Overview and Scope
Meat is the flesh of an animal that is cooked and taken by humans for their consumption. It is a significant source of important nutrients for many people, including high-quality protein, iron, and B vitamins.
Sizing and Forecast
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 in the historic period can be attributed to population growth and urbanization, rising affluence and middle-class expansion, cultural and dietary preferences, globalization of food markets, technological advancements in processing.
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 growth in the forecast period can be attributed to health and wellness trends, plant-based and alternative proteins, environmental and ethical considerations, e-commerce and direct-to-consumer sales, regulatory changes and standards. Major trends in the forecast period include growing interest in exotic and novelty meats, emphasis on sustainable and regenerative agriculture practices, development of hybrid meat products, focus on local and ethically sourced meat, introduction of 3D-printed meat.
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Segmentation & Regional Insights
The meat market covered in this report is segmented –
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
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.
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Major Driver Impacting Market Growth
Growing meat consumption is expected to boost the growth of the meat market going forward. Meat refers to the flesh or other edible components of animals (often domesticated cattle, swine, and sheep) used for food, which may also include tendons, ligaments, and muscles. Consumption of meat is increasing worldwide as it is a good source of protein and contains a number of vitamins and minerals, such as selenium, niacin, and vitamin B12. For instance, in December 2023, according to reports published by Sentient Media., a US-based, non-profit media organization, every year, the average American consumes 224.6 pounds of meat, which includes cattle, pigs, broilers, and turkey. These numbers are expected to increase in the future. Furthermore, according to an article published in February 2021 by The Culinary Institute of America, a private institution for food and wine education based in the United States, the average adult male American consumes 75% more protein than is required, while the average adult female American consumes 50% based foods, such as meat, fish, poultry, eggs, and dairy. Therefore, growing meat consumption is driving the growth of the meat market.
Key Industry Players
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.
The meat market report table of contents includes:
1. Executive Summary
2. Meat Market Characteristics
3. Meat Market Trends And Strategies
4. Meat Market – Macro Economic Scenario
5. Global Meat Market Size and Growth
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31. Meat Market Other Major And Innovative Companies
32. Global Meat Market Competitive Benchmarking
33. Global Meat Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Meat Market
35. Meat Market Future Outlook and Potential Analysis
36.Appendix
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