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. In terms of volume, the meat market is expected to reach 374.4 million tons cwe by 2029, at a CAGR of 1.1% during the forecast period of 2022 to 2029. Increasing demand for animal-based food, protein-rich diets, and functional meat products are the key factors driving the growth of the meat market. Moreover, the increasing awareness of organic processed meat products and rising demand for gluten-free products are expected to provide lucrative growth opportunities for the stakeholders in the meat market. However, the carcinogenic effects of processed meat and growing awareness about the benefits of meat alternatives hinder market growth to some extent.
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. Moreover, 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 due to a decrease in meat production, processing, and distribution facilities.
Impact of COVID-19 on Meat Production:
The COVID-19 pandemic has directly and indirectly impacted overall meat production. Through the infected workforce causing the shutdown of meat plants, there was a decrease in production, processing, distribution, and marketing potential. Additionally, farmers have also faced difficulty in searching for a more suitable market to sell animals. The sale of expensive meat cuts was decreased due to the temporary shutdown of food eateries which affected the income coming in from meat and meat products. During these circumstances, a decrease in meat production went from 338.9 million tons (carcass weight) in 2019 to 333.0 million tons in 2020 (Source: Food and Agriculture Organization (FAO)).
Impact of COVID-19 on Meat Processing
Covid-19 has a massive impact on the global meat processing sector as well. This sector is labor-intensive, and it can be drastically affected by workforce disruptions. In addition, because of the shutdowns of many food eateries, meat processors required a lot of storage space to accommodate all the meat products. Moreover, the U.S. beef and pork processing industry declined by 40% during April and May 2020 compared to 2019. In Canada, 75% of beef processing plants were disrupted due to the shutdown of meat facilities, particularly in the Alberta province. In Ghana, Covid-19 harmed the industry by inputting supply issues as the country depends mainly on importing livestock from the U.S., Brazil, and the European Union (Source: United States National Library of Medicine (NLM), National Institutes of Health). Moreover, in Spain, the slaughtering activity of lamb and goat dropped by 25.9% and 28.5%, respectively, in April 2020 compared to slaughtering in April 2019.
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Impacts of COVID-19 on Meat Supply Chains
Covid-19 has significantly affected the meat production, processing, distribution, and consumption phases of the global meat supply chain due to lockdowns and restrictions taken by various governments. Furthermore, meat processing and packaging plants have also been affected due to physical distancing rules and less labor availability. One of the significant factors that affected meat distribution was the restricted transportation laws due to lockdowns. Limited meat production also impacted the distribution of meat products and the supply chain. Many Asian countries, including the Lao People's Democratic Republic, Thailand, Myanmar, and Vietnam, were unable to export their livestock and frozen meat products across the globe, mainly to China. In the Philippines, the delay in transportation of the raw material for meat processing created a meat shortage until the ban was loosened. Meat and its products are mostly transported across the borders through cargo ships. The cargo charges have been significantly increased while the product price has decreased due to COVID-19.
Therefore, a complete halt in the transportation and logistics industry and reduced production due to lockdowns in many countries worldwide has adversely affected the global meat market in terms of volume sales in 2020 and 2021.
Increasing Demand for Animal-Based Food
According to the Department of Economic and Social Affairs (UN), the global population is expected to reach 8.6 billion by 2030, 9.8 billion by 2050, and 11.2 billion by 2100. A growing global population places increased pressure on the world’s resources to provide not only more but also different types of food. In addition to increased demand arising from population growth, there is a growing demand for protein due to socio-economic changes, including increased income and rapid urbanization. These factors have forced the livestock industry to expand and fulfill the growing need for protein sources. Animal-based food products are the key source of dietary protein and a proportion of calories. According to the World Health Organization (WHO), the annual meat production is projected to increase from 218.0 million metric tons in 1997-1999 to 376.0 million metric tons by 2030.
Further, according to the Organisation for Economic Co-operation and Development and Food and Agriculture Organization (OECD-FAO), the global demand for meat will be 371.68 million tons by 2030. Also, the global per capita meat consumption is expected to increase to 35.4 kg r.w.e. by 2027, an increase of 1.1 kg r.w.e. compared to the base period. This increase in the demand for protein-rich food, accompanied by the growing consumer preference for a low-fat and high-protein diet, has led to a significant rise in the consumption of animal-sourced protein across the globe.
Key Findings in the Global Meat Market Study:
In 2022, the Cattle and Buffalo Segment to Dominate the Meat Market
Based on animal type, the global meat market is segmented into cattle and buffalo, pigs, poultry, sheep and goat, and other animals. In terms of value, in 2022, the cattle and buffalo segment is expected to account for the largest share of the global meat market. The large share of this segment is mainly attributed to factors, such as 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. 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.
In 2022, the Processed Meat Segment to Dominate the Meat Market
Based on product type, the global meat market is segmented into processed meat and fresh meat. The processed meat segment is expected to account for the larger share of the global meat market in 2022. The large share of this segment is mainly attributed to factors such as its ease of use, high availability and shelf life, and increasing demand for ready-to-cook food products owing 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.
In 2022, the Business to Consumer (B2C) Segment to Dominate the Meat Market
Based on distribution channels, the global meat market is segmented into business to consumer (B2C) and business to business (B2B). In terms of value, in 2022, the business to consumer (B2C) segment is expected to account for a larger share of the global meat market. The large share of this channel is mainly attributed to the factors such as 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.
In 2022, Asia-Pacific is Expected to Dominate the Overall Meat Market
Geographically, the meat market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific is estimated to account for the largest share of the global meat market. The large share of this market 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.
Key Players
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. The key players profiled in the global meat market research report 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.
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
- 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
Key Questions Answered in the Report-