The global lab-grown meat market is likely to gain from rising concerns pertaining to animal protection. Fortune Business Insights in a report, titled Application (Food Retail, Foodservice Channels) and Geography Forecast till 2026,” offers exclusive insights into the market. As stated in the report, in 2018 North America held a considerable share in the global market. The region is further expected to emerge dominant over the forecast period 2019-2026. Consumers in the region are gaining awareness about harmful effects of red meat products. This in response is anticipated to encourage the adoption of lab-grown meat products.
KEY INDUSTRY DEVELOPMENTS:
In February 2019 Several Israeli start-ups have joined a handful of companies around the globe trying to develop lab-grown meat, something they see as a solution to the needs of the world’s ever-growing population and burgeoning demand for food.
In December 2018, Aleph Farms, an Israeli start-up launched in 2017, announced that it succeeded in producing a lab-grown “minute steak” made from bovine cells that closely resembles the texture and flavour of its cow-borne counterpart.
Beef Segment to Emerge Dominant Over the Forecast Period
In terms of type, the market is classified in to beef, pork, seafood, and other. The beef segment holds a considerable share in the market. The segment is foreseen to emerge dominant in the global market. High demand for lab-grown beef from foodservice platforms is expected to contribute towards market growth.
The global lab-grown meat is currently at a nascent stage, however, it is expanding at a promising CAGR. The competition in the market is rising, owing to the prevailing opportunities. Some players are adopting industry leading strategies to gain higher share in the market.
Government Policies Focusing on Environmental Safety to Support Growth
The global lab-grown meat market is expected to be driven by increasing number of vegans and emerging governments policies regarding environmental safety. Furthermore, studies suggest that the rising number of non-veg consumers will bode well for the market.
Foodservice channels are exhibiting demand in the lab-grown meat market. These companies are developing various animal based cells such as pork, duck, beef, and others to use them in ready-to-eat foods such as burger. This is expected to boost the global market.
On the contrary, lack of confidence in the lab-grown meat is a major factor that may restrain the global market during the forecast period.
· North America (USA, Canada, and Mexico)
· Europe (Germany, France, Italy, Spain, U.K., and Rest of Europe)
· Asia Pacific (China, India, Japan, Australia, and Rest of Asia Pacific)
· Rest of the World (South America and Middle East & Africa)
The U.S. also offers great potential for expansion of the market owing to the high consumption of duck products in the nation. Duck products are very popular also among Chinese population. This is anticipated to enable growth in the Asia Pacific lab-grown meat market.
The region is also likely to gain from increasing startups in the region. For instance, Aleph Farms announced the production of a lab-grown meat product, meat-steak. The product was specially developed with bovine cells to attain the perfect flavor and texture similar to cow-borne counterpart. The product was launched in 2018 and is facilitating the adoption of lab-grown meat products.
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