The global cultured meat industry is expected to develop at a CAGR of 18.7% from 2016 to 2032, reaching a valuation of US$ 22.6 billion. The COVID-19 epidemic is wreaking havoc on the food and beverage industry, and cultured meat sales are projected to decline as a result. The market for cultured meat is quickly expanding, and it is mostly generated through a microbiological process.
Consumer food demand for cultured meat and lifestyle may have a large impact following the end of the coronavirus disease outbreak, which is expected to be a key element in the market for cultured meat. The cultured meat business would be impacted by a COVID-19 disease pandemic in a moderate to the high way.
Cultured meat, which is getting a lot of attention due to its unique product feasibility and novel manufacturing process, is becoming more popular as a sustainable food source.
However, only Singapore has permitted the sale of cultured meat products, followed by the United States and a few other industrialized countries in the major trends and opportunities in the cultured meat business.
The market for cultured meat is predicted to soar as animal welfare and environmental awareness improve. Commercial production of cultured meat has recently been able to meet rising demand while lowering the strain on traditional meat sources, which is predicted to improve animal welfare.
Takeaways from the Market Research
- In 2022, the market for cultured meat will be valued at US$ 4.1 billion in sales.
- Through 2032, the market for cultured meat is predicted to grow at a CAGR of 18.7%.
- In 2022, global demand for cultured meat is expected to increase by 12.7 percent year over year (Y-o-Y).
- The market for cultured meat is expanding rapidly, with production expected to reach USD 22.6 billion by 2032.
- The elements driving cultured meat market growth are innovative formulations, research patenting, and sustainability, which are influencing customers and driving sales of cultured meat across the worldwide cultured meat industry.
“The focus of key brands operating in the cultured meat market for the next decade will be on modest market penetration with proving commercial viability,” says a Future Market Insights analyst. “Manufacturers must assuage potential concerns around the novel food to succeed in the industry, and consumers will look to brands for delivering deliciousness at the right price.”
Most Commonly Asked Questions
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