IDTechEx Forecasts US$13.7 Billion Cultured Meat Market by 2043
Jan 20, 2023 Andy Ko
Entering 2023 marks a decade of progress in the cultured meat industry. Ten years ago, the world was introduced to the first lab-grown burger, and this year, it is possible that American consumers will have the opportunity to taste this revolutionary food for themselves. The end of 2022 saw a major milestone for the industry, with the Food and Drug Administration (FDA) approving a cultured meat product for the first time, a significant step towards commercialization.
To gain a deeper understanding of the state of the cultured meat industry and its future opportunities, IDTechEx have recently published the report "Cultured Meat 2023-2043". This report provides an in-depth technology and market evaluation of the cultured meat industry based on extensive primary research into the sector, including interviews with key players. The report discusses the global meat industry and drivers for cultured meat adoption, the chemical and physical make-up of meat, the process of making cultured meat, the current state of the cultured meat industry, and the regulations governing it, alongside profiles of players in the industry. It contains historic market data from 2021 and market forecasts from 2023 to 2043, segmented into 5 geographic markets. In this report, IDTechEx predicts that the global cultured meat market will be worth US$2.1 billion by 2033 and US$13.7 billion by 2043.
Cultured meat, otherwise known as cultivated or lab-grown meat, is an emerging technology area that uses animal cells grown in the lab to create meat products without requiring animal slaughter and with the potential to improve the sustainability of meat. Unlike many of today's plant-based meat alternatives, cultured meat technology has the potential to create products identical to conventional meat, comprising the same fat and muscle tissue.
Cultured meat has been rapidly growing as a new market over the last few years. Within less than a decade, the industry has grown from a handful of start-ups to over 80 companies across the cultured meat value chain. In November 2022, UPSIDE Foods received pre-market approval from the Food and Drug Administration (FDA), the United States' regulatory body for cultured meat. This was the first time a major market had approved a cultured meat product, a key step that demonstrates the viability of this industry and paves the way to commercialization. This approval follows the precedent set in the Singapore market, where Eat Just's 'GOOD Meat' product was approved in 2020. With these promising signals from regulatory bodies, the cultured meat industry is poised for rapid scaling and the introduction of numerous commercial products in the coming years.
One indicator of growing interest in the cultured meat industry is the rising investments in this space. Investments have risen from US$250,000 in 2015 to US$800 million in 2022, a sign that investors believe in the potential of the cultured meat industry.
Cumulative investment in the cultured meat industry between 2015 and 2022 was approximately US$2.1 billion. Source: IDTechEx - "Cultured Meat 2023-2043"
IDTechEx's "Cultured Meat 2023-2043" report collects intelligence about the latest developments and trends in the cultured meat industry. The content of the report includes:
- An overview of the value of cultured meat, including a review of the meat industry and its sustainability issues, as well as a definition of cultured meat and the current state of the industry.
- A deep dive into the technology of cultured meat production including reviews of the four key components: starter cells, growth media, bioreactors, and scaffolds. The report also discusses the technical challenges in scaling up cultured meat production.
- Market analysis for cultured meat including profiles of cultured meat players and case studies throughout the report and analysis of the investment landscape from 2015-2022. The report also discusses consumer considerations in commercializing cultured meat and the regulatory landscape with a focus on the US and EU.
- Quantitative market forecasting, with 10-year and 20-year projections for the global cultured meat industry, segmented by geographical markets.
To find out more about this new IDTechEx report, including downloadable sample pages, please visit www.IDTechEx.com/CulturedMeat.
Upcoming Free-to-Attend Webinar
2023, the Year of Cultured Meat?
Andy Ko, Technology Analyst at IDTechEx and author of this article, will be presenting a webinar on the topic on Friday 3 February 2023 - "2023, the Year of Cultured Meat?".
This webinar will include:
• Discussion on the value of cultured meat and drivers of the industry
• Notable industry progress and updates
• Key challenges facing the cultured meat industry
• Outlook for cultured meat in 2023 and beyond
Click here to find out more about this webinar and register your place on one of our three sessions.