Cultured Meat Industry revenue is set to register a lucrative CAGR of 410% between 2021 and 2030 owing to increasing consumption of meat & meat products coupled with rising consumer reliance on lab grown products.
SELBYVILLE, Del., Oct. 20, 2021 /PRNewswire/ -- The cultured meat market value is projected to cross USD 12.7 billion by 2030, according to a new research report by Global Market Insights Inc. The growing demand for alternative of animal-based products and rapid evolution of online delivery is uplifting the cultured meat industry size.
Global market from nuggets segment is projected to surpass USD 3.85 billion by 2030. Cultured meat is anticipated to witness demand and acceptance over the coming years owing to its use in producing nuggets. Cultured chicken is used for preparing chicken nuggets that offer a dense texture and mild creamy flavor. The use of cultured meat in processed food products, such as chicken nuggets, is a significant way to replace the traditional meat production methods and create less environment damages.
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The demand for alternative meat-based nuggets in comparison to regular meat-based nuggets is rising due to environmental concerns and animal welfare issues. The Singapore Food Agency approved the use of cultured chicken to make chicken nuggets as it tastes and looks like real meat and is anticipated to be adopted by other countries, thereby creating a demand for cultured meat to prepare nuggets.
Some major findings of the cultured meat market report include:
- Cultured duck meat segment is set to record 245% CAGR till 2030 due to increasing demand for eco-friendly and animal-friendly products.
- Global market from cultured seafood segment is poised to exceed USD 4.2 billion by 2030 impelled by increasing concerns to reduce the fishing pressure on oceans along with a rapidly rising demand for seafood due to its nutritional value.
- The market from beef segment is expected to reach USD 225 million by 2030 on account of increasing demand for beef and beef-processed hamburgers amongst millennials.
- Some of the key players operating in the cultured meat market are Mosa Meat, Memphis Meats, Aleph Farms, BlueNalu, Finless Foods, Meatable, New Age Meats, Eat Just, Higher Streaks, Kiran Meats, Appleton Meats, Biofood Systems Ltd., Avant Meats Company Ltd., Balletic Foods, and Future Meat Technologies Ltd.
- Asia pacific market is projected to secure around 285% CAGR during the forecast period driven by high per capita meat consumption and imports in the emerging southeast Asian economies.
Browse key industry insights spread across 270 pages with 356 market data tables and 39 figures & charts from the report, "Cultured Meat Market Data by Source (Beef, Poultry, Seafood, Pork, Duck), End-Use (Burgers, Nuggets, Meatballs, Sausages), Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2030" in detail along with the table of contents:
European cultured meat market is expected to register more than 245% CAGR through 2030. Changing consumer preference and the demand for alternative protein due to health concerns after the COVID-19 outbreak are anticipated to boost the meat product demand for use in regular diets. Increasing consumption of pork and cured meat in the region along with an inclination toward the reduction of greenhouse emissions will create opportunities for cultured meat over the given time period.
The current restraint faced by cultured meat production are high cost and scalability, regulatory approvals, and consumer acceptance. However, the undergoing research & development will reduce the production cost over the coming years as per the cultured meat manufacturing companies. The various positive aspects related to cultured meat, such as benefits of clean meat availability, is expected to boost the acceptance of cultured meat among consumers in the region.
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