(MENAFN- GlobeNewsWire - Nasdaq) Westford, USA, June 16, 2023 (GLOBE NEWSWIRE) -- The global lab grown meat market size is expected to reach USD 740 million by 2030 and exhibit a CAGR of 21.9% in the forecast period (2023−2030), according to Skyquest's latest research report. The growing awareness about environmental impact, offers more sustainability, eliminates the need for raising and slaughtering animals, and presents a potential solution to meet the increasing demand for protein-rich food to fuel the Market's growth Technological Advancements and Scalability to Promote the Use of Lab Grown Meat
At a global scale, increasing investment and partnerships, technological advancements and scalability, expansion of product offerings, cost reduction and commercialization efforts, regulatory developments and framework establishment, growing consumer acceptance and market demand, and collaboration with traditional meat producers are trends promoting the market growth.
Government initiatives such as funding and grants, regulatory framework development, collaborative research products, pilot projects and demonstrations, public-private partnerships, advisory bodies and task forces are encouraging growth. For example, the Singaporean government launched the "30 by 30" initiative, which aims to produce 30% of the country's nutritional needs locally by 2030. Lab-grown meat is seen as a crucial component of achieving this goal, and the government has provided funding and support for research and development in the field.
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Cellular Agriculture Culturing Technique Type Demand to Grow Substantially in the Forecast Period
Cellular agriculture culturing technique dominated the global market as it offers the potential to produce a wide range of meat products, including whole cuts, minced meat, and more. It aims at producing lab-grown meat that resembles conventional meat in terms of taste, texture, and nutritional profile. This aspect appeals to consumers looking for a meat substitute that provides a similar sensory experience to traditional animal-based meat.
Poultry is the Leading Meat Type Segment
In terms of meat type, the poultry segment is the leading segment due to its popularity and consumption. In addition, it is often perceived as a leaner and healthier meat option than beef or pork. Lab-grown poultry can offer similar nutritional benefits, including high protein content, while potentially reducing concerns related to saturated fats and cholesterol found in conventionally raised poultry.
North America is the leading Market for Using Clean Energy
Region-wise, North America is one of the largest growing markets as it witnessed considerable investment, research, and development in cellular agriculture and alternative protein technologies. Factors such as consumer demand for sustainable and ethical food options, a supportive regulatory environment, and a strong market for plant-based and alternative protein products contribute to the potential dominance of North America.
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Pages - 267
Tables - 34
Figures - 74
Lab Grown Meat Market Report Suggests:
Future Meat Technologies, a leading company in cultured meat, has opened the world's first industrial facility for lab-grown meat. This facility can produce 500 kilograms of cultured products daily, equivalent to 5,000 hamburgers, making scalable cell-based meat production a reality. It showcases the company's commitment to innovative technology and meets the growing demand for sustainable and ethical food alternatives. In terms of meat type, the poultry segment dominates due to the demand for popularity and consumption. In terms of culturing technique, the cellular agriculture type segment is projected to gain more popularity as it offers a wide range of meat products North America and Asia Pacific are leading markets and will continue to exhibit dominance in the global market mainly due to the presence of major market players
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Lab Grown Meat Market Segmentation:
The global Lab Grown Meat market report is segmented based on Product type, application, and region.
By Culturing Technique
Cellular Agriculture (cell-based, tissue engineering) Plant-Based Hybrid (cultivated cells combined with plant-based components) Others
By Product Form
Ground/Minced Meat Whole Cuts (steaks, fillets, etc.) Sausages/Burgers Nuggets/Tenders Meatballs Others (e.g., slices, deli meats)
By Meat Type
Beef Poultry (chicken, turkey, etc.) Pork Seafood (fish, shrimp, etc.) Other (e.g., lamb, duck)
By Region
Germany France UK Spain RoE
China India Japan South Korea Rest of Asia-Pacific
South Africa GCC Countries Rest of MEA
Lab Grown Meat Market Major Company Profiles:
Memphis Meats Mosa Meat Aleph Farms Future Meat Technologies SuperMeat Just, Inc. (formerly Hampton Creek) Integriculture Inc. Finless Foods Meatable Shiok Meats Avant Meats MeaTech 3D Ltd. BlueNalu CellAgri Higher Steaks New Age Meats Mission Barns Balletic Foods Biofood Systems Hooray Foods
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