Research Nester has released a report titled “Lab-Grown Meat Market – Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global lab-grown meat market in terms of market segmentation by meat type, end use, application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The lab-grown meat market is segmented by meat type into poultry, beef, pork, duck, seafood and others, out of which, the poultry segment is anticipated to hold the largest market share owing to the growing production and trade of poultry meat as compared to other meat products. On the other hand, numerous benefits associated with poultry meat as compared to other meat product types, such as presence of omega-3 fatty acids, along with lack of trans fats, which is known for the contribution to coronary heart diseases, are some of the factors anticipated to drive the growth of the segment in the global lab-grown meat market. In the statistics by the Food and Agricultural Organization (FAO) of the United Nations, during the year 2019, production, import and export of poultry meatconstituted to 133575 thousand tonnes, 12518 thousand tonnes and 13880 thousand tonnes respectively.
The lab-grown meat market isanticipated to record a significant CAGR throughout the forecast period, i.e. 2020-2028. Increasing demand for food products, backed by the growing population worldwide, coupled with the rising consumption of meat and meat products around the world and the increasing trade on meat products between nationsare some of the factors anticipated to promote the growth of the global lab-grown meat market. In other statistics by the Food and Agricultural Organization (FAO) of the United Nations, during the year 2019, meat exports around the world expanded by 6.8% to 36 million tonnes. Further, the statistics also stated that the largest growth that was registered was for pig meat, followed by bovine and poultry meats.
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Regionally, the lab-grown meat marketsegmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, North America is anticipated to hold the largest market shareon account of increasing awareness for lab-grown meat and meat products amongst the individuals, growing concepts of vegan foods and the growing demand for lab-grown meat from end-user industries, especially food supply chains, in the region are some of the factors anticipated to drive the growth of North America lab-grown meat market.
Growing Demand for Alternative Protein Sources
The population of the world is increasing consecutively throughout the years. As such, there is an increasing need to find alternative sources of food that can help balance the total food stock available for consumption. Lab-grown meats, which are developed from the advancements in tissue culture technologies, are produced from in-vitro cultivation in laboratories or a pre-set environment setting. As these meat is grown artificially, they are clean and does not require to slaughter animals, which is also one of the major causes of concern amongst the individuals. Moreover, production of lab-grown meat provides more control to the producers as the production quantity can be manipulated based on the demand from end users, therefore reducing the wastage of food as well as the environmental costs associated to the conventional meat sources. Such factors are anticipated to drive the growth of the global lab-grown meat market.
However, concerns regarding the high cost of production, lack of awareness for lab-grown meat, unavailability of proper infrastructure and unavailability of skilled laborers for the manufacturing of lab-grown meat products are some of the factors anticipated to impact negatively towards the growth of the global lab-grown meat market.
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