Artificial Meat Products Market Report Overview
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The artificial meat products market size is expected to be worth USD 1.738 billion in 2022 and the market is projected to touch USD 10.03 billion by 2030, exhibiting a CAGR of 16.6% during the forecast period. The sudden rise in CAGR was brought on by the market's expansion and the demand levelling down after the pandemic is over.
The term "artificial meat" can refer to either "cultured meat," which is produced in cell cultures rather than inside animals, or "factory farming-related meats," which are produced under closely controlled conditions. It is specifically created to look like, taste like, and cook like regular meat. Artificial meat can take the shape of a burger patty, nuggets, crumbles, or even sausages. As it becomes more popular, these veggie-based substitutes are upending the meat industry and everything we thought we knew about veggie burgers. The medium in which these stem cells are cultured gives them the nutrients necessary for their proliferative growth. In time, meat is created when the stem cells multiply and differentiate into fat and muscle cells. Stem cells, or the so-called "building block cells," are taken from an animal to create lab-grown meat. The cells are placed into a bioreactor, a laboratory tool for growing organisms, after being bathed in a liquid containing nutrients to aid in their replication. The next step is to transform the "unstructured" meat into a realistic meat product once it has developed. Burgers, nuggets, and other products made from artificial meat are currently being produced in the most efficient way possible by businesses. The lab-grown meat is sometimes shaped using "scaffolding" made from soy protein, gelatin, or other sources.
The nutrient content of these types of meat products and thereby increase in R&D spending on the same, etc. are the major driving factors of the market. As there are other alternative options available (non-meat products) there can be a slight market restrain.
COVID-19 Impact: Ease of Availability of Meat Products to Boost Market Growth
The COVID-19 pandemic has had an effect on almost all sectors in the society, impacting some beneficially and other fields slightly non-beneficial. Due to the rising demand for wholesome foods during the COVID-19 pandemic, the demand for in-vitro meat slightly increased. During the COVID-19 era, in-vitro meat became very popular as a way to expand the healthy diet. Consumers' increasing desire to strengthen their immune systems and incorporate nutrient-dense ingredients into their meals is fueling market expansion. Apart from that, the government imposed lockdown and subsequent shutdown leading to work from home culture has increased the sale of food products, especially meat products. The increase in online food delivery and the availability of home delivery systems even for meat products is expected to drive the artificial meat products market growth.
Latest Trends
"Increasing Consumption of Chicken Nuggets to Drive Market"
In most countries, chicken is still the most widely consumed meat product. One of the main ways that chicken meat products are consumed around the world is in the form of nuggets. Customers are seeking options that are convenient to eat anytime due to the rising adoption of the on-the-go lifestyle and consumption of snacking products. Therefore, in order to draw in customers, major corporations are also concentrating on investing in the development of clean meat or artificial meat chicken products in the form of nuggets, which thereby drives market growth.
Artificial Meat Products Market Segmentations
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- By Type
The market is classified into meat products, and meat based on type. The meat products segment will lead the artificial meat products market share throughout the forecast period.
- By Application
The market is classified into food, and retail on the basis of application. The food segment will lead the artificial meat products market share throughout the forecast period.
Driving Factors
"Benefits of Artificial Meat to Drive the Market"
By eliminating the issues with conventional meat, such as the risk of zoonotic disease transmission, antibiotic resistance mitigation, and foodborne illness, the food service industry can gain many advantages from switching to artificial meat. Additionally, feed cells are run in a sterile and clean environment during the production of artificial meat, which can increase end-product quality and safety. When artificial meat producers develop new, affordable products for the food service industry and make them widely available, health-conscious consumers are smart enough to start a trend that will boost the key opportunities in the artificial meat products market.
"Increasing R&D Spending to Drive the Market"
The main factor driving market expansion in the artificial meat industry over the past few years has been a massive increase in R&D spending. Investors anticipate strong growth prospects from the global artificial meat market due to the rising demand for goods made without the use of animal products. Artificial meat is becoming more popular among vegetarians, young people, and those looking for healthier substitutes as awareness about animal meat and its effects on health and the environment grows.
Restraining Factors
"Other Healthy Alternatives in the Market to Restrain the Artificial Meat Products Market"
Consumers are encouraged to eat more fruits, vegetables, seeds, nuts, and legumes as a result of the growing acceptance of plant-based products. Additionally, the numerous health benefits of these plant-based products draw in more consumers. Many people have increased their intake of animal meat in response to diet-related illnesses like heart disease, obesity, type 2 diabetes, and cancer. In contrast, plant-based foods are a better and healthier option for consumers because they do not contribute to these diseases. To meet their nutritional needs, many populations prefer various vegetarian meals because they do not like eating meat or imitation meat.
Artificial Meat Products Market Regional Insights
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"North America to Hold the Largest Market Share Owing to Rising Demand of the Product"
During the forecast period, North America is expected to hold the largest artificial meat products market share. Due to the rising demand for artificial meat products in the United States, North America accounted for the largest revenue share. The expansion of the regional market is also likely to be supported by the steadily rising consumption of meat and meat products, as well as the corresponding nutritional advantages. The key American players are currently concentrating on forming strategic alliances in order to draw in a sizable consumer base. As a result, the market is anticipated to grow significantly over the forecast period.
After North America, Asia Pacific holds the majority of the artificial meat products market share. The rising demand for poultry products in developing nations like China and India is responsible for the expansion of the Asia-Pacific region. The two most important nations to conduct consumer research on artificial meat are India and China. This is attributed to both rising economies and a growing population, which together have increased meat consumption and consumer access to expensive goods.
Key Industry Players
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
List of Market Players Profiled
- Beyond Meat (U.S.)
- Impossible Foods (U.S.)
- Turtle Island Foods (U.S.)
- Maple Leaf (Canada)
- Yves Veggie Cuisine (U.S.)
- Nestle (Switzerland)
- Kellogg’s (Morningstar Farms) (U.S.)
- Omnifood (China)
- Qishan Foods (China)
- Hongchang Food (Thailand)
- Sulian Food (China)
- Fuzhou Sutianxia (China)
Report Coverage
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 1.738 Billion in 2022 |
Market Size Value By |
US$ 10.03 Billion by 2030 |
Growth Rate |
CAGR of 16.6% from 2022 to 2030 |
Forecast Period |
2023-2030 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Types & Application |
Frequently Asked Questions
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What value is the artificial meat products market expected to touch by 2030?
The global artificial meat products market is expected to reach a value of USD 10.03 billion by 2030.
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What CAGR is the artificial meat products market expected to exhibit by 2030?
The artificial meat products market is expected to exhibit a CAGR of 16.6% by 2030.
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Which are the driving factors of the artificial meat products market?
The benefits of artificial meat, and increasing R&D spending are some of the major driving factors of the artificial meat products market.
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Which are the top companies in the artificial meat products market?
The top companies in the artificial meat products market include Beyond Meat, Impossible Foods, Turtle Island Foods, Maple Leaf, and Yves Veggie Cuisine, among others.