Published in Marketing
Trends, issues & drivers on meat market

According to the latest market survey carried out by Research and Markets company, the global market for Fresh Meat is projected to exceed 318million tons by 2024, driven by the rising popularity of meat as a powerful and valuable animal protein in the food industry amidst the vital need to meet food security concerns of the expanding global population.

Consumption of meat, over the years, improved significantly across the world. The meat market is markedly influenced by variations in income, population, exports and meat consuming preferences and is a complex web of culturally diverse markets with high political sensitivity. With rapidly increasing world population, healthy growth in meat consumption is inevitable. The global push for higher protein diets will inevitably lead to a spurt in per capita consumption of meat. Urbanization promotes the spread of retail, in turn boosting the sale and consumption of meat products. 

Meat can typically be classified into two types, fresh and processed. Fresh meat is cut from freshly slaughtered carcasses. Processed meat is a product wherein properties of fresh meat are modified by means of various procedures such as mincing, grinding or chopping, salting, curing, and addition of seasoning, among others.

The reasons for growth

Future growth will be primarily driven by rising awareness about the importance of protein in diets. Over the years, consumer demand for proteins has recorded strong growth, led by their perceived deficiency of this vital nutrient, increasing awareness and use of meat proteins, and the growing proliferation of protein-based products in a variety of food & beverage products. With convenience-seeking and high-income consumers being the primary user group, value-added poultry and meat products present huge opportunities for future growth. Recent innovations in flavors, textures, size, shapes, and value additions such as convenient on-the-go food characteristics have all taken meat snacks to higher levels. Other important growth drivers encouraging market expansion through better quality and quantity of meat include low transportation costs, improved distribution system, highly developed slaughter facilities, improved disease control measures, better management policies and improved genetics, among others. Growing prominence of lab-grown meat or clean meat, touted as the next big food revolution, is also expected to benefit market prospects in the long term. Clean meat represents the real meat with the same texture, consistency, and taste that people like to eat but grown under a sterile, controlled environment without using antibiotics and eliminates the risk of fecal contamination, like salmonella.

The growing markets

Asia-Pacific (including China) represents the largest and the fastest growing market worldwide with a CAGR of 2.4% over the analysis period. Fast-paced economic development, changing consumer lifestyles, ballooning population, rising income levels, increasing demand for convenience foods, significantly lower per capita consumption levels of meat compared to the developed counterparts, and strong demand for poultry meat that is considered the most easily accessible as well as the cheapest source of animal protein represent important growth drivers in the region. China represents the single largest producer, consumer, importer as well as exporter of meat and meat products in the world.

Key players in the market include BRF, Cargill Meat Solutions, Conagra Brands, Cremonini, Dawn Farm Foods, Elpozo Alimentacion, Foyle Food Group, Hormel Foods, Itoham Foods, JBS., Kepak Group, Leverndørselskabet Danish Crown, Marfrig Global Foods, Perdue Farms, San Miguel Pure Foods Company, Tyson Foods, VION Holding, WH Group, and Smithfield Foods, among others.

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