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Savoring the Future: Inside the Cultured Meat Phenomenon
The cultured meat market has reached a notable peak in 2023, rising from US$ 2.1 billion in 2022 to US$ 2.3 billion. Forecasts for 2033 are very positive, with revenues expected to reach US$ 8.2 billion, fueled by a 13.5% compound annual growth rate from 2023 to 2033.
The primary drivers behind the industry’s notable increase in cultured meat are the need to address the problems posed by conventional livestock production and the public’s growing awareness of environmental sustainability. Because raising cattle results in large amounts of greenhouse gas emissions, deforestation, and water use, consumers are becoming more conscious of how raising cattle impacts the environment. As a result, there is an increasing need for more sustainable, alternative protein sources. Cultured meat production offers a potential alternative to conventional meat production because it utilises fewer resources and emits fewer emissions.
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While the cultured meat industry holds significant promise, it faces several challenges and restraints. One of the primary concerns is the high production cost associated with scaling up cultured meat production. Currently, producing cultured meat at a competitive price remains a hurdle for many companies. Additionally, regulatory approvals and consumer acceptance pose potential roadblocks. As cultured meat is a relatively new concept, gaining regulatory approval in various countries can be time-consuming and complex. Moreover, winning over consumers accustomed to traditional meat products and ensuring that cultured meat meets their taste and quality expectations is crucial for industry growth.
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Key Takeaways from the Cultured Meat Market:
Poultry cultured meat claims a substantial 42.1% market share in 2023.
The food services industry dominates with a 49% market share in 2023.
The United States commands a notable 24.6% value share in 2023.
Germany secures an 8.4% value share of the cultured meat market in 2023
Key Players and Strategies for Success in the Cutting-Edge Cultured Meat Market
The competitive landscape of the cultured meat industry is characterized by a dynamic mix of established players and innovative startups. Leading companies, such as Beyond Meat, Impossible Foods, and Memphis Meats, have paved the way for this industry by introducing plant-based and cell-based meat alternatives that resonate with changing consumer preferences.
In recent years, there has been a surge in investment and collaboration within the industry, with venture capital firms and major food conglomerates entering the fray. These strategic partnerships and financial investments aim to accelerate research and development, scale production, and expand market reach.
Key Segments of the Cultured Meat Market
By Meat Type:
Poultry
Pork
Beef
Seafood
Others
By Application:
Food Services Industry
Pet Food Industry
Others
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Key Developments in the Market
In June 2023, the US Food and Drug Administration (FDA) approved the sale of cultured chicken products from Upside Foods and Good Meat. This was a major milestone for the cultured meat industry, as it was the first time that cultured meat had been approved for sale in the United States.
In March 2023, Steakholder Foods announced that it had signed a memorandum of understanding with a food technology company to develop and commercialize cultured meat products. This is a significant development, as it shows that major food companies are starting to take an interest in cultured meat.
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