The meat products market size is estimated at USD 44.3 billion in 2023 and is projected to reach USD 68.9 billion by 2028, at a CAGR of 9.2% from 2023 to 2028. The global market for meat products is a dynamic and diverse sector within the food industry, covering a range of items such as beef, poultry, pork, lamb, and processed meats. In recent times, there has been a consistent uptrend in the demand for meat products, spurred by various factors, and there are no indications of this trend slowing down.
A primary catalyst for this surge in demand is the continuous growth of the world’s population, particularly in emerging markets. The expanding population, coupled with increasing disposable incomes, has led to a rise in the consumption of meat as a primary source of protein. Urbanization is another influential factor, transforming dietary patterns as more individuals migrate to urban areas, resulting in a preference for processed and convenient meat products to align with busy lifestyles.
The meat products market has been experiencing several notable trends in recent years, driven by shifts in consumer preferences, health concerns, sustainability considerations, and advancements in technology. Here are some key trends:
- Plant-Based Meat Alternatives: The rise of plant-based meat substitutes continues to be a significant trend, driven by health-conscious consumers, environmental concerns, and ethical considerations related to animal welfare. Companies like Beyond Meat and Impossible Foods have gained considerable market share, offering products that closely mimic the taste, texture, and nutritional profile of traditional meat.
- Clean Meat: Clean meat, also known as lab-grown or cultured meat, is gaining traction as a sustainable and ethical alternative to conventionally produced meat. This technology involves growing real animal meat from animal cells in a laboratory setting, without the need for raising and slaughtering animals. Although still in its early stages, clean meat has the potential to revolutionize the meat industry by reducing environmental impact and addressing animal welfare concerns.
- Health and Wellness: Consumers are increasingly prioritizing health and wellness, leading to a growing demand for meat products that are perceived as healthier options. This includes leaner cuts of meat, products free from antibiotics and hormones, and those with reduced sodium and fat content. Additionally, there is a rising interest in functional meat products enriched with vitamins, minerals, and other beneficial ingredients.
- Sustainable Practices: Sustainability has become a major focus in the meat industry, driven by concerns over climate change, deforestation, and water scarcity. Consumers are seeking out meat products from companies that prioritize sustainable practices, such as pasture-raised livestock, regenerative agriculture, and responsible sourcing of feed ingredients. Sustainable certifications and labels are becoming increasingly important for consumers making purchasing decisions.
- Ethical Considerations: Animal welfare concerns are influencing consumer preferences, leading to greater demand for meat products from humanely raised animals. This includes products labeled as free-range, grass-fed, and certified humane. Transparency in animal husbandry practices, including traceability and labeling initiatives, is becoming more important to consumers who want assurance that the meat they purchase comes from ethically treated animals.
- Globalization and Cultural Influences: The meat products market is becoming increasingly globalized, with consumers embracing a diverse range of meat varieties and culinary traditions from around the world. This includes the growing popularity of ethnic and specialty meats, such as halal, kosher, and exotic meats like bison, ostrich, and venison. Global travel and multiculturalism are driving demand for authentic and adventurous meat products.
- Convenience and Innovation: Convenience remains a key driver in the meat products market, with consumers seeking convenient meal solutions that fit their busy lifestyles. This has led to innovations such as pre-marinated meats, pre-cooked meat products, and ready-to-eat meal kits featuring meat as the main ingredient. Additionally, technological advancements, such as sous-vide cooking and packaging innovations, are enhancing the quality, flavor, and shelf life of meat products.
Meat Products Market Drivers: Rising Demand for Meat-based Convenience Foods
The trend of urbanization, marked by the increasing migration of individuals from rural to urban areas, has significantly impacted the meat products market. Notably, the convenience associated with processed and pre-packaged meat items plays a crucial role in driving market growth. Urban lifestyles, characterized by fast-paced routines and limited time for traditional food preparation, make these products appealing due to features like pre-cutting, marination, and cooking convenience. Moreover, the compact living spaces and on-the-go lifestyles in urban settings enhance the attractiveness of these products, requiring minimal kitchen equipment and aligning with fast and portable food preferences. The diverse culinary landscape in cities, reflecting various cultures and cuisines, contributes to the demand for processed meats that accommodate multicultural tastes. Additionally, the assurance of food safety and quality addresses concerns of urban consumers who may lack access to fresh and locally sourced meats. In summary, the convenience offered by processed and pre-packaged meat products is a key driver of market growth in urban areas, meeting the diverse needs and preferences of the urban population.
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Processed is one of the types that accounted for the highest market share in 2022.
The surging demand for processed meat products, encompassing cured, dried, roasted, smoked, and fermented varieties, can be attributed to a confluence of factors reshaping consumer behavior. In today’s fast-paced lifestyles, characterized by time constraints and hectic schedules, the convenience offered by processed meats has become increasingly appealing. These products require minimal preparation, aligning seamlessly with the preferences of busy individuals and professionals seeking quick and easy meal solutions. Moreover, the diverse flavors and textures achieved through curing, smoking, and fermentation processes cater to the evolving culinary tastes of a more adventurous and discerning consumer base.
The globalization of food culture has also played a pivotal role, exposing consumers to a broader array of culinary traditions and fostering a demand for unique and exotic flavors. As disposable incomes rise globally, consumers are more inclined to opt for convenience foods, with processed meats fitting the bill as a ready-to-eat or easy-to-prepare option. Despite health considerations, the indulgent and savory qualities of processed meats continue to attract consumers, prompting manufacturers to adapt by introducing healthier formulations. In essence, the burgeoning demand for processed meat products reflects a dynamic interplay of convenience, culinary diversity, economic trends, and evolving consumer preferences in the contemporary food landscape.
Europe is the Fastest-Growing Market for Meat Products Among the Regions.
The European market offers significant business prospects for meat product manufacturers, driven by the increasing emphasis on health awareness in the region. This heightened awareness has led to a surge in demand for meat products, supported by a growing number of manufacturers entering the market and introducing new products. Factors such as sustainability concerns and a heightened focus on health practices are key drivers of this shift.
The key players in this market include Cargill, Incorporated (US), JBS SA (Brazil), Tyson Foods, Inc. (Arkansans), Hormel Foods Corporation (US), Vion Group (Netherlands).
