Global Meat Market Report and Forecast 2024-2032

Global Meat Market Size

The meat market value reached approximately USD 1.49 trillion in 2023. The market is further projected to grow at a CAGR of 2.3% between 2024 and 2032, reaching a value of USD 1.84 trillion by 2032.

Meat Market Growth

Meat refers to a food product derived from the flesh of animals including chickens, goats, sheep, lambs, and rabbit, among others. It is a rich source of proteins, fatty acids, and carbohydrates, among other essential nutrients. The high protein content aids in building and repairing muscles and allows the smooth functioning of various organs of the body.

The growing preference for high protein diet owing to increasing health awareness is bolstering the demand of meat market. This rising demand can be attributed to the ability of proteins to reduce the levels of hunger hormones, ghrelin. They also boost the levels of peptide YY, which imparts a feeling of fullness.

Industry Outlook

Global Meat Production and Consumption Trends

In 2023, China led global meat production with a staggering output of 253,024,735 tonnes. This massive production capacity underscores China's contribution to meat industry revenue, driven by its large population and significant demand for pork, poultry, and beef. The United States followed as the second-largest meat producer, with an output of 145,824,471 tonnes. The market in United States benefits from a well-established infrastructure, advanced technology, and a highly efficient production system.

India and Russia produced 33,784,089 and 33,434,451 tonnes of meat, respectively. India's meat production is primarily focused on poultry and buffalo meat. Germany and Mexico produced 23,365,975 and 22,505,910 tonnes of meat, respectively. Germany's meat production is characterised by its high-quality pork and poultry products, supported by stringent food safety standards and advanced farming technologies. Brazil produced 87,035,453 tonnes of meat, ranking third globally. The growth of the meat industry in Brazil can be attributed to beef and poultry production, supported by vast agricultural lands and favourable climatic conditions.

According to the Food and Agriculture Organisation (FAO), by 2030, global consumption of meat is projected to reach 45.3 kg per capita, carcass weight equivalent, indicating a significant increase from 41.3 kg in 2015. This upward trend reflects rising incomes, urbanisation, and changing dietary preferences towards higher protein intake. As per meat industry analysis, in developing countries, meat consumption is expected to rise to 36.7 kg per capita, up from 31.6 kg in 2015. This increase is driven by economic growth and improved access to meat products.

Sub-Saharan Africa is expected to see meat consumption increase to 13.4 kg per capita by 2030. This growth, though slower compared to other regions, reflects gradual economic improvements and rising living standards. Latin America and the Caribbean will experience substantial growth, with meat consumption reaching 76.6 kg per capita by 2030.

South Asia’s meat consumption is projected to reach 11.7 kg per capita by 2030, up from 7.6 kg in 2015. This increase, though modest, reflects ongoing economic development and changing dietary patterns. In East Asia, excluding China, meat consumption will rise to 58.5 kg per capita by 2030. This growth is driven by rising incomes and urbanisation. Industrial countries will see a slight increase in meat consumption to 100.1 kg per capita by 2030. The overall increase in global meat consumption underscores the growing demand for protein-rich diets worldwide, which can also be termed as a key trend in meat market.

According to International Trade Centre Trade Map data, in 2022, global edible fowl meat export values surged significantly, reaching USD36.17 billion, up from USD 30.07 billion in 2021. In 2023, Brazil led the exports with USD 8.97 billion, maintaining its position as the top exporter. This substantial increase from USD 6.95 billion in 2021 underscores Brazil’s strength in poultry meat exports. The United States followed, with export values climbing to USD 5.40 billion in 2022 from USD 4.76 billion in 2021.

Meat Market Trends

The expansion of the foodservice sector due to rising disposable incomes is providing lucrative growth opportunities to the market. The proliferation of quick service restaurants and food chains is further bolstering the meat consumption in India and other various regions across the globe.

The adoption of convenient packaging solutions and increasing celebrity endorsements along with deployment of aggressive marketing and promotional strategies by various key market players is supporting the market expansion. Factors like rising investments on continuous food improvements and increasing availability of frozen and canned variants are also positively influencing the market’s growth.

Recent Developments in Meat Market

In June 2024, the Indonesian government’s Food and Drug Monitoring Agency (BPOM) announced its plans to increase the distribution of chicken meat to combat stunting, a malnutrition problem affecting children in 1.4 million families of the country. This initiative can improve food security and provide better nutrition to vulnerable population of Jakarta.

