Cultured Meat Market

The Cultured Meat Market is estimated at USD 272.4 million in 2023 and is projected to reach USD 6,169.6 million by 2034, at a CAGR of 33.3% from 2028 to 2034.

The cultured meat market is rapidly gaining popularity due to increasing global demand for sustainable and ethical food options. Cultured meat, also known as lab-grown or cell-based meat, is produced by cultivating animal cells in a controlled environment, providing a more environmentally friendly and animal-friendly alternative to traditional livestock farming. This emerging industry is attracting substantial investments and innovative startups, with an expanding product range including beef, chicken, pork, and seafood. Market players are addressing consumer concerns about taste, texture, and cost-effectiveness to make cultured meat a mainstream choice. As environmental and ethical considerations continue to drive consumer choices, the cultured meat market is positioned for significant expansion, potentially revolutionizing the way meat is produced and consumed in the future. Several startups, including Mosa Meat (Netherlands), Memphis Meats (US), JUST, Inc (US), and Integriculture (Japan), are engaged in the development of cultured meat. These companies are conducting research and development to reduce the product's price and scale up production to increase the likelihood of commercialization. A 2021 paper titled “Global greenhouse gas emissions from animal-based foods are twice those of plant-based foods” emphasized that global greenhouse gas emissions from animal-based foods are twice as high as those from plant-based foods. This underscores the urgent need for sustainable food production. The revelation that animal agriculture is responsible for a significant portion of these emissions, with beef alone accounting for a quarter, has had a profound impact on the growth of the cultured meat market.

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Drivers: Technologies advancements in cellular agriculture

The rise of Industry 4.0 has transformed the global food industry, bringing in new culinary trends. One of the emerging trends is cellular agriculture, which focuses on creating agricultural products from cultured cells in bioreactors instead of traditional livestock farming. This approach combines digital, physical, biotechnological, and food science elements, allowing for the production of meat, dairy, and egg substitutes. In the case of cultured meat, animal cells are cultivated in bioreactors to create muscle tissue components. To make cellular agriculture a successful industry, it's essential to make the process cost-effective and scalable, and integrate it into the food supply chain. Technological advancements within Industry 4.0, such as the development of animal cell lines, genetically modified microorganisms, cost-effective culture media, efficient bioprocessing techniques, large-scale bioreactors, and scalable solutions, are expected to drive the growth of cellular agriculture by reducing production costs and making the process more sustainable and innovative.

Restraints: High setup cost

The initial upfront cost of establishing a laboratory with bioreactors is quite high, leading to a high initial price for the final product. This cost challenge makes it tough for manufacturers to expand their production of cultured meat, limiting their ability to meet consumer demand. One method of producing cultured meat is through microcarriers, which cost USD 0.16 per square centimeter. For a 2,000 L bioreactor tank, around 5 million microcarriers, each about 500 μm or 0.5 mm in size, are needed, costing about USD 16,000 per tank. Another cost factor is the medium for producing cell cultures, such as fetal bovine serum (FBS), which is pricey at around USD 84.50 for 50 ml. These costs are expected to drive up the overall production expenses.

Opportunities: High per capita meat consumption and imports in emerging Southeast Asian economics

The increasing demand for meat in Southeast Asian nations such as Vietnam, Malaysia, Thailand, the Philippines, and Indonesia is leading to a rise in large-scale meat imports due to limited domestic supply. Malaysia specifically has a high per capita consumption of poultry meat, with potential for further growth. In general, per capita consumption of poultry meat in Asia is higher than that of beef and sheep meat. The small-scale and unorganized nature of the livestock industry in these countries has made it difficult to meet domestic demand, prompting imports of meat and meat products from countries such as the US and Germany. Cultured meat, whether grown domestically or imported, could help meet this demand. This presents an opportunity for businesses in the cultured meat market to develop products tailored to these emerging markets' specific requirements. Furthermore, as these nations undergo economic growth and dietary shifts, leading to an increased meat demand, traditional livestock farming becomes increasingly unsustainable. This has raised concerns about resource depletion, environmental impact, and food security. Cultured meat provides a more sustainable and ethical alternative, reducing the strain on land, water, and other resources. It also addresses concerns about animal welfare and pathogen contamination, making it an appealing choice for consumers in the region and likely to drive the expansion of the cultured meat market.

Challenges: Increased demand for plant-based protien

The shift in consumer preference towards natural protein options has increased the demand for plant-based foods. The preliminary draft of Canada’s new Food Guide, released in 2017, emphasizes plant-based foods. In 2016, the dietary guidelines released by the Chinese government emphasized a 50% reduction in meat consumption between 2016 and 2030, presenting a challenge for cultured meat product manufacturers. Meat consumption has declined in the US, and recent product introductions have showcased a variety of protein-based ingredients. Companies like Beyond Meat (US) and Impossible Foods (US) have successfully entered the mainstream market. For example, Beyond Meat (US) introduced Beyond Sausage, a plant-based alternative that resembles and cooks like pork. Impossible Foods (US) makes burgers using natural ingredients such as wheat, coconut oil, and potatoes. Therefore, plant-based alternatives are expected to compete with cultured meat products.

Market Ecosystem

Based on source, poultry is estimated to account for the largest market share of the cultured meat market.

