Lab-Grown Meat Market Business Boosting Strategies, Major Companies Profile Forecast till 2026
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 the harmful effects of red meat products. This in response is anticipated to encourage the adoption of lab-grown meat products.
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Beef Segment to Emerge Dominant Over the Forecast Period
In terms of type, the market is classified into beef, pork, seafood, and others. 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 a higher share in the market. Several organizations focusing on collaborations to expand their product portfolio. For instance, in 2019 some Israeli start-ups joined hands with global players to develop lab-grown meat.
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- Food Retail
- Foodservice Channels
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Government Policies Focusing on Environmental Safety to Support Growth
The global lab-grown meat market is expected to be driven by an 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, a lack of confidence in lab-grown meat is a major factor that may restrain the global market during the forecast period.
Some of the Main Key Players Covered in the Report:
- Aleph Farms
- Mosa Meat
- Just Inc.
- Memphis Meats
- Finless Foods
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