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 market 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 notable players in the market 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 research 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 share 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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