Report Overview

As the home to the world’s largest population, there is an increasing demand in India for protein-rich food sources. Lab-grown meat has the potential to provide a scalable and efficient method of meat production, which could help address food security concerns. Growing concerns about animal welfare and ethical considerations related to traditional meat production. These trends are expected to boost the growth of India lab-grown meat market during the forecast period between 2023 and 2029.

India Lab-Grown Meat Market - Industry Trends & Forecast Report, 2029

India lab-grown meat market size was estimated at USD 10.20 million in 2022. During the forecast period between 2023 and 2029, the India lab-grown meat market size is projected to grow at a CAGR of 25.03% reaching a value of USD 38.96 billion by 2029. Lab-grown meat has gained attention worldwide as a potential solution to address the environmental impact and ethical concerns associated with traditional animal agriculture. Several startups and research institutions have been working on developing cultured meat products, with some successful demonstrations of prototypes and limited commercial availability in a few countries. The last few years have seen a growing interest in cultured meat, also known as lab-grown meat, which is produced by culturing animal cells in a lab. This has also been the case in India - one of the world's largest meat consumers.  According to data from the National Family Health Survey 5 by India's Ministry of Health and Family Welfare, about 77% of India's population eats fish, chicken, and other types of meat. The survey also revealed that 83% of men and 71% of women are non-vegetarians.

India Lab-Grown Meat Market – Overview

Lab-grown meat, also known as cultured meat, cell-based meat, or cultivated meat, refers to meat products that are produced by culturing animal cells in a laboratory instead of raising and slaughtering whole animals. It is a form of cellular agriculture that aims to create real meat without the need for traditional animal farming practices. The process of producing lab-grown meat typically involves obtaining a small sample of animal cells, often through a biopsy, and then proliferating and differentiating those cells in a nutrient-rich culture medium. The cells are usually muscle cells, which are responsible for meat production. Over time, these cells develop into muscle tissue, forming the basis of the lab-grown meat product. The goal of lab-grown meat is to replicate the taste, texture, and composition of conventionally produced meat while reducing the environmental impact, animal welfare concerns, and public health risks associated with traditional livestock farming.

India Lab-Grown Meat Market

Growth Drivers

Increasing Investments in Startups Focusing on Lab-grown Meat

The lab-grown meat industry has been attracting increasing interest from venture capitalists and investors due to its potential for addressing sustainability and ethical concerns in the food industry. Several startups and companies working on cultured meat have received significant investments and funding in recent years. While specific data on venture investments in lab-grown meat in India may not be readily available, it is worth noting that India has a growing startup ecosystem and a rising interest in sustainable and alternative food technologies. Given the population of more than 1.4 billion, increasing meat consumption, and environmental challenges in India, it is possible that venture investments in the lab-grown meat industry will increase in the future. According to the Good Food Institute (GFI) India, India has witnessed several startups enter the alternate protein space over the last two years, retailing their products in over 19 cities across India. But this kind of growth in a new space that deals directly with what people consume also comes with a number of caveats.

Restraints

Growing Popularity of Vegetarianism and Veganism

The increasing demand for plant-based protein products does present a challenge for the lab-grown meat industry in India. Both plant-based alternatives and lab-grown meat aim to provide sustainable and ethical alternatives to traditional animal-based products. However, plant-based protein products have gained more traction and market availability, with a wider range of options and lower costs compared to lab-grown meat, which is still in the early stages of development. The plant-based protein industry has seen significant investments, collaborations, and product innovations in recent years. Major international plant-based meat companies have also entered the Indian market, further driving the availability and acceptance of plant-based alternatives. As of 2022, 24% of the Indian population was strictly vegetarian, 9% was vegan, and 8% was pescatarian. The high demand for food and beverages is attributable to the growing demand for meat alternatives and dairy alternatives amid the rising vegetarianism and veganism in the country.

Impact of COVID-19 on India Lab-Grown Meat Market

The lab-grown meat business, like many others, encountered supply chain interruptions as a result of lockdown measures, mobility restrictions, and reduced staff availability. This affected the availability of laboratory equipment, cell culture medium, and other components required for lab-grown meat production. The pandemic's economic uncertainties and financial limitations influenced the availability of investments for startups and enterprises in the lab-grown meat sector. Investors have become more cautious and conservative, thus impeding the growth and development of lab-grown meat enterprises.

India Lab-Grown Meat Market

Segmental Coverage

India Lab-Grown Meat Market - By Type

Based on type, the India lab-grown meat market is segmented into beef, poultry, pork, seafood, and other lab-grown meat types. The beef segment is expected to account for the largest share of the India lab-grown meat market due to the popularity of beef products in various quick-service restaurants. Additionally, it is comparatively cheaper than other types of lab-grown meat products. This segment is also projected to register the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the growing demand for beef as a major source of protein, the increasing awareness of protein consumption through high-nutritional food, and the growing preference for beef over other types of meat due to various diseases associated with poultry and pork.

