Meat Products Market Definition
The meat products market consists of sales of meat products by entities (organizations, sole traders and partnerships) such as meat processors and meat products farms that breed and/or raise meat products and sell the meat after slaughter, either at their own premises or through a third party which is engaged in preparing processed meat products and its byproducts. Meat products include meat of beef, buffalo, pork, mutton, and rabbit. Meat products processing is fully or semi-automated in most countries. The companies in the industry package and distribute meat and meat products through various distribution channels to both individual customers and commercial establishments such as hotels and restaurants.
Meat Products Market Size
The global meat products market size reached a value of nearly $1,091.4 billion in 2021, having increased at a compound annual growth rate (CAGR) of 9.4% since 2016. The global meat products market size is expected to grow at a CAGR of 7.2% from 2021 to reach $1,546.0 billion in 2026. The global meat products market size is expected to reach $2,094.5 billion in 2031, at a CAGR of 6.3%.
Growth in the historic period resulted from increased demand for flavored meat products, low interest rates, a rise in disposable income, and emerging markets growth. Factors that negatively affected growth in the historic period were shortage of labor and geo-political tensions.
Going forward, a rise in global population and continued technology development are expected to be the major drivers of the market. Factors that could hinder the growth of the meat products market in the future include carcinogenic effects of processed meat, climate change and global warming, increased preference of poultry and impact of COVID-19.
Meat Products Market Drivers
The key drivers of the meat products market companies market include:
Rise in Global Population
The population across the world has been growing at a significant rate per year from 7.7 billion in 2019 to 7.8 billion in 2020. The growth in population increased the demand for several meat products including are salami, ham, sausages, bacon and others. This rise in demand from the population gave a major boost to the overall meat products market. Additionally, rapid urbanization especially in the developing economies supported the demand for meat products through increased product consumption and high awareness on protein and meat products.
Meat Products Market Restraints
The key restraints on the meat products market companies market include:
Carcinogenic Effects of Processed Meat
Processed meats are meats that have been preserved by smoking or salting, curing or adding chemical preservatives. The World Health Organization has classified processed meats including ham, bacon, salami and frankfurters as a Group 1 carcinogen (known to cause cancer) which means processed meats may cause cancer. Eating processed meat increases risk of bowel and stomach cancer.
Meat Products Market Trends
Major trends influencing the meat products market companies market include:
Robotics And Automation In Meat Processing
The companies involved in the meat products market are investing in the trend of adopting robotics technology to maximize meat production efficiency. Robots are being used in the meat market to reduce the manual labor and to increase production. Robotics is also being used to automate cutting, butchering, and monitoring processes in meat production. Following the trend, in 2020, In Brazil, Frimesa’s Assis Chateaubriand plant which is under construction in the state of Parana plans to include five robots, costing some 500,000 euros (US$586,000) each. They will perform tasks including cutting open the pig’s chest, eviscerating it and slicing the animal in half. Also, in 2020, Smithfield Foods, Inc., a USA-based food company has already invested significant amounts in new robotics technology and other equipment that enables higher levels of automation to occur. For example, it has included automatic rib pulling and cutting systems that will provide value via vision and x-ray technologies which help in selecting the optimum rib cut from the pork belly, improving yield.
Ready-To-Eat Meals
The demand for ready-to-eat food that also includes meat foods increased, thus resulting as an emerging trend in the meat products market. Busy lifestyles are keeping people away from cooking meals; therefore, many of them are dependent on ready-to-eat foods as it saves time and energy. Ready-to-eat meals are available as frozen foods, canned foods, ready-to-eat snacks, meals, chilled foods and more. For instance, according to research from IGD, a research and training charity in food and consumer goods industry of UK, predicted that UK’s food-to-go sector that includes convenience and ready-to-eat foods, is expected to reach £23.4 billion ($30.08 billion) by 2024.
Opportunities And Recommendations In The Meat Products Market
Opportunities –The top opportunities in the meat products market segmented by type will arise in the pork segment, which will gain $248.6 billion of global annual sales by 2026. The top opportunities in the meat products market segmented by distribution channel will arise in the supermarkets/hypermarkets segment, which will gain $216.4 billion of global annual sales by 2026. The top opportunities in the meat products market segmented by product type will arise in the canned/preserved segment, which will gain $254.9 billion of global annual sales by 2026. The top opportunities in the meat products market by nature will arise in conventional market, which will gain $407.2 billion by 2026. The meat products market size will gain the most in China at $192.6 billion.
Recommendations –To take advantage of the opportunities, The Business Research Company recommends the meat products companies to focus on ready-to-eat meals, offer plant-based meat products, invest in robotics technology, increase the use of 3D imaging systems, focus on nanotechnology in meat production, focus extensively on emerging economies, expand in developed markets, offer competitively priced products, target local retail stores and supermarkets, focus on prime shelf positions in stores, leverage social media, focus on offering meat products through online channels and target health-conscious population.
Meat Products Market Segmentation
The meat products market is segmented by type, by type by distribution channel.
