The Global Meat Products Market Anticipated to Generate a Revenue of $387.6 Billion, Growing at a CAGR of 3.95% from 2022 to 2030Download Sample Reports Overview
The global meat products market is estimated to be valued at $387.6 billion by 2030, surging from $274.7 billion in 2021, at a noteworthy CAGR of 3.95%.
Impact Analysis of COVID-19 on the Meat Products Market
The global market for meat products is estimated to experience a negative growth amid the COVID-19 pandemic. Due to complete lockdown situations, a decline in labor force, restrictions on animal movement within & across the country, and change in domestic & international export sector regulations, meat producers & processors experienced difficulty in harvesting and exporting their products. Because of the reduction in meat production, processing, and distribution facilities, these conditions had a negative influence on the meat business. It is proposed that collaboration among all meat industry stakeholders is critical for the sector's supply chain's long-term viability in the face of potentially disastrous future conditions.
Furthermore, because of continuous contact with infected coworkers, inability to follow social distance at work, shared working areas, and common transit ways to and from work, the COVID-19 virus spread quickly among meat plant workers. These diseased laborers spread diseases throughout the neighborhood. As a result, many plants began to close for a period of time in order to prevent the spread of disease on a bigger scale. The closure of these plants contributed to the supply chain's rapid deterioration, resulting in reduced meat production capacity. Beef slaughterhouses in the United States lost 25–43% of their output capacity. In addition to this, meat and meat products prices also fluctuated due to a demand-supply discrepancy, owing to panic buying and lockdown limitations. As a result, COVID-19's negatively impacts on meat production, supply chain, and price changes. All such factors are predicted to negatively impact the global meat products market amid the pandemic.
However, during the COVID-19 chaos, notable meat production companies are able to operate inside the market, such as Charoen Pokphand Foods PCL., is offering interconnected goods including frozen meals and efficient and environmentally packaging. Furthermore, people all around the world prefer shelf-stable ready-to-eat or frozen foods. Given such factors, the market for meat products may display substantial market momentum in the coming decades.
Global Meat Products Market Analysis
The enormous growth of the global meat products market is mainly attributed to increasing demand for ready-to-eat meat products with high nutritional value, such as high protein content and low cholesterol and calorific values, without sacrificing the product's flavor and taste profile. This is projected to spark a wave of ready-to-eat meat innovation in the coming years, boosting industry growth. Moreover, consumer’s attention has been drawn to the consumption of ready-to-eat meat products due to a rise in desk-bound lives, hectic schedules, increasing working hours, and a lack of time to cook. Because of the unexpected onset of the COVID-19 epidemic, people have been forced to stay indoors and rely more on e-commerce to obtain meals, which has increased the demand for packaged food. Due to shifting consumption patterns of the people in the region, the sale of food and beverage goods is likely to increase in the near future in various parts of the world. These types of elements will attract consumers to adopt meat products which is expected to fuel the market growth.
Disadvantages associated with high meat consumption such as heart related issues and risk of developing cancer may create a negative impact on the market during the forecast period. Furthermore, some of the meat like processed meat is hazardous to humans, according to the World Health Organization (WHO). It means that eating processed meat may increase the risk of colon cancer. The cancer is induced by the use of several chemicals in the processing and preservation of meat. This is a significant stumbling block to the demand for processed meat, as well as the worldwide market's growth.
The increasing adoption of processed poultry may create huge opportunities for the market in the future. Also, processed poultry meat is made from poultry meat that has been processed and treated to extend its shelf life and improve its flavor. Chemical preservatives like sodium nitrite are used in these processes. Because of its high protein content and low price, processed poultry has become more popular than other meats such as hog and beef. Poultry meat is more popular among consumers because it is less expensive than other meats. A key factor driving the growth of the processed poultry meat market is increased consumption of poultry meat due to its high protein content among health-conscious consumers. Furthermore, processed poultry meat products are gaining popularity among food service providers. Processed poultry meat has become a popular substitute for fresh meat in fast food franchises and quick service restaurants. The primary drivers of market expansion include increasing rapid urbanization, disposable money, and changing lifestyles. Consumers nowadays are looking for convenience foods, and in such cases, processed poultry meat products are a preferable option. As a result of the aforementioned factors, the meat products market is expected to increase throughout the forecast period. All such factors will lead to lucrative market opportunities in the market in the upcoming years.
