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Cultured meat market size to surpass $20 bn by 2032
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Saturday, 29 April, 2023, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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The Worldwide Cultured Meat market was valued 0.3 million in 2022 and will surpass a revenue collection of $20 billion by 2032 with an annual growth rate of 143% over 2023 to 2032, as per the report by Global Market Insights, Inc.
In addition, the growing demand for animal-based product substitutes will also positively impact the industry growth in the coming years. Less contamination, fewer antibiotics, and reduced environmental impact are some of the key benefits slated to boost the product adoption.
An upsurge in animal protein or alternate protein consumption would further add to the market curve during 2023-2032. According to reports, in 2020, approximately thirteen million metric tons of alternative proteins were globally consumed. Besides, the high demand for quick-service restaurants, as they serve food items that require minimal preparation time and are delivered quickly, is likely to impel the product consumption.
Key players in the market are engaging in strategic initiatives such as mergers and acquisitions, partnerships, R&D investments, and new product launches to gain a competitive edge in the overall industry. To cite an instance, in February 2021, Mosa Meat announced concluding its Series B funding of $85 million. The raised capital was apparently used to expand the company's existing pilot production facility at its home in Maastricht.
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