Growing trend of protein consumption and rising disposable purchasing power are the factors driving the global meat market during the forecast period.
According to TechSci Research report, “Global Meat Market By Product (Chicken, Beef, Mutton, Pork and Others), By Type (Raw and Processed), By Distribution Channel (Departmental Stores, Specialty Stores, Hypermarket/ Supermarket, Online Sales Channel, and Others), By Region, Competition, Forecast & Opportunities, 2026”, the global meat market is anticipated to grow from USD2308.61 billion in 2020 to USD2960.04 billion in 2026 at a CAGR of 4.34%. One of the major factors for the expectation of future growth within this market is the continuous new product launches by regional and international players. Manufacturers of meat products are adopting innovative and distributive strategies to increase the market share of their companies. Such initiatives help them to increase the revenue and consumer base to be ahead of the other players in the market.
The meat market is expected to recover from the COVID-19 impact, though the market was limitedly impacted, sales and operations were hindered by transportation restrictions and temporary worker shortage. Due to short-term suspension of slaughtering, pork prices raised, chicken and egg prices fell for a short period. Various restaurants were forced to shut down and very few people were preferring to eat out during the outbreak. However, the departmental stores and online stores benefited as people were preferring short-term stocking and e-commerce spiked as people shifted more towards delivery platforms.
Consumers' desire to consume healthy meat products with special characteristics such as lower fat, cholesterol, sodium chloride, and nitrite content, enhanced fatty acid profile composition, and added health-enhancing ingredients is a rapidly growing trend around the world. These demands have the potential to open a lot of doors for the meat industry.
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In terms of product segmentation, it is the chicken that is widely consumed across the globe. This is due to the fact that it is a relatively inexpensive and healthy food source, as well as the only commercial meat that can be produced with such a high feed efficiency and at a faster rate. The market of meat segment after the chicken is followed by beef, pork, and mutton. Although the consumption of beef is high among the developed nations like United States, China, and many other countries, as per the expert’s opinion consumers are increasingly choosing alternate protein sources due to the negative health impacts associated with excessive levels of red meat intake, hence the beef market is projected to remain stagnant in the upcoming years. The average pricing of the meats like pork and mutton is significantly lower than for beef, which is expected to contribute to high levels of consumption, specifically in low-income countries.
The largest market share of the meat industry will be dominated by the Asia-Pacific region with 43% of the market growth during the forecast period. The reason being, growing health awareness among the young and millennial population, the convenience of purchasing ready-to-eat meat products and expanding fast-food chains. China is one of the key markets for meat in the Asia-Pacific region. Asia-Pacific is the largest supplier of pork and poultry products across the globe.
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The companies like JBS S.A., TYSON FOODS, INC., Cargill Meat Solutions Corp., WH Group Limited, BRF S.A., SYSCO CORPORATION, Hormel Foods Corporation, ITOHAM YONEKYU HOLDINGS INC., Vion Food Group, Minerva Foods SA, and Sanderson Farms, Inc. are some of the leading players operating in the global meat market. Major meat companies are expanding their manufacturing bases to meet the rising demand across developing countries in Asia-Pacific, Europe, North America, Middle East & Africa, and South America. Recently, TYSON FOODS, INC. announced the expansion of its case-ready meats business by repurposing a plant capacity in South Carolina.
With the presence of different worldwide brands and a small market share of indigenous enterprises in both developed and developing countries, the global meat market is competitive. Due to the continually changing nature, taste, and preferences of consumers, the launch of a new product has become the most crucial strategy above all others. In addition, firms have embraced development through transnational mergers and acquisitions, which have shown to be effective in strengthening their footprint.
“Many regional and international market players are intending to control the maximum part of this market due to the rising consumer base and increased demand for protein products. Moreover, the production pattern was at a peak in the Asia-Pacific countries which was around 140 million metric tons in the year 2016, it was the pork and chicken production that was high in this region. Factors like technological up-gradation and growing demand for ready-to-eat meat products are further anticipated to positively influence the growth of the market through 2026,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Global Meat Market By Product (Chicken, Beef, Mutton, Pork and Others), By Type (Raw and Processed), By Distribution Channel (Departmental Stores, Specialty Stores, Hypermarket/ Supermarket, Online Sales Channel, and Others), By Region, Competition, Forecast & Opportunities, 2026” has evaluated the future growth potential of the global meat market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global meat market.
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