PORTLAND, Ore., May 18, 2021 /PRNewswire/ — Allied Market Research published a report, titled, “Cultured Meat Market by Type (Red Meat, Poultry and Seafood), End User (Household and Food Services: Global Opportunity Analysis and Industry Forecast 2022–2030.” According to the report, the global cultured meat industry is estimated to generate $1.64 million by 2021, and is expected to reach $2.78 billion by 2030, witnessing a CAGR of 95.8% from 2022 to 2030.
Drivers, restraints, and opportunities
Upsurge in demand for alternative protein product and allergen free food and rise in concerns regarding animal welfare and environmental issues drive the growth of the global cultured meat market. However, high cost of productions and availability of healthier substitutes hinder the market growth. On the other hand, rise in supply-demand gap of conventional meat, rise in purchasing power, and changes in lifestyle and food habits present new opportunities in the next few years.
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Covid-19 Scenario
- Growth in health concerns during the pandemic led to augmented demand for healthy food including cultured meat and related products.
- Also, the disrupted supply chain during the initial phase of the lockdown has immensely impacted the market in terms of sales.
- Nevertheless, the restrictions are getting lifted by the government bodies in various regions, which in turn would lead the market to recoup…
