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Unveiling the Global Cultured Meat Market's $2 Billion Opportunity in 3 Key Insights: Ken Research
The growing demand for nutritional meat and the increasing trend for a protein-rich diet coupled with the rising consumption of meat is creating immense opportunities for the growth of the cultured meat market in the forecasted period. The shift of consumers towards a nutritional diet and rising concerns regarding food safety are anticipated to boost the demand for more sustainable solutions such as lab-grown meat products.
Cultured meat production offers environmental benefits including less deforestation, zero animal cruelty, relatively low usage of the land, water, antibiotics, and other resources, and hence, gaining importance as a sustainable solution. However, the high production cost of cultured meat may hamper the growth of the market.
According to estimates, the – valued at around US$ 100 Mn in 2019 and estimated to reach nearly US$ 300 Mn by 2022 – is expected to grow to around US$ 2,000 Mn opportunity by 2030.
The increasing concern regarding the harmful environmental impact of the production of meat like chicken, beef, pork, and others is expected to increase the demand for sustainable solutions like cultured meat in the market.
Cultured meat comparatively utilizes less land, low usage of water, and other environmental resources moreover aimed towards animal welfare and environmental sustainability, which is likely to propel the growth of the Global Cultured Meat Market. The below graph depicts the comparison of the environmental impact of cultured meat, beef, pork, chicken, and plant-based meat.
The high prices of Cultured Meat due to the high consumption of energy as well as the additional cost of growth medium to stimulate cell growth. Conventional meat products are comparatively cheaper as they don't require a growth medium and the feed utilized for their growth is much cheaper than any growth medium.
The high prices of cultured meat and meat products may hamper the growth of the market. However, extensive research and development are going on to bring down the production cost of cultured meat. The below graph depicts the comparison in prices of ground beef and cultured meat in US$ per pound.
The pudding market in Vietnam is expected to experience medium level of growth owing to population growth along with rising incomes, health consciousness and the thriving bakery industry. Market expected to gain momentum with rise in disposable income per capita and increase in target population. Demand from Tier 1 and Tier 2 cities such as HCM, Hanoi and Da Nang to dominate the market in the future. Technical innovation in bakery equipment to result in efficient delivery of a variety of artisanal baked products at scale. New products such as fat free and sugar free pudding is expected to boost the market growth in the coming years.
Thailand's exposure to international food products (prepared / processed) has transformed a consumer's lifestyle including their attitude towards food and consumption patterns. The demand for food products in Thailand was witnessed to shift to processed foods and packaged ready-to-eat meals, which are majorly available in large supermarkets and convenience stores. Thailand frozen foods market revenue generation slowed down after 2012 owing to the country's political turmoil and high oil prices, thereby reducing the volume of production for frozen products, sales and margin levels for producers, retailers as well as restaurants in Thailand . Easy convenience offered by frozen products especially frozen ready meals, frozen seafood and frozen fruits and vegetables owing to innovations in freezing technologies helps to provide an extended shelf life.
The Saudi Arabia canned food market, in terms of revenue, is expected to grow at a single digit CAGR during CY'2018-CY'2022 owing to increasing urban population, rising female workforce and product and packaging innovation. The growth of the tourism industry leading to expansion of hotels, restaurants and fast food outlets is also likely to be another major contributor as these entities are major end users of canned food products. The other major companies in Saudi Arabia canned food market are Luna (National Food Industries Company), Saudia Dairy and Foodstuff Co., Del Monte Saudi Arabia Co. Ltd., Al-Wedyan National Company for Food Products, Al-Alali and AKH Foods.
Ken Research Private Limited
Ankur Gupta , Director Strategy and Growth
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