Wilmington, Delaware, May 15, 2024 (GLOBE NEWSWIRE) — Lab-grown meat, also known as cultured meat, has emerged as a revolutionary advancement in the food industry, offering a sustainable alternative to traditional livestock farming. This innovative technology involves cultivating animal cells in a controlled environment to produce meat without the need to raise and slaughter animals. The lab-grown meat market is rapidly evolving, driven by technological advancements, growing environmental concerns, and shifting consumer preferences.
The development of lab-grown meat is rooted in significant technological advancements in cellular biology and tissue engineering. Key processes include the isolation of animal cells, provision of a nutrient-rich medium, and cultivation in bioreactors that simulate the natural growth conditions within animal bodies. Continuous improvements in these technologies have led to better texture, taste, and nutritional profiles of cultured meat products. Companies like Memphis Meats, Mosa Meat, and Eat Just are at the forefront, making substantial strides towards reducing production costs and scaling up manufacturing processes.
One of the primary drivers of the lab-grown meat market is the environmental and ethical benefits associated with it. Traditional livestock farming is resource-intensive, contributing significantly to greenhouse gas emissions, deforestation, and water consumption. Cultured meat, on the other hand, promises a dramatic reduction in environmental footprint. A study by the University of Oxford suggests that lab-grown meat could reduce greenhouse gas emissions by up to 96%, energy use by 45%, and land use by 99% compared to conventional meat production.
Ethically, lab-grown meat addresses concerns regarding animal welfare. By eliminating the need for animal slaughter, it appeals to a growing demographic of ethically conscious consumers. This shift is particularly relevant as awareness about animal rights continues to increase globally.
Speak to our analyst in case of queries before buying this report
Key Takeaways of the Report:
- In 2023, beef surged as the dominating segment of lab grown meat market. Beef’s high environmental footprint and ethical concerns over livestock farming drove interest in lab-grown options. Additionally, technological advancements improved the taste and texture of cultured beef, making it more appealing to consumers. Companies also focused on beef due to its significant market share in traditional meat, promising greater economic returns and market penetration.
- Burgers have solidified their position in the lab-grown meat market due to their widespread popularity and iconic status in fast food and casual dining. They provide an ideal product for introducing lab-grown meat to consumers, as burgers are typically consumed with various toppings and condiments that can mask minor taste differences. Additionally, the consistent demand for burgers offers a significant market opportunity for lab-grown meat producers to achieve scalability and market acceptance quickly.
- Offline has risen as the distribution channel in the lab grown meat market, capturing a significant revenue share of 56.5%. Supermarkets, specialty stores, and restaurants provide immediate access to products, allowing customers to inspect quality and freshness firsthand. Additionally, the tactile shopping experience helps build consumer trust in lab-grown meat. Collaborations between lab-grown meat producers and well-established retail and foodservice outlets have further bolstered visibility and acceptance, driving significant sales through these offline channels.
- The B2B sector has asserted its dominance in the lab-grown meat market, commanding 67.2% of the market share due to strong partnerships with foodservice providers, restaurants, and institutional buyers. These businesses value lab-grown meat for its sustainability and potential cost savings over time. By integrating lab-grown meat into their offerings, restaurants and foodservice companies can appeal to environmentally conscious consumers and enhance their brand image. Additionally, bulk purchasing agreements and long-term contracts between lab-grown meat producers and B2B clients drive significant revenue and market stability.
- In 2023, Asia Pacific cemented its status as the second-leading region in the global lab-grown meat market due to rising consumer awareness of sustainability and food safety, along with supportive governmental policies and investments in food technology. The region’s dense population and growing middle class drive demand for alternative protein sources. Countries like Singapore, which approved the sale of lab-grown meat, and China, with significant research investments, have become key players. This regional focus on innovation and sustainability has propelled Asia Pacific’s prominence in the market.
Request for customization to meet your precise research requirements
Following are few of the major companies active within the lab grown meat market:
- Aleph Farms
- Avant Meats
- Biftek.co
- Biotech Foods
- Cubiq Foods
- Finless Foods
- Future Meat Technologies
- Higher Steaks
- Integriculture
- Just, Inc. (formerly Hampton Creek)
- Meatable
- Meat-Tech 3D
- Memphis Meats
- Mirai Foods
- Mosa Meat
- Orbillion Bio
- Shiok Meats
- SuperMeat
- VOW
- Other Industry Participants
Global Lab Grown Meat Market
By Source
- Poultry
- Beef
- Pork
- Seafood
- Others
By Application
- Burgers
- Sausages
- Meatballs
- Nuggets
- Hot Dogs
- Steak
- Others
By Distribution Channel
- Online
- Offline
- Hypermarket/Supermarket
- Restaurants
- Others
By Sales Channel
By Region
- North America (U.S., Canada, Mexico, Rest of North America)
- Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe)
- Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific)
- Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
- Latin America (Brazil, Argentina, Rest of Latin America)
Consult with Our Expert:
Jay Reynolds
The Niche Research
Japan (Toll-Free): +81 663-386-8111
South Korea (Toll-Free): +82-808- 703-126
Saudi Arabia (Toll-Free): +966 800-850-1643
United Kingdom: +44 753-710-5080
United States: +1 302-232-5106
Email: askanexpert@thenicheresearch.com
Website: www.thenicheresearch.com
Wall St Business News, Latest and Up-to-date Business Stories from Newsmakers of Tomorrow