The in-vitro meat market, also known as cultured meat or clean meat, involves growing animal muscle tissue in laboratory conditions without harvesting livestock. This approach to producing meat helps address the various issues associated with traditional industrial livestock farming such as environmental pollution, animal welfare, public health concerns, and greenhouse gas emissions. In-vitro or cultured meat is produced directly from animal cells through cellular agriculture and tissue engineering techniques. Some key advantages of cultured meat include reduced environmental footprint, no added hormones or antibiotics, prevention of diseases, and addressing concerns of animal welfare activists.
The global in-vitro meat market is estimated to be valued at US$ 2.15 Bn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Opportunity: The expansion of plant-based meat options presents a major market opportunity for the in-vitro meat market. Beyond Meat and Impossible Foods have witnessed immense success with their plant-based burger patties that mimic the taste and texture of meat. However, plant-based meats are still not able to effectively replicate the molecular structure and complete nutritional composition of animal meat. In-vitro cultured meat has the potential to match or surpass the quality attributes of conventional meat thereby positioning itself as a viable alternative to both animal meat and plant-based meat substitutes. As consumer interest in sustainable food options rises, the cultured meat market is well-positioned for strong growth by offering environment-friendly meat production without sacrificing on quality. Porter's Analysis Threat of new entrants: The threat of new entrants in the meat substitute market is moderate due to the requirement of large capital investments to construct production facilities and establish supply chains. Bargaining power of buyers: The bargaining power of buyers in the meat substitute market is high due to the availability of substitutes. Bargaining power of suppliers: Suppliers have moderate power due to availability of alternative raw materials and supplier concentration in the market. Threat of new substitutes: The threat of substitutes is moderate as there are several substitutes available for meat such as tofu, tempeh, eggs, dairy, etc. Competitive rivalry: The competitive rivalry in the meat substitute market is high due to the presence of several key players. SWOT Analysis Strengths: Meat substitutes offer high protein content, healthier and more sustainable alternatives to animal meat. Growing vegan and flexitarian population is increasing the demand. Weaknesses: High price of meat substitutes compared to conventional meat limits their adoption. Lack of texture and taste resembles meat is still a concern. Opportunities: Increasing health concerns regarding red meat and meat products is prompting consumers to shift to plant-based meat substitutes. New product launches catering to regional taste preferences present opportunities. Threats: Intense competition from other food categories and substitutes like eggs, dairy limits market scope. Consumer perception of meat substitutes as processed foods is a challenge. Key Takeaways The Global Meat Substitute Market Growth is expected to witness high over the forecast period of 2023 to 2030. The Market Size for 2023 is US$ 2.15 Bn. Regional analysis indicates that North America dominates currently due to growing vegan trends. However, Asia Pacific is expected to emerge as the fastest growing market due to increasing health awareness. Key players operating in the Meat Substitute Market are I-Minerals Inc., Quarzwerke GmbH, Eczacibasi Esan, Micronized Group, Imerys Minerals, Sibelco Nordic, The Quartz Corp., Adolf Gottfried Tonwerke GmbH, LB MINERALS, and Sun Minerals. These players are focusing on new product launches catering to regional tastes and preferences to further expand their market shares. Explore more information on this topic, Please visit- https://www.dailyprbulletin.com/meat-substitute-market-share-size-and-growth-share-trends-analysis-demand-forecast/
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