Increased demand for allergen-free alternative proteins and foods and growing concerns about animal welfare and environmental issues are driving the growth of the global farmed meat market.
Portland, OR, April 7, 2021 (GLOBE NEWSWIRE) – According to a report published by Allied Market Research, a global “Cultural meat market generate $ 1.64 million by 2021 and is expected to reach $ 2.78 billion by 2030, witnessing a CAGR of 95.8% from 2022 to 2030.
Increased demand for allergen-free alternative proteins and foods and growing concerns about animal welfare and environmental issues are driving the growth of the global farmed meat market. However, high production costs and the availability of healthier substitutes are hampering market growth. On the other hand, the widening gap in demand and demand for conventional meat, the increase in purchasing power, and changes in lifestyle and eating habits present new opportunities in the next few years.
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Rising health problems during the pandemic led to increased demand for healthy food, including cultivated meat and related products.
Also, the disrupted supply chain during the initial locking phase had an immense impact on the market in terms of sales.
However, government bodies in various regions are removing restrictions, which in turn would lead to the market recovering soon.
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Based on the type of distribution, the red meat segment is expected to contribute the largest market share, accounting for 91% of the world market for farmed meat by 2021, and will maintain its leading position over the forecast period. This is due to the popularity of conventional red meat among people, and the huge benefits associated with consuming red meat. However, the seafood segment is expected to have the highest CAGR of 125.1% from 2022 to 2030. This is attributed to increased awareness of seafood benefits and changing consumer dietary preferences.
Based on end-user distribution, the food segment is expected to have the largest share in 2021, contributing 93% of the global farmed meat market, and is projected to retain its largest contribution over the forecast period. This is attributed to the increase in the consumption of fast food and ready-made food products. However, the household segment is expected to show the fastest CAGR of 124.5% over the forecast period, thanks to growth in disposable income, increased awareness of the benefits of farmed meat and rising expenditure on premium food products.
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Based on regional distribution, Asia and the Pacific, followed by North America, accounted for the largest market share in revenue in 2021, holding more than three-fifths of the world’s farmed meat market, and will retain its leading status until 2030. This is attributed to consumer favor. towards animal welfare and against slaughter in countries such as China and Japan, encourages the growth of the farmed meat market in the region. In addition, increased health and fitness awareness and the recent launch of Eat Just’s innovative product further boost growth in this province. However, Europe is expected to grow at the highest CAGR of 106.1% from 2022 to 2030, due to growing concerns about animal welfare and demand for alternative proteins.
Globally Cultivated meat The market report includes a detailed analysis of major market players such as Aleph Farms Ltd, Cubiq Foods SL, Future Meat Technologies, Meatable BV, Mission Barns, Memphis Meats, Mosa Meat BV, Redefined Meat, Vow Group Pty Ltd.
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Allied Market Research (AMR) is the market research and business consulting arm of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global companies, as well as small and medium-sized enterprises, with the unsurpassed quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR has a targeted view to provide business insights and advice to assist its clients in making strategic business decisions and achieving sustainable growth in their market area.
Pawan Kumar, CEO of Allied Market Research, leads the organization towards providing high quality data and insights. We are in a professional corporate relationship with various companies and this helps us to extract market data that help us to generate accurate research data tables and confirm the ultimate accuracy in our market forecasting. All the data presented in the reports we published were extracted through primary interviews with the top officials of the leading companies in question. Our secondary data acquisition methodology includes in-depth online and offline research and discussion with industry experts and analysts.
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