According to a recently published report by MarketsandMarkets, the cultured meat market -- segmented into poultry, beef, seafood, pork and duck -- is estimated to be valued at $214 million by 2025 and $593 million by 2032, recording a compound annual growth rate of 15.7% from 2025 to 2032 under the normal scenario. Rising meat consumption and increasing demand for nutritional meat are some of the key factors driving the growth of the industry, the report noted.
The poultry segment, according to the report, is projected to witness the fastest growth during the forecast period due to its availability compared to other meat sources, such as beef, and also due to the large consumer preference for poultry and poultry products.
“The growing popularity of poultry products in various quick-service restaurants has encouraged manufacturers to develop innovative alternative products to meet future demand from meat consumers,” the report noted. “Moreover, the rising demand for chicken meat, owing to the rapidly growing urbanized population in developing countries, is expected to support the cultured meat market globally.”
By end use, the cultured meat market is segmented into nuggets, burgers, meatballs, sausages, hot dogs and others. However, nuggets are projected to show the fastest growth among the cultured meat market segments during the forecast period.
Since consumers prefer spending on ready-to-eat food products instead of cooking, key fast-food retailers such as KFC and supermarkets are offering chicken nuggets. As such, the report said cultured meat companies are focusing on providing chicken meat products in the form of nuggets.
Nuggets are one of the major forms in which chicken meat products are consumed in various countries. This is attributed to the increasing adoption of on-the-go lifestyles and consumption of snacking products, particularly in the U.S., the report explained.
Still, North America is anticipated to dominate the cultured meat market in terms of value.
“The cultured meat market in North America is projected to witness high growth due to the rise in innovations and developments and high spending for efficient [research and development],” the report said.
Health concerns about the consumption of meat products, an increase in investor interests in alternative proteins and potentials to provide the required nutrition in tailor-made proteins are the major factors for the consumer shift from conventional meat to cultured meat products, the firm said.