Pune, India, March 22, 2021 (GLOBE NEWSWIRE) -- 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.
The U.S. also offers great potential for expansion of the market owing to the high consumption of duck products in the nation. Duck products are very popular also among the Chinese population. This is anticipated to enable growth in the Asia Pacific lab-grown meat market. The region is also likely to gain from increasing startups in the region. For instance, Aleph Farms announced the production of a lab-grown meat product, meat-steak. The product was specially developed with bovine cells to attain the perfect flavor and texture similar to the cow-borne counterpart. The product was launched in 2018 and is facilitating the adoption of lab-grown meat products.
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 burgers. This is expected to boost the global market.
On the contrary, lack of confidence in lab-grown meat is a major factor that may restrain the global market during the forecast period.
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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. This is anticipated to increase the growth rate in the market. Some of the key players operating in the global lab-grown meat market are Aleph Farms, Mosa Meat, Just Inc., Meatable, Memphis Meats, SuperMeat, and Finless Foods.
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