What Factors are Contributing to the Strong Demand and Economic Significance of Meat Market?

• Consistent global demand for meat products due to cultural preferences and nutritional value.

• Wide variety of meat types and cuts catering to different consumer tastes and dietary requirements.

• Innovations in meat processing and preservation enhancing product quality and shelf life.

What Are the Key Challenges Impacting the Global Meat Market Outlook?

• Growing awareness of health risks associated with high meat consumption, impacting demand.

• Meat production's significant carbon footprint and resource consumption leading to sustainability concerns.

• Fluctuations in meat prices due to supply chain disruptions, feed costs, and market demand variations can impact growth of the meat market.

• Increasing scrutiny and opposition to animal farming practices influencing consumer choices and regulations.

What are the Key Growth Opportunities for the Meat Producers?

• Increasing meat consumption in developing countries presenting growth opportunities.

• Rising consumer interest in plant-based and lab-grown meat products driving innovation and market expansion.

• Development of healthier meat options, such as lean meats and fortified products, to cater to health-conscious consumers.

Key Factors Influencing Price Competition in Meat Market

Production Costs

• Labor Costs: Changes in labour costs due to wage increases or labour shortages can affect the overall cost of meat production.

• Energy Prices: The cost of energy, particularly fuel for transportation and electricity for processing plants, also plays a crucial role in determining meat prices.

• Feed Prices: Fluctuations in the prices of animal feed, which constitute a significant portion of meat production costs, directly impact prices and meat market revenue. For instance, rising corn and soybean prices can increase the cost of producing beef, pork, and poultry.

Supply Chain Dynamics

• Efficiency: Efficient supply chains help reduce costs and improve price competitiveness. Companies invest in logistics, cold storage, and distribution networks to minimise waste and enhance delivery efficiency.

• Disruptions: Events such as disease outbreaks, natural disasters, and geopolitical tensions can disrupt supply chains, leading to price volatility. For example, the African swine fever significantly impacted pork supplies in Asia, driving up prices globally.

Market Demand

• Consumer Preferences: Shifts in consumer preferences towards specific types of meat or alternative proteins can influence market prices. Increasing demand for chicken and plant-based proteins has led to competitive pricing strategies in these segments.

• Economic Conditions: Economic downturns or prosperity affect consumer spending power, influencing meat demand and pricing strategies. During economic recessions, consumers may opt for cheaper meat options, intensifying price competition among producers.

Regulatory Environment

• Trade Policies: Tariffs, import/export restrictions, and trade agreements significantly impact meat prices. For instance, tariffs imposed during trade disputes can lead to higher costs for imported meat products, affecting pricing strategies.

• Food Safety Regulations: Compliance with stringent food safety and quality regulations can increase production costs, which are often passed on to consumers in the form of higher prices.

Technological Advancements

• Production Technology: Adoption of advanced technologies in breeding, feed efficiency, and meat processing can reduce production costs and enable competitive pricing in meat market.

• Alternative Proteins: The development of plant-based and lab-grown meat alternatives introduces new competitors into the market, prompting traditional meat producers to adjust their pricing to remain competitive.

Meat Industry Segmentation

“Meat Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Raw

• Processed

Market Breakup by Product

• Beef

• Chicken

• Mutton

• Pork

• Others

Market Breakup by Distribution Channel

• Supermarkets and Hypermarkets

• Specialty Stores

• Departmental Stores

• Online Stores

• Others

Market Breakup by Region

• North America 

• Europe 

• Asia Pacific 

• Latin America 

• Middle East and Africa

Meat Market Share by Distribution Channel

Supermarkets and hypermarkets are anticipated to account for a significant market share over the forecast period. This growth can be attributed to the availability of both fresh and frozen alternatives across these distribution channels. The high footfall at these locations is further supporting the segment’s expansion.

Meanwhile, online stores are expected to witness significant meat demand growth over the coming years owing to their ability to provide rapid delivery, hassle free return and exchange, and lucrative offers and discounts to their customers.

