CHICAGO, Nov. 14, 2023 /PRNewswire/ -- The Cultured Meat Market is projected to reach USD 0.2 billion in 2023 and USD 1.1 billion by 2034, at a CAGR of 16.5% from 2028 to 2034 according to a report published by MarketsandMarkets™. In the next five years since 2023, the cultured meat market is projected to grow at 16.1% of CAGR. Sustainability being the central theme across major economies, industries and personal lives of people around the globe for growth, cultured meat is proving to be the next big paradigm in achieving these ambitious goals. There is a growing global awareness of the pressing environmental and sustainability challenges posed by traditional livestock farming. Cultured meat presents a compelling solution as it dramatically reduces the environmental footprint, including greenhouse gas emissions, land use, and water consumption. Additionally, increased interest from venture capitalists, large food companies, and impact investors is providing substantial funding for research and development in the cultured meat sector. This investment influx is accelerating the commercialization of cultured meat products.
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Furthermore, government support through grants, research funding, and streamlined regulatory pathways is integral to the development and growth of the cultured meat market. It is facilitating innovation, ensuring safety and quality standards, and accelerating market acceptance. Moreover, innovations in cell culture, bioreactors, and tissue engineering are improving scalability and product quality. These advancements are essential for making cultured meat a viable and competitive alternative to traditional meat production.
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The poultry segment by source is expected to grow at the highest CAGR during the forecast period
Cultured poultry offers a controlled and sterile environment for meat production, reducing the need for antibiotics and minimizing the risk of contamination. The absence of live animals in the production process also eliminates the possibility of zoonotic diseases, which can be transmitted from animals to humans. This aspect of cultured poultry resonates with health-conscious consumers who prioritize food safety.
Additionally, the transparency and traceability of cultured meat production processes provide consumers with greater confidence in the safety of the end product. The growth of the poultry segment in the cultured meat market is driven by the industry's ability to address and alleviate food safety concerns while offering a sustainable and ethical alternative to traditional poultry farming.
By end use, nuggets hold the largest in the cultured meat market in 2023.
Culinary innovation and product diversity are key drivers behind the growth of the nuggets segment in the cultured meat market. This segment benefits from the versatility of cultured meat technology, which allows for the creation of a wide range of products with various flavors, textures, and ingredients, making it an ideal platform for culinary creativity.
Cultured meat companies are working to replicate the taste and texture of traditional chicken nuggets, while also offering unique, chef-inspired variations. This innovation attracts consumers who seek novel and exciting dining experiences. Creative chefs and food scientists are experimenting with seasonings, coatings, and cooking techniques to produce nuggets that cater to diverse tastes, from classic comfort food enthusiasts to health-conscious consumers looking for gluten-free or low-fat options.
Moreover, the potential for customization in nugget production, such as incorporating specific flavor profiles, herbs, or spices, allows for a broader consumer base. As these products become more accessible and appealing to a wide audience, the nuggets segment within the cultured meat market continues to grow, driven by culinary innovation and product diversity.
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The US is expected to account for the largest market share in 2023.
The US has created a highly dynamic environment for innovation, investment, and regulatory support in the cultured meat sector. This environment is notably reducing uncertainty and facilitating market entry. It has resulted in significant progress, as illustrated by recent developments.
In 2023, the U.S. Agriculture Department (USDA) approved the sale of lab-grown chicken products produced by two California companies, Upside Foods (formerly known as Memphis Meats) and Good Meat, a subsidiary of Eat Just Inc. This landmark approval means that these companies' cultured meat facilities will now be subject to USDA inspection, akin to traditional meat processing plants.
These pioneering companies are preparing to introduce their cultured chicken products to the market. They have chosen to partner with exclusive restaurants as their initial distribution channels. Upside Foods has collaborated with the renowned San Francisco restaurant, Bar Crenn, while Good Meat's offerings will be available at a restaurant in Washington, D.C., owned and operated by acclaimed chef Jose Andrés.
These regulatory approvals and strategic restaurant partnerships signify a significant milestone in the cultured meat industry in the United States, demonstrating the government's will in supporting and regulating this innovative sector while also creating pathways for cultured meat products to reach mainstream consumers through established foodservice channels.
Major players operating in the cultured meat market are Mosa Meat (Netherlands), UPSIDE FOODS (US), JUST, Inc. (US), and Integriculture Inc. (Japan), and BioCraft, Inc (US).
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