Meat Global Market Report 2024

Meat refers to the flesh of animals that is consumed by humans after cooking. It is a rich source of essential nutrients such as high-quality protein, iron, and B vitamins.

In the meat market, the main types of meat are raw and processed. Raw meat refers to uncooked muscle tissue from animals, such as chicken, beef, pork, mutton, and others, that is used for sustenance. These raw meat products are available through various distribution channels, including supermarkets, hypermarkets, departmental stores, specialty stores, online stores, and others.

The meat market research report is one of a series of new reports from The Business Research Company that provides meat market statistics, including meat industry global market size, regional shares, competitors with a meat market share, detailed meat market segments, market trends and opportunities, and any further data you may need to thrive in the meat industry. This meat market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The meat market size has grown strongly in recent years. It will grow from $1155.33 billion in 2023 to $1243.91 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth during the historical period can be attributed to population growth and urbanization, increasing affluence and the expansion of the middle class, cultural and dietary preferences, the globalization of food markets, and advancements in food processing technology.

The meat market size is expected to see strong growth in the next few years. It will grow to $1652.28 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The projected growth in the forecast period is influenced by several factors: the prevailing health and wellness trends, the increasing popularity of plant-based and alternative proteins, a heightened awareness of environmental and ethical concerns, the growing prevalence of e-commerce and direct-to-consumer sales, and evolving regulatory changes and standards. Notable trends expected during this period encompass a rising interest in exotic and novelty meats, a strong emphasis on sustainable and regenerative agricultural practices, the development of hybrid meat products, a focus on locally and ethically sourced meat, as well as the introduction of 3D-printed meat as an innovation in the industry.

Increased meat consumption is expected to drive the growth of the meat market in the future. Meat refers to the edible parts of animals, typically domesticated livestock such as cattle, swine, and sheep, including their muscles, tendons, and ligaments. It is a rich source of protein, vitamins, and minerals such as selenium, niacin, and vitamin B12, which are essential for a balanced diet. For example, a report published in January 2020 by Our World in Data, a scientific publication focusing on global issues, revealed that global meat production reached 335.46 million tonnes in 2019 and increased to 337.18 million tonnes in 2020. Additionally, an article published in February 2021 by The Culinary Institute of America stated that the average adult male American consumes 75% more protein than required, while the average adult female American consumes 50% more, with meat, fish, poultry, eggs, and dairy being significant protein sources. These statistics indicate a growing trend of meat consumption globally, driven by its nutritional benefits and dietary preferences. As a result, the meat market is expected to experience continued growth due to increasing demand for meat products.

The rising demand for meat-based convenience foods is expected to drive the growth of the meat market in the future. Meat-based convenience foods are pre-packaged, easily prepared meals that primarily contain meat as a main ingredient, offering a quick and convenient dining option for individuals with busy lifestyles. These products are designed for swift consumption without requiring extensive cooking or preparation. The popularity of meat-based convenience foods contributes to the growth of the meat market by catering to consumers seeking quick and easy meal solutions. This trend drives the demand for processed meat products, creating opportunities for innovation and a wide range of product offerings, ultimately contributing to the growth and profitability of the meat industry. For example, according to the Food and Agriculture Organization in 2021, there is a predicted shift in meat consumption towards poultry. Poultry meat is expected to account for 41% of all protein derived from meat sources globally by 2030, representing a 2% increase from the baseline period. Other meat products have smaller global shares, including sheep meat (5%), pigmeat (34%), and beef (20%). Therefore, the increasing demand for meat-based convenience foods is a key driver behind the growth of the meat market.

Product innovation is a prominent trend in the meat market, with major companies focusing on developing innovative products to enhance their market position. For example, in February 2021, Tyson Foods Inc., a US-based food processor known for its chicken, beef, and pork products, launched Jimmy Dean Loaded Sausage Bites and Omelet Minis. These products come in single-serve cups and feature breakfast meats, eggs, and cheese. The Meat Lovers and Turkey Sausage varieties contain 16 to 19 grams of protein, while the Sausage & Cheddar and Gouda & Bacon varieties contain 13 to 14 grams of protein. Jimmy Dean Loaded Sausage Bites and Omelet Minis are designed to provide a convenient and flavorful option for a quick warm breakfast or snack.

Major companies in the meat market are exploring innovative products using advanced technologies such as cultured meat technology, also known as in vitro meat. This technology involves producing meat by culturing animal cells in vitro, offering benefits such as environmental sustainability, disease prevention, and improved animal welfare. For example, in March 2023, Hormel, a US-based food processing company, launched a unique product called Hardcourt Smoked Hormel Black Label Bacon. This bacon is smoked using northern cherry maple wood, the same wood used to make the final floors of the 2023 college basketball tournament courts. This limited-edition bacon is available in 68 commemorative packages, each containing a stack of Hardcourt Smoked Hormel Black Label Bacon, a certificate of authenticity, and collectible maple wood chips.

In November 2021, JBS USA Holdings, Inc., a US-based food processing company, acquired Biotech Foods for an undisclosed sum. This acquisition signifies JBS USA Holdings' foray into the cultured proteins market, involving the production of food from animal cells. As part of this strategic move, the company plans to invest in the construction of a new factory in Spain to expand its production capacity. Biotech Foods, based in Spain, is a biotechnology company focused on the development of cultured meat.

Major companies operating in the meat market report are WH Group Limited, Pilgrim's Pride Corporation, Smithfield Foods Inc., Hormel Foods Corporation, Conagra Brands Inc., National Beef Packing Company LLC, Danish Crown A/S, Seaboard Corporation, Cargill Incorporated, JBS S.A., Sysco Corporation, Tyson Foods Inc., NH Foods Ltd., OSI Group LLC, Perdue Farms Incorporated, Minerva Foods S.A., Vion Food Group N.V., Marfrig Global Foods S.A., Maple Leaf Foods Inc., Swift Pork Company, BRF Global S.A., Triumph Foods LLC, Sanderson Farms Inc., Cherkizovo Group OJSC, Wayne Farms LLC, West Liberty Foods LLC, Clemens Food Group Inc., The Maschhoffs LLC, Dawn Meats Group Limited, China Yurun Food Group Co. Ltd.

Asia-Pacific was the largest region in the meat market in 2023. The regions covered in the meat market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the meat market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The meat market consists of sales of chicken, turkey, duck, rabbit, and game meats. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Meat Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on meat market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for meat ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The meat market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Type: Raw; Processed
• 2) By Product: Chicken; Beef; Pork; Mutton; Other Products
• 3) By Distribution Channel: Supermarkets and Hypermarkets; Departmental Stores; Specialty Stores; Online Stores; Other Distribution Channels
• Companies Mentioned: WH Group Limited; Pilgrim's Pride Corporation; Smithfield Foods Inc.; Hormel Foods Corporation; Conagra Brands Inc.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.