Lab-Based Meat Market Report by Growth, and Competitor with Statistics, Forecast
Lab-Based Meat Market Overview
The global
lab-based meat market is thriving even during the trying period of the COVID-19
pandemic. The market demand is growing worldwide, and the players are seizing
the opportunity of the reinvigorating economic stimulus package. The outbreak
is, in fact, helping to drive the lab-based meat market, presenting an
opportunity to factor climate change into the industry. The market is projected
to continue to grow, undeterred by the COVID-19 pandemic.
According to
Market Research Future (MRFR), the global lab-based meat market is forecasted
to garner a valuation of USD 22.6 MN by 2027, growing at 5.3% CAGR during the
review period (2021 to 2027). COVID-19 is expected to accelerate a move towards
lab-based meats and plant-based proteins. Also, new trends, like brand launches
and online grocery shopping, are popping up and thriving. There is a huge surge
in the market demand as consumers are interested in a diversity of products
that are usually not available in stores.
Moreover,
problems at slaughterhouses have arisen during the coronavirus outbreak,
including the shutdown of meat-processing plants worldwide. These factors have
cumulatively triggered a drastic growth in the online (non-store-based)
distribution channel. Hence the development of distribution channels is
considered a major growth driver for the market. Also, there is a common belief
that most infection outbreaks are transmitted from animals. As lab-based meat
is produced in a clean & controlled environment, it is inherently safer
than animal-based meat. This also acts as a key factor driving the market
growth.
As the
coronavirus outbreak wears on, preventing illness is predicted to become a
bigger part of the health-and-wellness picture. Hence, many lab-based meat
manufacturers are prepping for a touch less production after coronavirus
pandemic. Also, the rising trends of veganism and meat-free foods that are
transitioning the consumption patterns from animal-based agriculture to
lab-based proteins are pushing the market growth excellently.
Global
Lab-Based Meat Market - Competitive Landscape
Highly
competitive, the lab-based meat market appears to be fragmented with the
presence of many well-established players. To gain a larger competitive share,
market players initiate strategies such as Innovation, M&A, and brand
reinforcement. They make substantial investments to drive research &
development activities and to expand their global footprints. They strive to
develop a cost-effective manufacturing method that can reduce the overall
production cost & downtime and enhance the product's shelf life.
The market
competition is estimated to intensify with the expected product innovations and
extensions. Manufacturers ensure their expanded offerings reach through food
wholesaler directly to consumers, selling in additional supermarkets across
their value chain. They track their moves to stay ahead of the trajectory to
replace animal protein with plant-based. As every company tries to be in the
league of selling plant-based meats and seafood online, market completion is
increasing continually.
Major
Players:
Players leading
the global lab-based meat market include 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), Aleph Farm (Israel), among others.
Global
Lab-Based Meat Market - Segment
The lab-based
meat market report has been segmented into three dynamics:
By
Source :
Poultry, Pork, Beef, and others.
By End Use:
Burgers, nuggets, hot dogs, meatballs, and others
By
Regions : Americas,
Europe, Asia Pacific, and the Rest-of-the-World.
Global
Lab-Based Meat Market: Geographical Analysis
North America
dominates the global lab-based meat market with the highest growth rate. The
largest market share is attributed to the increasing demand for clean meat
products and the rising adoption of lab-based animal protein. Besides, the
strong presence of many large players impacts market growth in the region,
positively. The North American lab-based meat market is expected to retain its
leading position, registering the highest growth rate throughout the forecast
period.
Europe stands
second in the global lab-based meat market, driven by the changing food
consumption pattern. Besides, factors such as the high consumption of
convenience foods, increasing veganism, and the demand for plant-based animal
protein are projected to foster regional market growth. Moreover, high
production volumes and a large number of production and consumer bases in the
region help the European market generate high revenue pockets on a global
level.
The Asia-Pacific
lab-based meat market is emerging as a profitable market globally. The market
is largely driven by the rising awareness for the benefits of plant-based and
lab-based meat products and the increasing numbers of production capacities in
the region. The regional lab-based
meat market trends are anticipated to increase as a result of the market's
significant recent advances. Furthermore, the change in consumer preference is
estimated to propel the growth of the APAC lab-based meat market over the next
few years.
Industry/innovation/Related
News:
April 27, 2020
---- Beyond Meat Inc. (the US), a leading producer of plant-based meat
substitutes, announced its debut in the Chinese market through a partnership
with the coffee giant Starbucks Corp. BYND plant-based menu, including Beyond
Meat lasagna and a Beyond Beef Spicy & Sour Wrap, is launched by Starbucks
in China. The move marks an important milestone of Beyond Meat, advancing its
goal of increasing accessibility to plant-based protein globally.
In addition to
Beyond Beef Classic Lasagna, other dishes made with OmniPork, a plant-based
pork brand, are also added. BYND finds China to be an attractive market for
alternative meats given the protein supply shortage caused by African swine
fever and meat production constraints caused by chronic land and water
shortages near major cities. The Company further plans to establish a
production facility in this region to be near the consumers/competition in
markets with major cultural differences so that trends can be easily spotted.
Contact us:
Market Research Future (part of Wantstats Research and Media Private
Limited),
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