Cultured Meat Market Will Generate New Growth Opportunities by 2030
Posted by BIS RSRCH on February 11th, 2021
Cultured meat is processed from a living animal by painlessly extracting muscle cells. To produce muscle tissue, which is the main component of the meat consumed, scientists feed and nurture the cells to multiply. Biologically, it is similar to the meat tissue that comes from an animal. The cells expand into strands; 20,000 or more of these small strands of meat are then mixed to make one normal-sized hamburger. Thus, without harming the nature and life of the animal, meat products can be produced and consumed.
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The industry players and experts expect the industry to witness enormous demands once the products are marketed. Most industry players are in their final stages or on the verge of releasing their products, as many prototypes have been witnessed in recent months. For instance, in April 2019, Shiok meats launched a cell- based shrimp prototype. In addition, in November 2020, the company launched a cell-based lobster prototype.
Similarly, in December 2020, Eat Just, Inc. got regulatory clearance for its cell-based chicken nuggets to market in Singapore. However, the government bodies concerned for various regions and countries still need to clarify the cultured meat products regulations for the industry to reach globally. The global market is anticipated to be opened for all cultivated meat products in the next few years witnessing the industry's enormous pace with huge investments. It is also because of the industry's robust capabilities to eliminate many challenges and issues, along with having significant offerings for consumers.
However, since the cell-based meat's mass production will entail large-scale cell production with limited resources, its commercialization faces challenges in terms of cost and scale-up. Public acceptance is one big concern, apart from technical and economic limitations. Studies carried out by organizations in the U.S, Canada, and the U.K. have highlighted concerns among general consumers about novelty, naturalness, technology, skepticism about its taste, and protection for consumers. Therefore, before they become standard for customers, there are still many challenges for the industry. It will directly affect one of the most critical meat industries of all time, which will inevitably lead to job losses and many other problems. As they move on toward a more extensive customer base, the players have to continuously work on the problems of traditional animal farm industries.
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Increasing food security concerns, growing awareness about environmental sustainability, and animal welfare concerns will boost the demand for cultured meat products in different regions. Seafood products will generate the highest revenue in the cultured meat market and are anticipated to witness the highest growth rate during the forecast period 2026-2030. This is mainly due to the high demand for fish in the countries of the Asia-Pacific region, particularly China. Significant players working on cultured fish products are present globally, which will raise demand as a range of products will be available to customers once commercialized. BlueNalu, Inc., Shiok Meats, and Finless Foods, among others, are the industry's prominent players.
