Artificial Meat Market Size is Growing at a CAGR of 51.67% by 2032

Introduction

The global artificial meat market size was valued at USD 228.4 million in 2023 and is expected to Project at USD 6395.78 Million by 2032 at a compound annual growth rate (CAGR) of 51.67% from 2024 to 2032.

Artificial meat also known as cultured meat is produced by vitro cultivation of animal cells. These meats are produced by growing muscle cells of animals in a nutrient-rich environment that fosters them to grow into muscle-like fibers. The increase in the demand for meat consumption coupled with the growing rising demand for nutritional food is projected to drive the growth of the global artificial market during the assessment period. Additionally, the shift in consumer preferences towards animal proteins obtained from less animal-derived meat has led to the rapid innovation in cellular agriculture technology, which in turn is likely to be factor positively impacting the growth of the market.

Impact of COVID-19

The COVID-19 outbreak has raised several questions about the meat industry and its practices. The ‘Mad Cow’ in 2000, ‘SARS’ in 2003, ‘Bird Flu’ in 2005, and ‘COVID-19’ outbreaks have reshaped the norms of the meat industry. Individuals that were inclined towards the consumption of meat for their protein intake are shifting towards plant-based protein, further decelerating meat consumption across the globe.

The meat industry is witnessing a sharp decline in meat product prices, especially beef and pork. Additionally, the lockdown imposed by the governments due to the increasing number of cases has disrupted the supply chain, leading to a spike in the prices of these meat products. The overall situation has created volatility in the meat industry, compelling the prominent players in the industry to emphasize the development of new business models and strategies in order to sustain themselves in the current scenario.

Competitive Players

1. Mosa Meat BV
2. Aleph Farms Ltd
3. Finless Foods Inc.
4. Integriculture Inc.
5. New Age Meats
6. Balletic Foods
7. Future Meat Technologies Ltd
8. Avant Meats Company Limited
9. Higher Steaks
10. Appleton Meats Co.
11. SuperMeat
12. Fork and Goode
13. Biofood Systems Ltd.
14. Mission Barns
15. BlueNalu, Inc.
16. Meatable
17. Shiok Meats
18. Cell Farm Food Tech
19. Memphis Meats
20. Cubiq Foods
21. Just, Inc

Recent Developments

Recent Developments

• In 2019, Cargill Corporation invested in Aleph Farms to strengthen the growth of the artificial meat market on account of the rising protein demand among customers. In 2017, Cargill invested in Memphis Meats
• In 2018, Mosa Meat BV received funding from M Ventures, the strategic, corporate venture capital arm of MerckKGaA, to develop an end-to-end process for alternative meat production at a significantly reduced cost
• In 2018, Tyson Ventures, the venture capital arm of Tyson Foods, invested USD 2.2 million in Future Meat Technologies to establish its engineering activities and increase its biological research that will allow them to bring down the production cost of cultured meats
• In 2018, PHW Group formed a strategic partnership with SuperMeat to reinforce their R&D and distribution channel in the European market

Segmentation

1. By Source
   1. Poultry
   2. Beef
   3. Pork
   4. Duck
2. By Application
   1. Nuggets
   2. Sausages
   3. Burgers
   4. Meatballs
   5. Hot Dogs
3. By Distribution Channel
   1. B2B
   2. B2C
      1. Store-Based Retail
         1. Hypermarkets and Supermarkets
         2. Convenience Stores
         3. Specialty Stores
      2. Online Retail