Artificial Meat Market

Artificial Meat Market Size and Forecast (2023-2028):

The Global Artificial Meat Market size is expected to reach USD billion with a CAGR of 51.6% by 2028 from USD 246.9 million in 2022.

Market Overview:

Artificial meat, or known as cultured meat, has created an innovative and transformative solution to animal husbandry and slaughtering practices. Artificial meat involves culturing animal cells in the lab in a controlled and nutrient-rich medium. This technology offers a sustainable and ethical alternative to conventionally produced meat, making a promising market expansion in the future. The artificial meat industry involves tissue engineering and lab-based methods. One of the primary advantages of artificial meat is its positive impact on the environment. Animal farming involves the emission of greenhouse gas and contributes to air pollution and deforestation. By producing meat through cell culture, artificial meat reduces greenhouse gas and does not involve large usage of water resources. Moreover, as the demand for meat is increasing, artificial meat offers a solution to meet the demand for global hunger.

Recent Developments in the Artificial Meat Industry:

• On 25th June 2023, Omeat, the newest player in the cultivated meat market, emerged as the spinout company from the Terasaki Institute for Biomedical Innovation (TIBI). TIBI is a non-profit research organization situated in Los Angeles, CA, and is playing a significant role in tackling health and environmental issues. Omeat aims to address the challenges posed by conventional meat production.
• On 2nd February 2023, Plurinuva, an Israeli company owned by the food giant Tnuva (20%) and the biotechnology company Pluristem (80%), successfully finalized the construction of a state-of-the-art facility dedicated to producing cultured meat. This advanced facility is fully equipped to meet the market's demands on an industrial scale, allowing for the supply of cultured meat products to consumers.

REPORT COVERAGE:

Drivers:

The growing awareness of the environment and sustainability is one of the driving factors of the artificial meat market growth since conventional livestock farming is a major contributor to greenhouse gas emissions, which produces a substantial portion of methane and nitrous oxide. At the same time, artificial lab-grown and plant-based meat reduces carbon footprint and also reduces the emission of greenhouse gas. Moreover, traditional animal farming requires huge land and feed production, which ultimately destroys vegetation and forest. At the same time, artificial meat is grown in a lab-based setting where the conditions are controlled and do not require land or feed. Also, livestock farming requires water; in contrast, artificial meat is more water-efficient.

Another factor, which is animal welfare, has also become a significant driver for the rise of artificial meat; traditional meat involves slaughtering and killing of animals which raises moral and ethical concerns, and therefore to address this concern, artificial lab meat which is the cruelty-free option became widely chosen option among consumers. Furthermore, the conditions in slaughtering houses often involve stressful conditions for animals, which leads to diseases and reduces the quality of the meat. Artificial meat production is produced in a sterile environment where the risk of contamination is minimal, resulting in safe and more rich quality meat. And this leads to the increased growth of the artificial meat market.

Changing lifestyles, food habits, and changing preferences for veganism also contributed to the expansion of the artificial meat market.

Restraints:

One of the major restraining factors that are affecting the share of the artificial meat market is the high cost involved in the production of cultured and plant-based meat. Unlike traditional meat, which is through animal husbandry and livestock farming, artificial meat is derived through a research process in labs, which is a costly and intensive process. Cultured meat requires the cultivation of animal cells in a lab; these cells are grown in vitro in a suitable growth medium. This leads to the utilization of expensive lab equipment and resources, which therefore adds to the overall production expenses. Similarly, plant-based meat products involve the processing of plant-based ingredients to replicate the taste and texture of real meat, which further contributes to the higher production costs. And hence increases the price of artificial meat; this elevated price limits the consumer base, especially people from lower-income groups or those who are cost-conscious. This contributes to the decline in the share of the artificial meat market.

Also, the artificial meat market is new and has limited availability and distribution, which has contributed as a restraining factor for the market. Due to the increasing number of vegan consumers, and animal welfare-conscious consumers, the demand for plant-based meat products exponentially increase. As cultured meat requires sophisticated laboratories, these facilities are not widespread. It creates a challenge for market expansion. Thus, restricting the expansion of the artificial meat market.

