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The Latin America, Middle East and Africa Cultured Meat Market would witness market growth of 12.9% CAGR during the forecast period (2022-2028).
Cultured meat is a type of lab-grown meat created by combining numerous tissue engineering techniques in a growth medium. Clean meat, synthetic meat, and in vitro meat are all terms used to describe cultured meat. Collecting cells from an animal and developing it in a developed and appropriate culture medium completes the creation of cultured meat. It has numerous advantages to eating and producing cultured meat, including no less deforestation, animal cruelty, and relatively low antibiotic land, water, and other resource consumption.
Animal muscle cells are collected and nourished for the creation of muscular tissue, which results in cultured beef. When compared to current cattle production processes, cultured beef requires 99 percent less room. Growth prospects would be provided by rising disposable income and increasing middle-class spending, particularly in developing countries. For instance, according to the Food and Agriculture Organization, overall consumption is expected to increase at a significant rate by 2060, boosting the demand for cultured meat because of its low greenhouse gas emissions and other environmental benefits.
In South Africa, stable economic growth and rising average income have resulted in a substantial increase in meat consumption during the last two decades. Although meat consumption is expected to expand in the future decade, slower economic growth will result in more modest growth than in the past. South Africa eats around 2.9 million tonnes of beef, pork meat, and poultry, each year, with poultry meat accounting for more than 60% of total meat consumption.
This is because local production of chicken, beef, and pork is only roughly 2.4 million tonnes, imports are required to supplement production. Various regions are South Africa's main meat import trading partners. Despite the fact that the some countries may play a major role in providing affordable meat to South African consumers, the South African meat industry stayed closed to US products because of anti-dumping penalties and unsolved sanitary constraints. Thus, due to this popularity of cultured meat in the region, the regional market is likely to grow in the coming years.
The Brazil market dominated the LAMEA Cultured Meat Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $6,382.6 Thousands by 2028. The Argentina market is estimated to grow at a CAGR of 13.5% during (2022 - 2028). Additionally, The UAE market would witness a CAGR of 12.6% during (2022 - 2028).
Based on Source, the market is segmented into Poultry, Beef, Pork, Duck, and Seafood. Based on End Use, the market is segmented into Burgers, Nuggets, Sausages, Meatballs, and Hot Dogs. Based on countries, the market is segmented into Brazil, Argentina, UAE, Egypt, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Cultured Meat Market is Predict to reach $319.8 Million by 2028, at a CAGR of 10.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Upside Foods, Inc., Mosa Meat BV, Supermeat The Essence of Meat Ltd., Eat Just, Inc., Integriculture Co. Ltd., Aleph Farms, Finless Foods, Inc., Avant Meats Company Limited, and Future Meat Technologies Ltd.
By End Use
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