New IDTechEx Report Evaluates the Future of the Cultured Meat Industry
The cultured meat industry has received significant attention in recent months, following the world's first approval of a cultured meat product for commercial sale in Singapore in December 2020.
BOSTON, June 15, 2021 /PRNewswire/ -- IDTechEx has recently released "Cultured Meat 2021-2041: Technologies, Markets, Forecasts", a market research report exploring the technical and market factors that are shaping the emerging industry around cultured meat. The cultured meat industry has received significant attention in recent months, following the world's first approval of a cultured meat product for commercial sale in Singapore in December 2020.
Cultured meat, otherwise known as cultivated meat, cell-based meat, and clean meat, involves using lab-grown animal cells to create realistic meat products. Unlike plant-based meat analogs, cultured meat has the potential to create products that are completely identical to conventional meat, consisting of the same fat and muscle tissue, without requiring animals to be reared and slaughtered. This could help avoid some of the major environmental issues associated with animal agriculture without requiring consumers to change their diets in a substantial manner, something they are often reluctant to do.
The cultured meat industry has grown rapidly over the last 5 years. In 2016, there were only 4 companies in the industry, only one of which had developed anything close to a prototype. Now there are more than 40 companies across the world working to develop cultured meat, with dozens of prototype products having been demonstrated and tasted. There is now a cultured meat company on every continent (except Antarctica) and cultured meat has even been made in space – start-ups Aleph Farms and Finless Foods created prototype products on the International Space Station to demonstrate the potential versatility of their technologies.
The growth of the industry has been reflected by a growth in investment, with the industry having raised close to a billion dollars in private funding since 2015. 2020 was a bumper year for the industry, with companies raising over $300 million, with 2020 having already topped that figure. In 2020, the industry received another boost, when US start-up Eat Just became the first company in the world to achieve regulatory approval for commercial sale of a cultured meat product – a cultured chicken product that can now be purchased in restaurants in Singapore.
However, despite this optimism, the industry still faces some major challenges. It is very expensive to produce cultured meat and no company has yet been able to produce it on a commercial scale. The price has fallen significantly from the over $300,000 that it cost to create the world's first cultured burger in 2013 – Israel-based SuperMeat recently claimed its cultured chicken burger cost about $35 to produce for a burger that is 50% cultured cells. Nevertheless, this is still significantly more expensive than conventional meat and the industry still faces major challenges with engineering and scale before it can approach price parity with the meat industry.
The new IDTechEx report, "Cultured Meat 2021-2041: Technologies, Markets, Forecasts", is based on extensive primary research into the industry, including interviews with over 15 key players in the industry. The report examines the key technologies that are driving the growth of the cultured meat industry and evaluates whether the industry will eventually be able to reach price parity with conventional meat. The report provides a step-by-step overview of how cultured meat is produced and the key emerging technologies in each step, highlighting the innovative companies in the field along the way and discussing the key factors that will lead to commercial success in the industry.
In the report, IDTechEx then discusses the consumer, regulatory, and industry factors that will shape the future of the cultured meat industry. Regulations will play a critical role in the early-stage industry, with the report providing an overview of cultured meat regulations in major markets, such as the US and EU. Finally, the report provides 10- and 20-year market forecasts for the cultured meat industry.
IDTechEx will be hosting a webinar on the topic on Thursday 17 June - "Cultured Meat: Can the Emerging Field Disrupt the $1 Trillion Meat Industry". Dr Michael Dent, a Senior Technology Analyst at IDTechEx who has covered the cultured meat industry for over two years, will be exploring the growing industry around cultured meat and evaluate whether the industry is set to fulfil its potential. Find out more and register your place on one of our three sessions here - https://www.idtechex.com/en/webinar/cultured-meat-can-the-emerging-field-disrupt-the-1-trillion-meat-industry/364.
For more information on this report, please visit www.IDTechEx.com/CulturedMeat, or for the full portfolio of Food & AgTech research available from IDTechEx please visit www.IDTechEx.com/Research/AgTech.
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