A new report released by market research firm Markets and Markets has revealed that the global clean meat market is expected to reach $20 million by 2027 with a compound annual growth rate (CAGR) of 4 percent. The report also estimates that the market will reach $15.5 million by 2021.
According to the report, the projected rapid growth of the clean meat market is driven by the growing global demand for meat, the interest by manufacturers in producing alternatives to animal-based protein, and the growing number of large investors, like animal meat processors Tyson Foods and Cargill, that have invested in clean meat.
The growth of the lab-grown meat market will be led primarily by North American consumers, partially due to the nearing debut of products from clean meat producers JUST and Memphis Meats. Both brands are expected to make market debuts within the next few years.
Europe is expected to take the second-largest market share while Africa and the Middle East are set to have the highest CAGR. Israel will experience notable growth, the report said, as it has been instrumental in recipe and development processes in the clean meat field. Other brands expected to drive the market across the globe are MosaMeats in the Netherlands, SuperMeat in Israel, and Integriculture (under the ShojinMeat Project) in Japan.
Clean lab-grown chicken is projected to take the largest share of the market, followed by clean pork. The report states that lab-grown chicken will see the fastest growth due to its simplified cellular structure compared to beef, cost-effectiveness, and consumer preference for chicken. In terms of form, researchers expect clean nuggets will account for the largest share, driven by the United States, United Kingdom, Canada, Germany, and Spain. The CEO of JUST, Josh Tetrick, told CNN that his company’s chicken nuggets, sausage, and foie gras, all made without the slaughter of animals, could be seen in restaurants “before the end of 2018.”
In recent years, the public has grown more receptive towards the idea of eating clean meat, another factor that researchers weighed while compiling the report. A recent survey conducted in the UK revealed that 41 percent of British people would try clean meat while data released by clean meat start-up Memphis Meats showed that 60 percent of consumers are open to trying it.
Image Credit: JUST | Memphis Meats