Redding, California, April 06, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, “Meat Market by Product Type (Processed Meat, Fresh Meat), Animal Type (Cattle and Buffalo, Pig, Poultry, Sheep and Goat), by Distribution Channel (Business to Consumer (B2C), Business to Business (B2B) - Global Forecast to 2029”, the meat market is expected to reach $1,345.9 billion by 2029, at a CAGR of 5.7% during the forecast period 2022 to 2029.
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The meat industry is one of the largest segments of the food industry. Globally, meat consumption has increased gradually in the last 50 years and dramatically in some countries. Continuous rise in the consumption pattern of meat-eaters has been increased with a rise in the income levels. Fresh meat is usually characterized as meat that has not undergone any special processing prior to being sold, and meat that has been modified in some way to increase its flavor or extend its shelf life is considered processed meat. Meat demand is associated with higher incomes and a shift towards urbanization, especially in food consumption and dietary patterns.
The Impact of COVID-19 on the Meat Market
The COVID-19 pandemic impacted meat production, supply chain, and meat prices, causing a severe socio-economic crisis globally. Initially, meat and meat products' prices were increased because of less production and increased demand, owing to the panic buying. Later, both meat production and demand decreased significantly due to lockdown restrictions and lower purchasing power of the consumers, further resulting in lowering meat prices. In April 2020, meat packing facilities started to shut down due to the rapid spread of the COVID-19 virus among workers in most countries, including the U.S. and European countries. Apart from this, the meat producers and processors also faced difficulty in harvesting and shipment of the products due to lockdown situations, a decrease in the labor force, restrictions in the movement of animals within and across the country, and changes in the legislation of local and international export market. These conditions adversely impacted the meat industry.
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The global meat market is segmented on the basis of animal type, product type, and distribution channel. The study also evaluates industry competitors and analyzes the market at a regional and country level.
Based on animal type, the global meat market is segmented into cattle and buffalo, pigs, poultry, sheep and goat, and other animals. In 2022, the cattle and buffalo segment is expected to dominate the overall meat market. The dominant position of this segment is mainly attributed to the growing demand for beef, as it is a major source of proteins. Usually, cattle and buffalo meat have a higher protein content as compared to other meat types, including chicken, pork, turkey, and lamb. Surging awareness associated with the consumption of protein through high nutritional food and growing preference for beef over other meats owing to various diseases associated with poultry and pork is further expected to drive the growth of this market.
Based on product, the processed meat segment is expected to account for the largest share of the overall meat market in 2022, owing to the factors such as its ease of use and high availability and shelf life; and increasing demand for ready-to-cook food products due to busy lifestyles. Also, the growing urbanization and increasing per capita income among millennials is further expected to boost the growth of the processed meat market during the forecast period.
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Based on distribution channel, in 2022, the business to consumer (B2C) segment is expected to account for the largest share of the overall meat market due to the growing number of supermarkets and hypermarkets and increased overall product sales from these outlets; consumer preference for shopping from brick-and-mortar grocers due to easy access and availability; and increasing use of e-commerce platforms for purchase of essential goods.
Geographically, the meat market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is estimated to account for the largest share of the overall meat market in 2022. The major share of this region is mainly attributed to the increasing awareness regarding the importance of protein-rich diets, the increasing technological advancement and new product innovations in the food & beverages industry, the fast-growing economy, and the strong demand for meat and meat products in developing countries including China and India. Moreover, rapid urbanization, rising income, and changing lifestyles in the Asia-Pacific region have resulted in consumers opting for convenient ready-to-cook meat products.
The report includes a competitive landscape based on an extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past 4-to 5 years. Some of the key players operating in the global meat market are Cargill Incorporated (U.S.), Tyson Foods, Inc. (U.S.), JBS S.A. (Brazil), Hormel Foods Corporation (U.S.), American Foods Group, LLC (U.S.), Koch Foods, Inc. (U.S.), Smithfield Foods, Inc (U.S.), National Beef Packing Company, LLC (U.S.), Perdue Farms Inc. (U.S.), and Allanasons Private Limited (India), among others.
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Scope of the Report:
Meat Market, by Product
- Processed Meat
- Frozen Meat
- Chilled Meat
- Canned Meat
- Fresh Meat
Meat Market, by Animal Type
- Cattle and Buffalo
- Pig
- Poultry
- Sheep and Goat
- Other Animals
Meat Market, by Distribution Channel
- Business to Consumers (B2C)
- Modern Groceries
- Wet Market & Butcher Shops
- Convenience Stores
- Other Channels
- Business to Business (B2B)
Meat Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- Italy
- U.K.
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- Japan
- India
- Australia
- Rest of APAC (RoAPAC)
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America (RoLATAM)
- Middle East & Africa
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