In addition to this, perception and acceptance are also limiting the expansion and adoption of the artificial meat market. Despite awareness, many consumers are still hesitant about the idea of artificial meat. Since traditional meat has always been a part of a diet, sudden innovation and change are creating hesitation and repulsion. Furthermore, concern about nutritional content and taste is also restraining the artificial meat market size.

Opportunities:

As health and wellness are the major factors driving the market since consumers are demanding food that is healthy and sustainable. Because of this artificial meat market has emerged as an attractive alternative for health and sustainability conscious. The ability of artificial meat to ingrain nutrients, taste, and texture has created opportunities to expand its market over a wide consumer base. Changing diet habits and the emergence of a vegan diet have also created an opportunity for the artificial plant-based meat market to increase the artificial meat market shares.

COVID-19 Impact on the Artificial Meat Market:

The outbreak of Covid-19 led to the implementation of lockdown and travel restrictions, which affected all sectors, including the artificial meat market. As countries implemented lockdowns to curb the spread of the virus, it disrupted the sourcing of raw materials as the artificial meat industry relies on plant-based protein sources, laboratories, facilities, experts, and scientists. With travel restrictions and logistics constraints, the shortage of raw materials caused a decline in the growth of the artificial meat market. Many production facilities and farms faced labor shortages, which affected the demand.

The impact of the pandemic created economic uncertainties which affected the purchasing power of the consumers; since artificial meat is expensive because of the production process that requires expensive resources, consumers were not able to afford meat, and this caused a decline in the demand which led to decreased sales and revenue generation.

Artificial Meat Market Segmentation Analysis:

By Source:

• Poultry
• Beef
• Seafood
• Pork
• Duck

Based on the source, the artificial meat market is divided into poultry, beef, seafood, pork, and duck. The poultry segment holds the highest market share, and this dominance is due to the demand and consumption of poultry over the globe; poultry meat is one of the most demanded meats as compared to other meat. And this has led to the increased size of the poultry artificial meat market. Beef has the fastest-growing market share, as beef is one of the most consumed meats in most countries.

By End-use:

• Nuggets
• Burgers
• Meatballs
• Sausages
• Hot Dogs

Based on the end-user, the artificial meat market is classified into nuggets, burgers, meatballs, sausages, and hot dogs. Nuggets have the highest market share; this is due to the consumption of nuggets. Nuggets have been used primarily as a popular snack, as it is easy to cook and delicious. In nuggets, the most preferred is chicken nuggets. Burgers are the fastest-growing segment and have the highest market share since burgers are one of the most popular foods among consumers. Meatballs, sausages, and hot dogs have seen a steady demand for artificial meat.

Geographical Segmentation Analysis:

• North America - the United States and Canada
• Europe - United Kingdom, Spain, Germany, Italy, and France
• The Asia Pacific - India, Japan, China, Australia, Singapore, Malaysia, South Korea, New Zealand, and Southeast Asia
• Latin America  - Brazil, Argentina, Mexico, and Rest of LATAM
• The Middle East and Africa - Africa and Middle East (Saudi Arabia, UAE, Lebanon, Jordan, Cyprus)

By Region Analysis:

Based on the region, the North American region has the highest market share and generated maximum revenue. And this dominance was due to the increasing advancement in technology. Also, the adoption of artificial meat by consumers has led to an increase in the market size. Europe is the fastest growing market; this was because of consumer awareness of the environment and sustainability. Moreover, the increasing consumer getting conscious of animal welfare contributed to the growth of the artificial meat market. Asia Pacific is seeing significant growth as the population having a vegetarian diet is more in a country like India. Japan, China, and Singapore are also adopting artificial meat technology to reduce the emission of greenhouse and conserve water. Latin America has seen to have steady growth. Middle East and Africa have a low market share as compared to other regions.

Key Players in the Market:

Major Key Players in the Global Artificial Meat Market are

• Aleph Farms
• Avant Meats Company Limited
• Biftek INC
• Mosa Meat
• BlueNalu, Inc.
• BioFood Systems Ltd
• WildType
• New Age Eats
• Shiok Meats Pte Ltd
• SuperMeat
• Meatable
• Finless Foods, Inc
• Fork & Good, Inc.
• Future Meat Technologies Ltd
• UPSIDE Foods
• Mission Barns