Lab-Grown Meat Market Size, Share, Growth, and Industry Analysis, By Type (Beef, Pork, Poultry, Seafood) Downstream Industry (Food Retail, Food Service) and Regional Forecast to 2032.

Updated On: 11 November 2024

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LAB-GROWN MEAT MARKET REPORT OVERVIEW

The Global Lab-Grown Meat Market Size was USD 0.97545 Bn in 2023 and is projected to touch USD 3.02 Bn by 2032, exhibiting a CAGR of 12% during the forecast period.

The lab-grown meat sector has grown exponentially as customers seek more sustainable and ethical eating options that would be harmless to their health. With proper improvements in biotechnology and greater investment, the industry is expected to grow exponentially over the decade. To compete with the traditional form of meeting the market, it is aiming for more innovation by adding various flavors to improve taste and texture and lower cost. This market is expected to expand exponentially, mainly in regions such as North America and Europe.

COVID-19 IMPACT: Disruptions in Supply Chains and Surge in Demand for Lab-Grown Meat

The Global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic has impacted this market, resulting in a shortage and an increase in interest in this sector as a sustainable alternative. Lockdowns and factory closures reduce the scope of innovation and investment in industry. This move has helped to increase awareness of food security issues, increasing the demand for cultured meat. However, the economic vulnerability and disruption in the supply chain have created constraints for the market to grow.

LATEST TREND

"Scaling Production and Cost Reduction in Lab-Grown Meat"

This sector has put its efforts into improving production and lowering the cost to compete with traditional beef. Companies are starting to focus on improving bioreactors, refining cell culture, and making strategic alliances to increase the production rate. Cellular agriculture also creates a way to reduce the delivery cost and improve product quality, leading to consumer acceptance where more merchants and restaurants have started offering cultured meat products.

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LAB-GROWN MEAT MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into Beef, Pork, Poultry, Seafood

• Beef: It is a major segment in this sector which has a strong demand and potential for significant cost savings.

• Pork: It mainly represents owing to its global appeal and increased customer desire for sustainability.

• Poultry: It mainly focuses on lower production costs, widespread consumer acceptability and potential for rapid scale.

By Downstream Industry

Based on type the global market can be categorized into Food Retail, Food Service

• Food Retail: It mainly refers to the development channels, with restaurants embarrassing cultured to meet long-term demand.

• Food Service: It mainly focuses on growing demand channels, where restaurants are using cultured beef to achieve sustainability goals

DRIVING FACTOR

"Growing Consumer Demand for Sustainable and Ethical Food Choices"

The Lab-Grown Meat Market growth is happening due to a rising customer desire for sustainable and ethical options. As customers are getting more aware of the environmental impact of traditional meat and its implications, therefore they are now looking for the best sustainable and healthy alternatives that minimize carbon emissions and water consumption.

"Technological Advancements and Regulatory Support"

The introduction of technology in cellular agriculture is helping with cutting costs and focusing on improving the quality of the product such as the flavor of this sector, making it more competitive with conventional meat to consume. Companies have started investing in bioreactor technology and cell culture to boost the expansion of the market. These major steps are taken to gain the customer’s trust.

RESTRAINING FACTORS

"High Costs and Low Awareness in this Market"

High production costs and little customer knowledge are major barriers to the business, with pricey equipment and technology making it more expensive than conventional beef. Many people are unfamiliar with cultural safety and taste. These factors have created hindrances in innovation to take place for this industry.

OPPORTUNITY

"Expanding Market Reach Through Innovation and Partnerships"

This industry has significantly grown due to the increased integration of advanced technology and strategic alliances. Collaborations with food service providers and retailers are the sectors that can help the market in penetration and consumer access. Furthermore, initiatives taken to reduce costs and create diversity in the product have the potential to attract more customers.

CHALLENGE

"Scaling Production and Achieving Cost Parity with Conventional Meat"

This sector has faced several obstacles in scaling its production to fulfill the demand of the market while maintaining affordable costs with conventional meat. High manufacturing costs, lack of infrastructure and the requirement for substantial technology all these factors can affect mass production. Furthermore, regulatory constraints and consumer’s lack of trust can create challenges for the market to grow.

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LAB-GROWN MEAT MARKET REGIONAL INSIGHTS

• North America

North America has the largest lab-grown meat sector, which mainly focuses on technological development, with steady investment activity and the rising consumer demand for the food option. The United States ' Grown Meat Market has played a crucial role in giving opportunities to startups and helping food firms create obstacles in product development and commercialization. Recently United States has created a new road for this sector to increase its sales, establishing the country as a market leader in market expansion.

• Europe

Eirpe is an emerging player in this business, owing to favorable and given significance to the R&D investment and progressive policies, mainly the Netherlands and the United Kingdom are leaders in innovation and pilot programs. The region is establishing itself as a leader across the globe.

• Asia

In Asia, the market is expanding rapidly with an increase in the consumer demand for sustainable food and government assistance for the food innovation sector, where countries such as Singapore and China are setting their standards high, and Singapore become the first country to accept this industry.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market Through Innovation and Market Expansion"

This market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of wardrobe options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features in cloth wardrobes, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

LIST OF MARKET PLAYERS PROFILED

• Aleph Farms (Israel)
• Meltable (Netherlands)
• Just Inc. (USA)
• SuperMeat (Israel)
• Finless Foods (USA)
• Mosa Meat (Netherlands)
• Memphis Meats (USA)

INDUSTRIAL DEVELOPMENT

June 2023: Aleph Farms has announced the commercial access of its steak products becoming the first market to promote lab-grown beef steak. This major step taken by the company became a milestone for the traditional meat sector, proving its scalability and consumer trust.

REPORT COVERAGE

This report has focused on the companies that influence future estimates. It entails thorough market research into crucial topics such as market segmentation, opportunities, and industry advances. The study also investigates the trends, growth patterns, market size, share, and potential restrictions, offering a full picture of the current situation.

This Research provides information related to market development, such as changes taking place among the important players and altering dynamics. This guarantees that the report is authenticated and provides useful insights into both current and future trends.