Lab-Based Meat Market Overview

The global lab-based meat market is thriving even during the trying period of the COVID-19 pandemic. The market demand is growing worldwide, and the players are seizing the opportunity of the reinvigorating economic stimulus package. The outbreak is, in fact, helping to drive the lab-based meat market, presenting an opportunity to factor climate change into the industry. The market is projected to continue to grow, undeterred by the COVID-19 pandemic.

According to Market Research Future (MRFR), the global lab-based meat market is forecasted to garner a valuation of USD 22.6 MN by 2027, growing at 5.3% CAGR during the review period (2021 to 2027). COVID-19 is expected to accelerate a move towards lab-based meats and plant-based proteins. Also, new trends, like brand launches and online grocery shopping, are popping up and thriving. There is a huge surge in the market demand as consumers are interested in a diversity of products that are usually not available in stores.

Moreover, problems at slaughterhouses have arisen during the coronavirus outbreak, including the shutdown of meat-processing plants worldwide. These factors have cumulatively triggered a drastic growth in the online (non-store-based) distribution channel. Hence the development of distribution channels is considered a major growth driver for the market. Also, there is a common belief that most infection outbreaks are transmitted from animals. As lab-based meat is produced in a clean & controlled environment, it is inherently safer than animal-based meat. This also acts as a key factor driving market growth.

As the coronavirus outbreak wears on, preventing illness is predicted to become a bigger part of the health-and-wellness picture. Hence, many lab-based meat manufacturers are prepping for a touch less production after the coronavirus pandemic. Also, the rising trends of veganism and meat-free foods that are transitioning the consumption patterns from animal-based agriculture to lab-based proteins are pushing the market growth excellently. 

Global Lab-Based Meat Market - Competitive Landscape

Highly competitive, the lab-based meat market appears to be fragmented with the presence of many well-established players. To gain a larger competitive share, market players initiate strategies such as Innovation, M&A, and brand reinforcement. They make substantial investments to drive research & development activities and to expand their global footprints. They strive to develop a cost-effective manufacturing method that can reduce the overall production cost & downtime and enhance the product's shelf life.

The market competition is estimated to intensify with the expected product innovations and extensions. Manufacturers ensure their expanded offerings reach through food wholesalers directly to consumers, selling in additional supermarkets across their value chain. They track their moves to stay ahead of the trajectory to replace animal protein with plant-based. As every company tries to be in the league of selling plant-based meats and seafood online, market completion is increasing continually.

Major Players:

Players leading the global lab-based meat market include Mosameat (Netherlands), Finless Foods (US), Just, Inc. (US), SuperMeat (Israel), Memphis Meats (US), Integriculture Inc. (Japan), Biotech Foods (Spain), Future Meat Technologies (Israel), Higher Steaks (UK), Aleph Farm (Israel), among others.

Global Lab-Based Meat Market   - Segment

The lab-based meat market outlook has been segmented into three dynamics:

By Source: Poultry, Pork, Beef, and others.

By End Use: Burgers, nuggets, hot dogs, meatballs, and others

By Regions: Americas, Europe, Asia Pacific, and the Rest-of-the-World.

Global Lab-Based Meat Market: Geographical Analysis

North America dominates the global lab-based meat market with the highest growth rate. The largest market share is attributed to the increasing demand for clean meat products and the rising adoption of lab-based animal protein. Besides, the strong presence of many large players impacts market growth in the region, positively. The North American lab-based meat market is expected to retain its leading position, registering the highest growth rate throughout the forecast period.

Europe stands second in the global lab-based meat market, driven by the changing food consumption pattern. Besides, factors such as the high consumption of convenience foods, increasing veganism, and the demand for plant-based animal protein are projected to foster regional market growth. Moreover, high production volumes and a large number of production and consumer bases in the region help the European market generate high revenue pockets on a global level.

The Asia-Pacific lab-based meat market is emerging as a profitable market globally. The market is largely driven by the rising awareness of the benefits of plant-based and lab-based meat products and the increasing number of production capacities in the region. The regional lab-based meat market insights are anticipated to increase as a result of the market's significant recent advances. Furthermore, the change in consumer preference is estimated to propel the growth of the APAC lab-based meat market over the next few years.

Industry/innovation/Related News:

April 27, 2020 ---- Beyond Meat Inc. (the US), a leading producer of plant-based meat substitutes, announced its debut in the Chinese market through a partnership with the coffee giant Starbucks Corp. BYND plant-based menu, including Beyond Meat lasagna and a Beyond Beef Spicy & Sour Wrap, is launched by Starbucks in China. The move marks an important milestone for Beyond Meat, advancing its goal of increasing accessibility to plant-based protein globally.

In addition to Beyond Beef Classic Lasagna, other dishes made with OmniPork, a plant-based pork brand, are also added. BYND finds China to be an attractive market for alternative meats given the protein supply shortage caused by African swine fever and meat production constraints caused by chronic land and water shortages near major cities. The Company further plans to establish a production facility in this region to be near the consumers/competition in markets with major cultural differences so that trends can be easily spotted.

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