India Lab-Grown Meat Market - By Distribution Channel

Based on distribution channel, the India lab-grown meat market is segmented into business-to-business (B2B) and business-to-consumer (B2C). In 2022, the B2B segment is expected to account for a higher share of the lab-grown meat market. The large market share of this segment is primarily attributed to the growing demand for meat-based products from foodservice industries and received approval for restaurants to sell lab-grown meat meals in some countries. This segment is also projected to register growth at a higher CAGR during the forecast period. The rapid growth of this segment is attributed to consumers’ curiosity to try lab-grown meat-based products and the increasing interest of quick service restaurants (QSRs) in serving lab-grown meat products to their customers.

India Lab-Grown Meat Market - By Application

On the basis of application, the India lab-grown meat market is segmented into nuggets, burger patties, meatballs, steak, hot dogs & sausages, and other applications. The nuggets segment is expected to account for the largest share of the lab-grown meat market. The large market share of this segment is attributed to the increasing adoption of on-the-go lifestyles and the increasing demand for snacking and frozen products. However, the burger patties segment is projected to register the highest CAGR during the forecast period.

Competitive Landscape

Major players operating in the India lab-grown meat market include Clear Meat, Good Dot, Evo Foods, Mister Veg, Greenest, Vezlay, Wakao, and Imagine Meats. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Scope of the Report

Attributes	Details
Years Considered	Historical Data – 2019–2022
	Base Year – 2022
	Estimated Year – 2023
	Forecast Period – 2023–2029
Facts Covered	Revenue in USD Million
Product/ Service Segmentation	Type, Distribution Channel, Application
Key Players	Clear Meat, Good Dot, Evo Foods, Mister Veg, Greenest, Vezlay, Wakao, Imagine Meats

 

By Type

• Beef

• Poultry

• Pork

• Seafood

• Others

By Distribution Channel

• Business-to-Business (B2B)

• Business-to-Consumer (B2C)

By Application

• Nuggets

• Burger Patties

• Meatballs

• Steak

• Hot Dogs & Sausages

• Other Applications

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. India Lab-grown Meat Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Increasing Venture Investments in the Lab-Grown Meat Industry
         2. Growing Focus on Animal Welfare
         3. Rising Demand for Animal-Based Processed Food Products
      2. Restraints
         1. High Demand for Plant-Based Protein
         2. Growing Vegan Population
      3. Opportunities
         1. Rising Demand for Alternative Proteins
         2. Growing Per Capita Meat Consumption
      4. Challenges
         1. High Production Costs
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
   6. Price Point Analysis: Global Automotive Memory, 2019–2022
4. India Lab-grown Meat Market Overview
   1. Market Size & Forecast by Value, 2019–2029
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Product
         1. Beef
         2. Poultry
         3. Pork
         4. Seafood
         5. Other
      2. By Distribution Channel
         1. Business-to-business
         2. Business-to-consumer
      3. By Application
         1. Nuggets
         2. Burger Patties
         3. Meatballs
         4. Steak
         5. Hot Dogs & Sausages
         6. Other Applications
5. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. India Lab Grown Meat Company Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Development (Mergers, Acquisitions, Partnerships, etc.)
6. Impact of Covid-19 on India Lab-grown Meat Market
7. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook and SWOT Analysis)
   1. Clear Meat
   2. Good Dot
   3. Evo Foods
   4. Mister Veg
   5. Greenest
   6. Vezlay
   7. Wakao
   8. Imagine Meats
   9. Other prominent players
8. Key Strategic Recommendations
9. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
   4. Breakdown of Primary Research Respondents, By Region
   5. Assumption & Limitation

 

*Financial information of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

 

List of Figures

 

Figure 1    India Lab-grown Meat Market Segmentation

Figure 2    India Lab-grown Meat Market Value Chain Analysis

Figure 3    Company Market Share Analysis, 2022

Figure 4    India Lab-grown Meat Market Size, By Value (USD Billion), 2019−2029

Figure 5    India Lab-grown Meat Market Share, By Type, By Value, 2019−2029

Figure 6    India Lab-grown Meat Market Share, By Distribution Channel, By Value, 2019−2029

Figure 7    India Lab-grown Meat Market Share, By Application, By Value, 2019−2029

 

List of Tables

 

Table 1      India Lab-grown Meat Market Size, By Type, By Value, 2019−2029

Table 2      India Lab-grown Meat Market Size, By Distribution Channel, By Value, 2019−2029

Table 3      India Lab-grown Meat Market Size, By Application, By Value, 2019−2029

Table 4      Clear Meat Company Overview

Table 5      Clear Meat Financial Overview

Table 6      Good Dot Company Overview

Table 7      Good Dot Financial Overview

Table 8      Evo Foods Company Overview

Table 9      Evo Foods Financial Overview

Table 10    Mister Veg Company Overview

Table 11    Mister Veg Financial Overview

Table 12    Greenest Company Overview

Table 13    Greenest Financial Overview

Table 14    Vezlay Company Overview

Table 15    Vezlay Financial Overview

Table 16    Wakao Company Overview

Table 17    Wakao Financial Overview

Table 18    Imagine Meats Company Overview

Table 19    Imagine Meats Financial Overview