The global demand for poultry meat is increasing due to its affordability and health benefits. This has resulted in a significant growth of the cultivated poultry meat market. As more people seek sustainable and ethical sources of protein, the cultivated poultry meat industry is expected to expand. Producers are focusing on developing lab-grown poultry products to meet the increasing demand as the poultry meat market is projected to grow by 2030. This aligns with the shift towards environmentally and animal-friendly food production methods, making cultivated poultry meat a promising and sustainable solution for the future. Additionally, the popularity of poultry products in quick-service restaurants (QSRs) has led manufacturers to develop innovative alternative products to meet future demand from meat consumers. Cultured chicken products, especially in nugget form, are expected to dominate the market, with a lower price compared to other sources, and gain wide popularity worldwide. For instance, KFC in Russia collaborated with the 3D Bioprinting Solutions research laboratory in 2020 to use 3D bioprinting technology to produce authentic chicken meat directly cultivated from animal cells. SuperMeat, an Israel-based startup, is one of the key manufacturers engaged in developing lab-grown chicken.

Based on the end-use of cultured meat, nuggets is anticipated to have the highest growth rate in the cultured meat market.

The cultivated nuggets market has seen significant growth due to improvements in cost-efficiency and regulatory acceptance, making sustainable and ethical meat alternatives more accessible and attractive to consumers. This reflects the growing demand for environmentally responsible and ethically produced food options, which is driving the expansion of the cultivated nuggets market. A major milestone has been reached as the Singapore Food Agency has approved "cultivated chicken" as an ingredient in chicken nuggets, marking the first time lab-grown meat has been approved for consumption. Eat Just, a leading company in this field, previously revealed that in 2019, the cost to produce each chicken nugget was $50. However, the company has since reduced production costs significantly, making the price of these cultivated chicken nuggets competitive with high-quality chicken products available in restaurants, according to The Times.

The North America market is projected to contribute the largest share of the global cultured meat market.

North America is expected to lead the cultured meat industry due to its strong economy, continuous innovations, and high investment in research and development. The shift towards cultured meat products is being driven by concerns about health associated with traditional meat consumption, increasing investor interest in alternative proteins, and the potential to create customized proteins that meet specific nutritional needs. Metropolitan areas in the US and Canada are expected to spearhead this growth as they are more open to alternative proteins and meat substitutes, leading to a higher number of flexitarians. The growing demand for alternative protein in the region also supports increased investments in cultured meat companies. Key players such as JUST, Inc. and Memphis Meat, coupled with product innovations, are expected to propel the cultured meat market. Additionally, companies are working to reduce production costs linked with cultured meat to make it more affordable than traditional meat.

Key Market Players

The key players in this market include Cargill, Incorporated (US), ADM (US), International Flavors & Fragrances (US), Evonik Industries AG (Germany), BASF SE (Germany), DSM (Netherlands), Ajinomoto (Japan), Novozymes (Denmark), CHR. HANSEN (Denmark), TEGASA (Spain), Nutreco (Netherlands), Kemin Industries Inc (US), Adisseo (France), BRF (Brazil), Solvay (Belgium), Global Nutrition International (France), Centafarm SRL (Italy), Bentoli (US), Nuqo Cultured meat (France), Novus International Inc. (US), Palital Cultured meat B.V. (Netherlands), VITAFORMS (US), ALLTECH (US), Neospark Drugs and Chemicals Private Limited (India), and Tex Biosciences (P) Ltd. (India). These players in this market are focusing on increasing their presence through expansion and collaboration. These companies have a strong presence in North America, Asia Pacific, and Europe.

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Scope of the Report

Key stakeholders

• Venture capitalists and investors
• Meat processors, traders, distributors, importers, exporters, and suppliers
• Food retailers
• Commercial research & development (R&D) organizations and financial institutions
• Livestock research organizations
• Cultured meat associations and regulatory bodies such as the Cultured Meat Foundation, and Future Food
• Other associations such as the United States Cattlemen’s Association (USCA), National Cattlemen’s Beef Association, and the National Pork Producers Council

Cultured meat Market:

By Source

• Poultry
• Beef
• Pork
• Seafood
• Duck

By End Use

• Nuggets
• Burgers
• Meatballs
• Hot Dogs
• Others (Pet Food & Foie Gras)

By Region:

• North America
• Europe
• Asia Pacific
• South America
• Rest of the World (RoW)

Recent Developments

• In September 2023, Eat Just Inc. announced a strategic partnership with Halal Products Development Company (HPDC), wholly owned by the Public Investment Fund of Saudi Arabia. Through this collaboration, HPDC would provide advisory solutions to help Eat Just obtain “Halal” certification and approvals needed to operate as a Halal food distributor. The partnership would also leverage HPDC’s services to help Eat Just develop a sustainable strategy to enter the Halal market, paving the way to export its products to local and regional markets.
• In April 2023, BlueNalu announced the signing of a Letter of Intent (LOI) with Nutreco, a prominent player in animal nutrition and aquafeed. This marked their third agreement, following initial collaborations in December 2019 and Nutreco’s participation in BlueNalu’s Series A round financing. The LOI underscored their mutual commitment to establishing and expanding a food-grade supply chain for cell-cultured seafood production. It also signified Nutreco’s investment in developing food grade supply chain infrastructure in tandem with BlueNalu’s progression from pilot-scale development to regulatory stages and commercialization efforts. This partnership’s initial phase would focus on reducing cell feed costs and defining specifications for crucial raw materials necessary for creating BlueNalu’s unique cell-cultured seafood products.
• On November 2022, Mosa Meat announced an agreement with Singapore-based Esco Aster that would eventually introduce Mosa Meat’s cultivated beef to Singapore. Singapore is currently the only market where cultivated meat is approved, providing a unique and accessible entry point. Thus, the agreement would position Mosa Meat to tap into a pioneering market and expand its global reach.

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