(MENAFN- GlobeNewsWire - Nasdaq) New York, March 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report 'Cultured Meat Global Market Report 2023' -
The global cultured meat market grew from $0.16 billion in 2022 to $0.2 billion in 2023 at a compound annual growth rate (CAGR) of 23.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The cultured meat market is expected to grow to $0.39 billion in 2027 at a CAGR of 18.3%.
The cultured meat market consists of sales of cultured beef meat, cultured poultry meat, cultured pork meat, cultured seafood meat, and other cultured meat.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Cultured meat is animal meat created in culture using different tissue of animals and bio-engineered techniques.Cultured meat is also known as clean meat or in vitro meat and acts as a healthier alternative to conventional animal meat.
The cultured meat is grown in a laboratory using animal stem cells or also called building block cells. These cells are soaked in liquid containing nutrients to help them duplicate and then transferred to the bioreactor, where the meat is grown.
North America was the largest region in the cultured meat market in 2022. The regions covered in the cultured meat report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of cultured meat are poultry, beef, seafood, pork, duck.Poultry is a type that raises the birds for commercial purposes eggs, feathers, others.
The meat cells are procured from the poultry and grown in the lab for cultured meat.The cultured meat is used by household or food services for cooking nuggets, sausages, burgers, hot dogs, meatballs, others.
The cultured meat is distributed through hypermarkets, food and drink specialty stores, convenience stores, online retail, and others.
The increasing consumption of meat across the globe is contributing to the growth of the cultured meat market.Cultured meat is consumed as a healthy alternative to animal meat as it is less contaminated than animal meat.
Around the world, people are eating more meat than before due to the increasing need for protein consumption and an increase in disposable income.According to the Organisation for Economic Co-operation and Development - Food and Agriculture Organization (OECD-FAO) Agriculture outlook 2020-2029, the growth in global meat consumption is projected to increase by 12% between 2020 to 2029.
Moreover, according to The World Counts report, global meat consumption is expected to reach between 460 and 570 million tons by 2050. Thus, increasing consumption of meat and meat products drives the market for cultured meat.
Meat made from 3D printed cells is gaining popularity among meat production companies to create precise digitally printed structures. 3D printed cultured meat has evolved in recent months to develop 3D printed hybrid cells and plant-based meats. In 2020, MeatTech, an Israel-based farmed meat company, successfully 3D printed a beef fat structure grown with bovine fat cells and edible bio-bonds. 3D printed cultured meat technology offers many benefits to meat consumers that include preserving texture, taste, and nutritional properties of animal meat products by reducing environmental impact.
In December 2020, Meat-Tech 3D, an Israel-based company engaged in developing methods for cultivated meat using 3D printing acquired Peach of Meat for $17.80 million. Through this acquisition, Meat-Tech will leverage Peace of Meat technologies including new hybrid food products to accelerate market entry as Meat-Tech develops industrial processes for farming and manufacturing. Peace of Meat developed a stem-cell bioreactor for cultivating fats from the chickens and ducks without harming the animals.
The countries covered in the cultured meat market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The cultured meat market research report is one of a series of new reports that provides cultured meat market statistics, including cultured meat industry global market size, regional shares, competitors with a cultured meat market share, detailed cultured meat market segments, market trends and opportunities, and any further data you may need to thrive in the cultured meat industry. This cultured meat market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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