According to the Food and Agriculture Organization, the world will face a critical food shortage in the foreseeable future, as demand for meat is projected to grow by more than two-thirds because of the increasing urbanization globally. In reducing the agricultural system's environmental impact, mitigating risks to public health, resolving animal welfare problems, and providing food protection, meat production through tissue culture could have enormous effects. The vital first step in finding a sustainable alternative to the processing of meat is cultivated meat. It is considered the most practical and fastest way to ultimately eradicate the traditional meat industry, which annually accounts for the cruelty and killing of around 270 billion animals.
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Moreover, the traditional meat industry is also responsible for climate change and negative environmental impacts. Besides, by unregulated methane releases, livestock is also among the most critical contributors to global warming. A greenhouse gas is 20 times as strong as carbon dioxide. Via conventional means, an increase in demand for meat dramatically increases the levels of methane, carbon dioxide, and nitrous oxide, which can cause a loss of biodiversity.
Seafood Products to Generate Highest Demand in Cultured Meat Market
Seafood products will generate the highest revenue in the cultured meat market and are anticipated to witness the highest growth rate during the forecast period 2026-2030. This is mainly due to the high demand for fish in the countries of the Asia-Pacific region, particularly China. Significant players working on cultured fish products are present globally, which will raise demand as a range of products will be available to customers once commercialized. BlueNalu, Inc., Shiok Meats, and Finless Foods, among others, are the industry's prominent players.
China to Witness Fastest Growth in Cultured Meat Market
China is expected to dominate the global cultured meat market in the coming years and uphold its dominance throughout the forecast period. The prime reason is increasing urbanization in the country, which, as a consequence, has positively impacted the demand for meat. China is among the most significant consumers of beef over the decades. In recent years, the demand for pork has also witnessed a massive rise. The country is finding it challenging to cope with the continuously increasing demand for meat in its economy. Despite being one of the biggest meat producers, it needs to import a significant amount of meat to fulfill consumer demand. The cultured meat technology can certainly help the country to increase its in-house production to fulfill consumer needs. Thus, for the cultured meat products, the country's development will be significant in the coming years.
Competitive Landscape
The cultured meat market's competitive landscape consists of different strategies undertaken by major players across the industry to gain market presence. Some of the strategies adopted by cultured meat manufacturers are business expansion, partnerships, and collaborations, and product launch (prototype). Among all the strategies adopted, business expansion has been the most prominent strategy adopted by the cultured meat manufacturers.
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Majority of the cultured meat manufacturers have received substantial initial funding, which is mostly used by companies to expand their productions and global expansion plans. The industry landscape will be more competitive in coming years with more investments coming in. To increase their overall global footprint, cultured meat manufacturers are looking to expand their businesses and are also entering into strategic partnerships to increase their customer base.