The meat products market 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.
Global rises in income levels have prompted consumers to seek higher-quality meat products, driving the demand for premium and specialty options, such as organic and grass-fed meat. Shifting consumer preferences towards healthier, protein-rich diets have spurred interest in lean meats and alternatives, including plant-based options such as tofu and plant-based burgers.
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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.
Opportunities: Technological Advancement in Meat Processing Industry
Technological progress is playing a pivotal role in transforming and advancing the meat industry, driving its growth and evolution. These innovations are significantly improving product quality, extending shelf life, and minimizing waste. The use of modern meat processing equipment allows for precise and controlled methods, ensuring consistent cuts that meet high standards of taste and quality. This not only reflects the industry's commitment to safety and regulatory standards but also contributes to consumer satisfaction.
In terms of packaging, advancements such as Modified Atmosphere Packaging and vacuum sealing create controlled environments that enhance the shelf life of meat products, addressing concerns about food waste and promoting sustainability. Additionally, waste reduction efforts are being supported by advanced processing equipment, which maximizes meat utilization and minimizes trimmings and byproducts that would otherwise be discarded. Innovations in packaging materials also contribute to eco-friendly practices by minimizing excessive packaging.
Operational efficiency is a notable outcome of integrating technology into the meat industry. Automation and robotics are becoming increasingly prevalent in meat processing facilities, streamlining operations, increasing productivity, and reducing labor costs. Automated systems for cutting, trimming, and portioning not only improve efficiency but also ensure product consistency and reduce the risk of human error. Moreover, technological innovations enable traceability and quality control through the use of data, barcoding, and RFID systems, allowing real-time monitoring and tracking of products throughout the supply chain, thereby enhancing safety measures and regulatory compliance. Sustainability is a central focus in the integration of technological advancements within the meat industry. The emphasis on waste reduction, quality improvement, and the adoption of energy-efficient equipment contributes to minimizing the industry's environmental footprint. In conclusion, the meat industry's embrace of new technologies positions it well to meet changing consumer demands, reduce environmental impact, and maintain a competitive edge in the market.
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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 rising trend of embracing new dietary preferences and health-conscious choices is propelling the meat products market in Europe. The region hosts a substantial number of major players in the meat industry, and these companies are actively seeking opportunities to strengthen their market positions. Strategies employed by these manufacturers include product launches, expanding production capacities, and engaging in partnerships and acquisitions with other industry players to enhance their geographical presence and establish dominance in the European meat products sector. For example, in August 2022, Vion Group from the Netherlands is making significant investments to expand its operations in eastern Germany, specifically in Thuringia and Brandenburg. The company is committed to fostering regionalism in food retail by focusing on delivering fresh beef and pork products to meet the growing demand for local and regional options, including organic choices. This approach aims to minimize carbon footprint and enhance animal welfare by reducing transport times.
The key players in this market include Cargill, Incorporated (US), JBS SA (Brazil), Tyson Foods, Inc. (Arkansans), Hormel Foods Corporation (US), Vion Group (Netherlands).
