Synthetic (Cultured) Meat Technologies to Reach $19.8 Million in 2027
Increasing Meat Consumption Across the Globe Considered Major Driver
WELLESLEY, Mass., February 26, 2019 (Newswire.com) - The synthetic meat market is being driven by increasing demand for healthy, high-quality and safe meat products that are produced in environmentally sustainable and economically sound ways. According to the BCC Research report “Synthetic (Cultured) Meat: Technologies and Global Markets,” investments for the commercial development of synthetic meat will coincide with advancements in cell culture technology to meet the rising demand.
Synthetic (cultured) meat is produced by accumulating cells from an animal and developing them in an enriched and favorable medium, thereby creating meat free from harmful organisms. This study seeks to determine the status of the synthetic (cultured) meat market and assess the market’s global growth potential during the period from 2022 to 2027. The market was analyzed for the main meat sources including beef, poultry, pork, duck and others.
The market is expected to grow at a compound annual growth rate (CAGR) of 4.0%, reaching $19.8 million by 2027.
- North America is expected to dominate the market for synthetic meat in 2022 with a total revenue of approximately $6.8 million. The dominance of North America is justified by the presence of a wide pool of market players researching synthetic meat.
- The major market players include Memphis Meats, Finless Foods, and Just Inc.
- The synthetic (cultured) meat market by poultry will hold the largest market share of 35.6% in 2022 in terms of revenue followed by pork. By 2027, total revenue from synthetic poultry is expected to exceed $7.1 million. In addition, the poultry segment is estimated to increase at the highest CAGR of 4.4% during the forecast period.
“Meat consumption across the globe is on a continuous increase that presents huge growth prospects for the global synthetic (cultured) meat market,” the report notes. “This new trend of clean meat could be explored by the consumers because of various benefits proposed by the cultured meat. For instance, according to the Stromness Academy (U.K.), the following are some benefits associated with lab-grown meat: 96% fewer greenhouse gases, 96% less water, 99% less land use. Further, the projections for meat consumption remain strong through 2027.”
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Source: BCC Research
Categories: Food Sciences