03 March 2021
Visiongain has published a new report on Artificial Meat Market Report to 2031: Forecasts by Product Type (Beef, Seafood, Pork, Poultry, Duck), By Application (Sausages, Meatballs, Burgers, Nuggets, Hot dogs), By Distribution Channel (B2B, B2C (Online Channels, Offline Channels) PLUS Profiles of Leading Artificial Meat Manufacturing Companies and Regional and Leading National Market Analysis, PLUS COVID-19 Recovery Scenarios.
Global Artificial Meat market was valued at US$ XX million in 2020 and is projected to reach at a market value of US$ xx million by 2031. Rising consumption of animal based-products and industrialization of these products is augmenting the market for Artificial Meat across the globe.
COVID-19 Impact on Artificial Meat Market
Coronavirus has led to various changes across the value chain of the artificial meat producing industry. Government from various countries had imposed lockdown and sever regulations for the food industry. The manufacturers of artificial meat had to make and all the necessary changes in the company’s operations as instructed by the government to ensure safe delivery of products, which impacted the revenue generated by organisations. Additionally, the social distancing norms have compelled the manufacturing plants to work with limited number of employees resulting into lower production capacities. The pandemic obligated the market players to develop and implement new strategies and business models to sustain during these unprecedented times. Moreover, the pandemic has caused shortage of meat which is raising the demand for artificial or lab-grown meat to curb the demand from the consumer end.
Increasing awareness and concerns regarding sustainable consumption
Consumers worldwide are more aware about the impact caused on environmental by their day-to-day activities, which have made them more responsible towards their consumption habits. Raising animals for human food consumption uses 77% of the global agricultural land and fulfils only 17% of the food demand. Livestock grazing emits greenhouse gases such as methane (CH4), carbon dioxide (CO2) and nitrous oxide (N2O) contributing approximately 75% of the total agriculture N2O emissions. The conventional meat pollutes and deteriorates water, land, air across various stages of production. Millennials are driving the demand for artificial meat as they are more concerned about the environmental impact of their consumption patterns. 75% of Millennials are ready to change their consumption habit compared to 34% Baby Boomers in order to reduce the impact on environment. Moreover, 80% of the Millineals are ready to pay more for the products that have social responsibility claims compared to 48% Baby Boomers. The high level of socially responsible and conscious population comprising majorly of the Millennials are pushing the sustainable consumption goals and thus the demand for artificial meat.
Rising consumer inclination towards animal welfare
Animal welfare at slaughterhouse is protecting the animals and minimising their pain and suffering at the time of killing. More than 60 billion animals are reared in industrial conditions every year to produce meat. There is scientific consensus regarding animal sentience and their capacity to suffer and is officially recognized in European legislation. It states that any needless suffering inflicted upon animals under human care, directly or indirectly is morally indefensible and must be stopped. Additionally, animal farming is already inefficient in terms of sustenance and land resources, however, the increasing meat demand shoves farmers to make cost-effective production leading to increased animal suffering. For instance, for broiler chicken, a chicken breed is optimized for rapid maturation and morbid obesity and kept in industrialized world leading to life long suffering for the bird. Most of the times these birds suffer from their legs collapsing under their own weight, chronic sickness owing to poorly ventilated and overcrowded environment. These animals are ill-treated, stuffed into metal crates, wire cages and other torturous devices and raised in artificial environment. Various organization such as PETA, European Union (EU), and the Animal Welfare Institute (AWI) are undertaking various initiatives to address the concerns regarding animal welfare among consumers, which is driving the demand for artificial meat, as it does not harm the animals.
Ever increasing investments in the artificial meat market
The key industry leaders are making investments and future plans over capitalising the artificial meat market to grab the opportunities in the market space. For instance, in January 2020, Memphis Meats raised US$ 161 Mn in funding to build a pilot production facility and development of new cell-based meat products for consumers in the market. Similarly, in October 2019, Future Meat Technologies, an artificial meat manufacturing start-up raised US$ 14 Mn for installation of a new production plant in order to manufacture lab-grown meat. Moreover, in May 2018 Tyson Foods made an investment of US$ 2.2 Mn in Future Meat Technologies, which is a biotechnology company that manufactures artificial meat. The investment was made to develop new artificial meat manufacturing technology in order to reduce the production costs.
Accelerating demand to meat coupled with increasing need to fulfil global food demand
The world population has increased the demand for food globally and the demand is expected to increase by 70% by the year 2050. This has led to the increase in demand for meat but there is a supply demand gap that can be fulfilled by using artificial meat to supress the demand for meat across globe. Annually, 350 million tons of meat is consumed worldwide and is projected to reach approximately 570 million tons by 2050, which is twice as high as in 2008. The major demand for meat is expected to come from the countries in Asia Pacific region including Japan, Philippines, Vietnam and Malaysia. The Asian countries is expected to account for 56% of the global meat imports by 2028 as the demand outpases the domestic production capacity. To ensure the domestic availability of meat, countries in these regions will move towards production and consumption of artificial meat, thereby shoving the market growth during the forecast period.
Some of the companies profiled in the report include Aleph Farms Ltd, Avant Meats Company Limited, Finless Foods Inc., and Balletic Foods among others. Key players in the artificial meat market are exploring organic and inorganic business strategies to strengthen their position in the market. However, there are various new players venturing in the market to grab the lucrative opportunities. For instance, in March 2018, the Centre of Cellular and Molecular Biology (CCMB) in Hyderabad and Humane Society International (HIS) India, an animal welfare organization came together for the development of lab-grown meat in India and the product is expected to be launched by 2025.
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