Global Meat Products Market, Segmentation
The global meat products market is segmented based on processed meat type, meat type, packaging, and region.
Processed Meat Type:
Based on processed meat type, the market has been divided into hamburgers, sausages, kebabs, and nuggets. Among these, kebabs sub-segment is estimated to show the fastest growth during the forecast period and register a revenue of $69.5 billion during the analysis timeframe.
Kebabs are recognized as the most popular food products with superior taste across the global. Thus, the global companies involved with kebab businesses are adopting multiple strategic steps to stronghold their presence in the global market. For example, in February 2019, PT BABA RAFI ENTERPRISE, Indonesia-based world's largest chain of kebab stores, teamed up with India-based entrepreneurs to expand meat products in India. Also, this company has a prominent presence in Malaysia, Singapore, Vietnam, and other countries, across the world. Such business expansions may further lead to remarkable market opportunities in the global meat products market. These aspects may aid in the generation of a lucrative revenue for the market throughout the forecast period.
Based on meat type, the market has been divided into beef, pork, chicken, mutton, and other sub-segments of which the beef sub-segment is expected to show the fastest growth during 2022-2030 and surpass $74.7 billion by 2030, with an increase from $51.1 billion in 2021.
The market growth of the sub-segment is due to beef being the most famous meat in the globe. It has a bunch of high proteins, enzymes, and elements in it. As a result, it has the ability to increase muscle growth and maintenance while also increasing exercise performance. For its high fiber content, it may lower your risk of anemia. Moreover, beef contains iron as well as four vital vitamins: niacin, riboflavin, and vitamins B6 and B12, which might aid with exhaustion and sleepiness.
Furthermore, beef products are mostly referred globally as traditional cuisine. The extensively surging demand for beef products in the world is majorly attributed to the increasing popularity of innovative beef products like chilled beef, canned corned beef, and growing awareness about beef as a crucial source of protein. All such factors may create a positive impact on the sub-segment throughout the forecast period
The packaging segment is further classified into chilled, frozen, and canned. Among these, the chilled sub-segment accounted for the highest market share and is estimated to show the fastest growth during 2022-2030 and surpass $219.9 billion by 2030, with an increase from $153.7 billion in 2021.
The market growth of chilled meat products sub-segment can be attributed to its popularity among the of e-commerce and food delivery services. Due to the fast-paced lifestyle, food outlets and restaurants all over the world rely on chilled meat products to supply the demand for meat meals. In the coming years, this scenario is expected to boost global market expansion. Moreover, chilled meat storage is a typical method of food preservation. This suppresses microbial expansion, lowers after-death enzyme activity, and extends shelf life in the market. A major growth of the chilled meat or food industry is due to an increase in the meat-eating population. All such factors may create a positive impact on the sub-segment throughout the forecast period.
The meat products market in the Asia-Pacific region experienced fastest growth and accounted for $51.6 billion in 2021 and is further projected to reach up to $78.3 billion by 2030.
The demand for meat products is growing in the Asia-Pacific region specifically because of factors such as increasing trends of processed meat and ready to eat meat products. The rise of meat in Asia-Pacific can be linked to changing client demands and the growth of ‘snacking.' Consumers who work outside the home or have other commitments are more likely to choose for a fast and easy snack over a larger, time-consuming dinner. Consumers appreciate ease of use, marketing, nutritive quality, safety, variety, and product appeal whenever it comes to convenience foods. To maintain their quality, just a few processed meat products require a well-organized supply chain and storage.
Over the years, innovation has increased in the frozen meat categories, and Asia-Pacific has the biggest growth potential in this area globally. In terms of frozen and chilled processed meat categories, Asia-Pacific was the second most active region in the world. To boost market expansion, multinational corporations are advertising the health advantages of animal proteins in countries such as India. Suppliers can take advantage of the growing demand for organic livestock to expand their market share. Furthermore, China, Thai, South Korea, Vietnam, and the Philippines account for 24% of total processed meat products innovations, with China, Thailand, South Korea, Vietnam, and the Philippines leading the way. All such factors will increase the demand for meat products in Asian region and globally over the projected period.
Key Players in the Global Meat Products Market
Some of the leading global meat products market players are
- BRF S.A.
- Cargill, Incorporated
- Clemens Food Group
- Conagra Brands Inc.
- Hormel Foods Corporation
- JBS S.A.
- Minerva Foods SA
- NH Foods Ltd.
- Sysco Corporation
- Tyson Foods.