Cultured Meat Industry to Be Worth $20 Million by 2027

Research firm Markets and Markets releases its prediction about the burgeoning industry set to disrupt animal agriculture once it debuts.

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In a recent report, market-research firm Markets and Markets predicted that the cultured meat industry (also known as “clean meat” made from a small amount of animal cells in a laboratory setting) would reach $20 million by 2027. While cultured meat is not yet available to consumers, the report predicts that the industry—which includes research and development—will grow at a compounded annual growth rate (CAGR) of four percent during the forecast period. By 2021, North America is slated to account for the most active region in the production and potential consumption of cultured meat due to the presence of companies such as JUST and Memphis Meats—each working to bring its flagship product to market by 2018 and 2021, respectively. The report projected that chicken nuggets will be the most widely adopted use of the slaughter-free product—with sausages and burgers to follow—based on current demand for chicken nuggets. Other companies currently developing cultured meat products include Europe-based Mosa Meat (which debuted the world’s first cultured burger in 2013); San Francisco-based Finless Foods (working to replace seafood with cultured meat); Israeli companies SuperMeat and Aleph Foods (which recently developed a 3D-platform that can be used to create steak); and Bond Pet Foods (which is creating clean meat products to target the companion animal industry).