The meat market is on a strong growth path, expanding from $1155.33 billion in 2023 to $1243.91 billion in 2024, reflecting a CAGR of 7.7%. This growth is fueled by population growth and cultural dietary preferences. By 2028, the market is expected to reach $1652.28 billion, with a CAGR of 7.4%, driven by health trends and the rise of alternative proteins.
Major Driver In The Meat Market
The meat market is poised for substantial growth driven by the escalating consumption of meat worldwide. Meat, comprising the edible parts of animals like cattle, swine, and sheep, is prized for its protein content and nutritional value, including essential vitamins and minerals such as selenium, niacin, and vitamin B12. Reports from Sentient Media reveal that the average American consumes 224.6 pounds of meat annually, a figure expected to rise in the coming years. Moreover, studies from The Culinary Institute of America indicate that American adults are consuming significantly more protein than required, largely from meat, fish, poultry, eggs, and dairy products. Consequently, the increasing consumption of meat is a significant factor propelling growth in the meat market, with market sizes forecasted for 2023, 2024, and 2028.
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Meat Market Competitive Landscape
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.
Key Meat Market Trend
Product innovations have emerged as the key trend gaining popularity in the meat market. Major companies operating in the meat market are developing innovative products to strengthen their position in the market. For instance, in February 2021, Tyson Foods Inc., a US-based food processor and marketer of chicken, beef, and pork, introduced Jimmy Dean Loaded Sausage Bites and Omelet Minis. The Jimmy Dean Loaded Sausage Bites and Omelet Minis are created in a single-serve cup with breakfast meats, eggs, and cheese, whereas Meat Lovers or Turkey Sausage contain 16 to 19 grams of protein, whereas Sausage & Cheddar and Gouda & Bacon contain 13 to 14 grams of protein. The Jimmy Dean Loaded Sausage Bites and Omelet Minis are intended to provide a quick warm breakfast or snack with the flavors.
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Meat Market Segmentation
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
By Geography:The regions covered in the meat market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the meat market in 2023.
The Meat Global Market Report 2024 furnishes information about the global meat market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
