a national approach toward a more acceptable food system that comprises R&D of cultured meat and plant-based eggs with a view to influencing the rest of the world.
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Nurturing tactical associations among the new players
Several new startups are teaming up and indulging in mergers and acquisitions to expand their cultured meat portfolio and support the cause of environmental sustainability and animal cruelty. They are focusing on developing their existing technological, scientific, and production infrastructure to increase their brand value and enhance customer retention.
In January 2022, UPSIDE Foods, a California-based cultivated meat startup announced the acquisition of a cellular aquaculture startup, Cultured Decadence that specializes in cell-based lobster and other crustaceans. The acquisition aims to replace cruel and environmentally detrimental systems of food production with less toxic and more humane ones that yield the exact, delectable meat without any of the slaughter.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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