Market Overview: Global Lab-Based Meat Market is expected to be valued at USD 22.6 million by 2027 and is projected to exhibit a CAGR of 5.3% during the forecast period. Lab-based meat, also termed as clean meat, is manufactured using cell culture. Several companies are investing in the research and development of lab-based meat and lab-based meat products. The high profit potential is a key driving factor for market growth. Increasing environmental concerns and rising awareness regarding the impact of carbon emissions on the environment are expected to contribute to the adoption of lab-based meat. The shift toward lab-based meat could reduce greenhouse gas emissions from animal husbandry, as well as water and land usage. However, manufacturers of lab-based meat face challenges similar to GM crop producers. Stringent regulations and consumer perception are going to be major restraints for market growth in the initial stages. The high costs of these products is another major challenge faced by market players. Manufacturers are now focusing on reducing production costs of lab-based meat.
Key Players: Some of the key players in the Global Lab-Based Meat Market are Mosameat (Netherlands), Finless Foods (US), Just, Inc. (US), SuperMeat (Israel), Memphis Meats (US), Integriculture Inc. (Japan), Biotech Foods (Spain), Future Meat Technologies (Israel), Higher Steaks (UK), and Aleph Farm (Israel).
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The acceptance of lab-based meat in Asia-Pacific is expected to be slow owing to consumer perception and the presence of a large and growing animal husbandry industry in the region. However, Japan and China are expected to be the early adopters of lab-based meat in this region. Market growth in Australia and New Zealand may be limited by the high production of animal-based products by a developed animal husbandry industry.
The market in the rest of the world includes the Middle East, Africa, and South America. South America is projected to be a key market in 2021. The Middle Eastern market is expected to witness resistance due to consumer preference for halal-certified products. This may act as a restraint for market growth in the region.
Segment: On the basis of end use, the market has been categorized as burgers, nuggets, hot dogs, meatballs, and others. The nuggets segment is estimated to dominate the market during the review period. Get Free Sample Copy of @ https://www.marketresearchfuture.com/sample_request/8203