November 9 2020
Market Highlights
Lab-Based Meat is produced through animal cell culture. The products made of lab-based meats are expected to be available in the market by 2021. The Global Lab-Based Meat Market is projected to be valued at USD 22.6 million by 2027 registering an estimated CAGR of 5.3% during the forecast period. The increasing focus on alternative meat sources can be attributed to the widening demand and supply gap. There have been large-scale investments in the research and development of lab-based meat but to the high profit expectancy. Increasing awareness and a focus on environmental concerns, animal cruelty, and sustainability are also projected to boost the adoption of Lab-Based Meat Market. However, the high costs would restrain market growth. Manufacturers are, therefore, working to reduce the cost of production.
Segmentation
The global lab-based meat market has been segmented based on source, end use, and region.
The global lab-based meat market has been segregated, by end use, into burgers, nuggets, hot dogs, meatballs, and others. The nuggets segment is expected to dominate the market in 2021 and is projected to record the highest growth rate. Meat snacks are in high demand in developed countries such as the US, the UK, Canada, Germany, and Spain, and nuggets are a popular snack type in these countries. The growing demand for clean meat, rising environmental awareness, and willingness to adopt lab-based meat are expected to boost the growth of the nuggets segment.
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Regional Analysis
Based on region, the global lab-based meat market has been divided into North America, Europe, Asia-Pacific, and the rest of the world.
The market in North America is forecasted to dominate the global lab-based meat market. High investments in the research and development of lab-based meat, presence of several lab-based meat manufacturers, and high demand for meat are expected to fuel market growth during the forecast period. The regional market is also projected to register the highest growth rate during the review period.
Key Players
Some of the key players in the global lab-based meat market are Mosameat (Netherlands), Finless Foods (US), Just, Inc. (US), SuperMeat (Israel), Memphis Meats (US), Integriculture Inc. (Japan), Biotech Foods (Spain), Future Meat Technologies (Israel), Higher Steaks (UK), and Aleph Farm (Israel).
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