Meat Market Regional Analysis

The Asia Pacific accounts for a significant share of market owing to the rapid population growth, expansion of the retail sector, rising disposable incomes, and increasing urbanisation, among others. The shifting dietary preferences of the regional population are boosting the meat industry in India and other countries of APAC. Due to rising health consciousness and growing prevalence of various chronic disorders in the region the consumption of natural poultry and seafood products and meat is further increasing.

Meat Industry Statistics in India

India ranks 8th in meat production globally and the production capacity has grown significantly. For example, meat production in India increased from 6.69 million tonnes in 2014-15 to 9.29 million tonnes in 2021-22. Maharashtra, Uttar Pradesh, West Bengal, Andhra Pradesh, and Telangana are the top five meat-producing states in India. Moreover, the household consumption of poultry meat is projected to grow from 12% to 24% by 2030, which can also increase meat market share in India.

Competitive Landscape

Market players are focused on providing high-quality meat and meat-based products to consumers looking for protein-rich meals

Cargill Inc., headquartered in Minnesota, United States, is a food and beverage manufacturing company that specialises in food ingredients, commodity trading and processing, and agriculture products, among others. The company is dedicated towards providing nourishment to the world in a sustainable, safe, and responsible manner.

Conagra Brands, Inc., headquartered in Illinois, United States, is a food and beverage company that produces and distributes products to foodservice establishments, supermarkets, and restaurants under different brand names including Alexia, Bertolli, and Celeste, among others.

JBS SA is a meat processing company involved in the production of factory processed pork, beef, and chicken, among others. The company was founded in 1953 and is headquartered in São Paulo, Brazil.

Other key players in meat market include Tyson Foods, Inc., BRF SA (Sadia), WH Group Limited, Minerva Foods SA, Clemens Food Group, Hormel Foods Corporation, NH Foods Ltd., Sysco Corporation, and Vion N.V., among others.

How is the Market Adapting to Consumer Preferences and Sustainability Trends?

• Offering a wide variety of meat products, including different types of meat (beef, pork, chicken, lamb, etc.) and cuts to cater to diverse consumer preferences.

• Implementing sustainable farming and production practices to reduce environmental impact and appeal to eco-conscious consumers.

• Investing in technology to enhance production efficiency, quality control, and product innovation.

• Expanding into emerging regions where meat consumption is increasing, such as Asia and Latin America provides many meat market opportunities.

• Developing products that cater to health-conscious consumers, such as lean meats and products with added nutritional benefits.

• Retailers frequently use promotions and discounts to attract price-sensitive consumers and gain market share. This strategy is common during peak shopping seasons and for perishable goods approaching their sell-by dates.

Key Competitive Strategies in the Global Meat Market

Cost Leadership

Companies strive to become the lowest-cost producers by optimising their production processes and supply chains. For example, JBS and Tyson Foods focus on large-scale operations to achieve economies of scale and offer competitive prices.

Differentiation

Offering premium or value-added products, such as organic, grass-fed, or antibiotic-free meats, allows companies to differentiate themselves and justify higher prices. Brands like Whole Foods' 365 and Perdue's Harvestland leverage this strategy.

Promotions and Discounts

Retailers frequently use promotions and discounts to attract price-sensitive consumers and gain market share. This strategy is common during peak shopping seasons and for perishable goods approaching their sell-by dates.

Private Labels

Supermarkets and retail chains develop private label meat products to offer lower prices compared to national brands, thereby attracting cost-conscious consumers, influencing meat demand forecast, and enhancing their overall market positioning.

Top Retailers Selling Meat Products

• Walmart: As one of the largest retail chains globally, Walmart offers a wide variety of meat products, including fresh, frozen, and processed meats.

• Costco: Known for its bulk sales model, Costco provides a diverse selection of meat products, including organic and speciality items to cater to the consumers in meat market landscape.

• Kroger: Kroger operates numerous supermarket chains across the U.S. and offers an extensive range of meat products, from everyday staples to gourmet selections.

• Tesco: As one of the leading grocery retailers in the UK and Europe, Tesco offers a broad range of meat products, including organically sourced meat, which is driving growth in meat market.

• Lidl: Lidl, a global discount supermarket chain, offers a wide array of meat products, emphasising quality and affordability.

Key Highlights of the Report

Meat Market Report Snapshots

Meat Market Size

Meat Market Growth

Meat Market Trends

Meat Companies

Meat Market Regional Analysis