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 on the meat industry and their 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. The individuals that were inclined towards the consumption of meat for their protein intake are shifting towards plant-based protein, further decelerating the meat consumption across the globe.
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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 the 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 in the current scenario.
Artificial Meat Market: Segmentation
By Distribution Channel
Central and South America and the Caribbean
The Middle East
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