By Type -
The meat products is segmented by type:
- a) Pork
- b) Mutton
- c) Beef
- d) Other
The beef market was the largest segment of the meat products market segmented by type, accounting for 44.5% of the total in 2021. The pork market is expected to be the fastest growing segment, at a CAGR of 8.7% during 2021-2026.
By Distribution Channel -
The meat products is segmented by distribution channel:
- a) Supermarkets/Hypermarkets
- b) Convenience Stores
- c) E-Commerce
- d) Others.
The supermarkets/hypermarkets market was the largest segment of the meat products market segmented by distribution channel, accounting for 50.2% of the total in 2021. The e-commerce market is expected to be the fastest growing segment, at a CAGR of 15.8% during 2021-2026.
By Product Channel -
The meat products is segmented by product:
- a) Chilled
- b) Frozen
- c) Canned /Preserved
The canned/preserved market was the largest segment of the meat products market segmented by product type, accounting for 52.7% of the total in 2021. The chilled market is expected to be the fastest growing segment, at a CAGR of 8.1% during 2021-2026.
By Nature -
The meat products is segmented by nature:
- a) Organic
- b) Conventional
The conventional market was the largest segment of the meat products market segmented by end-use, accounting for 95.3% of the total in 2021. The organic market is expected to be the fastest growing segment, at a CAGR of 13.9% during 2021-2026.
By Geography- The meat products market is segmented by geography into
- o Asia Pacific
- • China
- • India
- • Japan
- • Australia
- • Indonesia
- • South Korea
- • Hong Kong
- • Malaysia
- • New Zealand
- • Philippines
- • Singapore
- • Thailand
- • Vietnam
o North America
o South America
- • Brazil
- • Argentina
- • Chile
- • Colombia
- • Peru
- • Venezuela
o Western Europe
- • UK
- • Germany
- • France
- • Austria
- • Belgium
- • Denmark
- • Finland
- • Ireland
- • Italy
- • Netherlands
- • Norway
- • Portugal
- • Spain
- • Sweden
- • Switzerland
o Eastern Europe
- • Russia
- • Czech Republic
- • Poland
- • Romania
o Middle East
- • Saudi Arabia
- • Israel
- • Turkey
- • UAE
o Africa
- • Egypt
- • Nigeria
- • South Africa
Asia Pacific was the largest region in the global meat products market, accounting for 50.8% of the total in 2021. It was followed by North America, Western Europe, and then the other regions. Going forward, the fastest-growing regions in the global meat products market will be Africa and South America where growth will be at CAGRs of 9.2% and 9.0% respectively.
Meat Products Market Competitive Landscape
Major Competitors are:
JBS S.A.
Tyson Foods Inc.
WH Group
Marfrig Global Foods S.A.
Danish Crown
Other Competitors Include:
NH Foods Ltd.
Hormel Foods Inc.
Yurun Group Limited
Cargill Inc.
Perdue Farms Inc.
Venkys Ltd
Simran Farms Ltd
Ovobel Foods Ltd.
Shandong Jinluo Enterprise Group
Zhucheng Waimao Co., Ltd.
Yurun Group and Shandong Delisi Group Co., Ltd.
Nippon Meat Packers, Inc
Starzen Co., Ltd
industry Park Pty Ltd
Teys Australia Pty Ltd
Thomas Foods International Consolidated Pty Limited
Groupe Bigard
Cooperl Arc Atlantique
Biegi Foods GmbH
Cipa SAS
Rovagnati S.p.A
Campofro Food Group S.A
Iglo Foods Group Ltdq
Phw-Gruppe Lohmann & Co. AG
Martnez Loriente
S.A, Coop
Zur Mhlen Group
LDC S.A
Tulip Food Company A/S
Elpozo Alimentacion S.A
The Cedrob Group
Smithfield Romania Srl
Transavia Corporation
Worldpol Sp. Z O.o.
Coldstore Niechcice
JKA Meat Supplies
Hand Mies Polowczyk SPZOO
Grill-Pol Sylwester Kowalski
Angelov Ltd.
Ameta
Lalov & Vachev Ltd
Cargill Meat Solutions
Sysco Corp
Smithfield Foods Inc
National Beef Packing Co
OSI Group
Conagra Brands
Koch Foods
Sanderson Farms Inc
Aleph Farms
Gulf Business
The MeatHub KSA
Laboon Food Production Co.
Al Munajem Cold Stores Company
Al Kabeer Group ME
Sunbulah Group
Chopped
Butterball
LLC
Jennie-O Turkey Store Inc.,
Cargill Turkey & Cooked Meats Farbest Foods, Inc.
Egyptian Co. For Animal Wealth Development
Amgad For Food Industries
Ismailia For Poultry Meat Processing
Zartech Limited
Amo Farm Sieberer Hatchery Limited
Bama Farms Limited
Best Foods Global Nigeria Limited
Kleyn Begin Biltong Products
Matzikama Biltong
Claasens Designs
Elite Meat Processing Equipment Service