Global Meat Products Market: Trends, Growth Factors, and Regional Dynamics

The global meat products market is expected to witness significant growth, according to a research report by MarketsandMarkets. The market, estimated at USD 44.3 billion in 2023, is projected to reach USD 68.9 billion by 2028, with a compound annual growth rate (CAGR) of 9.2% during the forecast period. Poultry consumption has notably increased across various countries, driven by factors such as affordability, consistency, adaptability, and higher protein/lower fat content.

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Key Points:

Poultry Dominance:

Poultry meat consumption has shown substantial growth rates, particularly in densely populated developing countries like China, India, Indonesia, Malaysia, Pakistan, Peru, the Philippines, and Vietnam.

Market Dynamics:

The meat products market is segmented by animal type (beef, pork, poultry), product type (processed, frozen, canned/preserved, chilled, fresh), distribution channel (retail, food service, e-commerce), nature, packaging, and region.

Food Service Growth:

The food service segment is poised for remarkable growth, experiencing the highest CAGR in the forecast period. The demand for meat in restaurants is influenced by culinary innovation, convenience, social experiences, and evolving consumer preferences.

Frozen Segment Momentum:

The frozen segment emerged as a pivotal force in 2022, reflecting changing consumer lifestyles and preferences. The convenience and extended shelf life of frozen meat products, coupled with advancements in freezing technologies, contribute to the segment's growth.

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US Market Dominance:

The United States is set to maintain its dominant position in the North American meat products market. In 2022, the US exhibited higher per capita consumption and expenditure on meat compared to global and regional levels, with various categories such as chilled raw packaged meat and fresh meat leading in volume terms.

Industry Players:

Prominent industry players, including Cargill, Hormel Foods Corporation, Verde Farms, and Lopez Foods, wield substantial influence in the meat products market. These companies have robust manufacturing facilities and well-established distribution networks across key regions.

As the meat products market continues to evolve, driven by changing consumer preferences and technological advancements, it presents promising opportunities for industry stakeholders globally.

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This release was published on openPR.