Cultured Meat Market Size Worth USD 352.4 Million By 2028 | CAGR: 14.9%: Polaris Market Research

NEW YORK, March 31, 2021 /PRNewswire/ -- The global Cultured Meat Market size is projected to reach USD 352.4 million by 2028 according to a new study conducted by Polaris Market Research. the market is anticipated to register a CAGR: 14.9% From 2021 – 2028. Rapid developments related to cellular agriculture coupled with rising demand for alternative protein are the major factors that drive the market growth. In addition to this, continuous technological advancements in the field of cellular technology are further contributing to the overall market development. Furthermore, rising concerns related to animal welfare and environmental sustainability are projected to propel market growth. Moreover, increasing investment in R&D activities related to cultured meat is another factor creating new growth avenues for the market.

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Key Highlights of Cultured Meat Market

• Based on the source, the poultry segment is projected to dominate the cultured meat market in terms of revenue during the forecast period. Growing consumer interest in chicken owing to its cost-effective offerings and simple cell structure are helping this segment to grow at a faster rate.
• In terms of end-use, the nuggets segment accounted for the majority of the market share and is predicted to register a significant share over the forecast period. The increasing consumption rate of nuggets as a snack in major developed countries such as the UK, US, Germany, and Canada is a major reason behind the exponential growth of this segment.
• Future meat technologies have been investing heavily in the processing blend of cultured animal fat along with plant-based protein. Then selling these processed products to the food manufacturers worldwide. This will eventually make cultured meat affordable and easily accessible for both retail and consumer.

increasing investments in the global cultured meat market, companies, manufacturers, and private organizations are collaborating to expand and cater to wider applications. In January 2018, Tyson Foods, Inc. made an investment in MEMPHIS MEATS, which is a food tech company working towards producing cultured meat from animal cells.

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Regional Developments:

The North American market is predicted to account for the largest revenue share during the forecast period. The presence of established cultured meat producers is a key factor driving the target market's growth in this region. Furthermore, high investment in cultured meat research and development by several public-private organizations is also complementing the regional market growth. The European market is expected to emerge as the second-largest market and generate a higher revenue share owing to rising consumer demand for healthy food products.

Competitive Outlook:

Rapid industrial evolution has created fierce competition among players to expand their production units to increase production capacity and lower prices to attract a consumer base. The major manufacturers focusing on improvement in taste, mouthfeel, and appearance of their products, as well as improving nutrition. Some of the promising players working in the cultured meat market include Appleton Meats, Aleph Farms Ltd., Biofood Systems LTD., Mosa Meat, Mission Barns, Avant Meats Company Limited, New Age Meats, Seafuture Sustainable Biotech, Integriculture Inc., Bluenalu, Inc., Memphis Meats, Balletic Foods, and Cubiq Foods.

Target Audience

• Supply Side: Seafood Company, Meat Technology Company
• Demand Side: Packaged Foods Company                            
• Regulatory Side: Food and Drug Administration

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Polaris Market research has segmented the cultured meat market report on the basis of production technique, source, end-use, and region:

 Cultured Meat Production Technique Outlook (Revenue, USD Million, 2016 – 2028)

• Scaffold-Based Technique
• Self-Organizing Technique
• Cell Culture Media
• Others

Cultured Meat Source Outlook (Revenue, USD Million, 2016 – 2028)

• Seafood
• Duck
• Beef
• Poultry
• Pork
• Others

Cultured Meat End-Use Outlook (Revenue, USD Million, 2016 – 2028)

• Sausages
• Nuggets
• Meatballs
• Hot Dogs
• Burgers
• Others

Cultured Meat Regional Outlook (Revenue, USD Million, 2016 – 2028)

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Netherlands
  • Austria
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Malaysia
  • Indonesia
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Israel
  • UAE

List of Key Players of Cultured Meat Industry

• Biofood Systems LTD.
• Integriculture Inc.
• New Age Meats
• Balletic Foods
• Memphis Meats
• Aleph Farms Ltd.
• Seafuture Sustainable Biotech
• Higher Steaks
• Just, Inc.
• Mosa Meat
• Avant Meats Company Limited
• Appleton Meats
• Cubiq Foods
• Mission Barns
• Bluenalu, Inc.

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About Polaris Market Research

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises. We at Polaris are obliged to serve our diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide our customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to our customers.

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SOURCE Polaris Market Research