Meat Products Market Forecast and CAGR
According to the latest research by Transparency Market Research, the meat products market is set to witness steady growth during 2021-2031. The market growth is significant mainly due to the companies rearranging their operations and recovering from the COVID-19 impact and it is expected that the meat products market will grow with significant CAGR.
What is Driving Demand for Meat Products?
Meat is usually composed of pork, beef, and poultry, while it can also contain offal or meat by-products such as blood. Moreover, factors such as hectic lifestyle, rapid urbanization, adoption of new lifestyle trends, and food habits will drive the demand for packaged, ready-to-eat, and convenience food hence, the demand for processed meat products also being increased across the world.
The key players in the global meat product market are focusing on the expansion of the business in the developing regions by setting up new manufacturing plants to increase production capacity and also extending the product line. Mergers and acquisitions of small and medium-sized manufacturers to enter in overseas market is another strategy adopted by multinational players.
- Siniora Food Industries acquired Diamond Meat Processing a UAE-based company for USD 12 million. The acquisition aims to diversify and expand the product portfolio of the company.
Increased awareness among the masses about the health hazards of processed meat such as high intake of processed meat products leads to an increase in obesity and diabetics which can hamper the market growth has slowed down the consumption rate of processed meat products which restrains the meat products market growth.
The rising number of meat-eating consumers has alarmed the manufacturers of meat products. To meet the consumer’s demand, the process for retaining the freshness of the meat, which consequentially affects the market growth.
Convenience products are Likely to Augment Meat Products Sales
Growth in the foodservice and retail industry has led to an increased demand of processed meat products. Demand for processed meat products has also been influenced by the variety, prices, and services that the food retail firms have been offering to their customers.
Innovation in the manufacturing technology of meat products has led to the introduction of diverse product portfolio in the market thus ensuring a bigger consumer base. The growing demand for frozen food products across the globe will also drive the convenience meat product market.
The US and Canada Meat Products Market Outlook
The meat industry has been severely affected by the COVID-19 pandemic in the U.S. Outbreaks of the virus have taken place in factories operated by the meatpacking industry and the poultry processing industry. These outbreaks affected dozens of plants, leading to closures of some factories and disruption of others, and posed a significant threat to the meat supply in the United States.
The processed meat of rabbits and horses is considered an opportunistic product in the North American processed meat market. The meat products market is expected to witness high growth, during the forecast period. The U.S. is a key player in the beef and poultry meat of the global meat market in the world. Increased consumption of red meat in Mexico is observed to be the key factor for growth in this market.
Asia Pacific Demand Outlook for Meat Products
In the Asia Pacific region, the demand for meat products is rising due to increased demand for high-value protein food and growth in the organized retail sector. China and India are the fastest-growing countries in the region. The market size of processed meat products also increasing rapidly due to the availability of various convenience meat products such as bacon, ham, hotdogs, sausages, salami, corned beef, beef jerky, canned meat, and meat-based sauces, etc.
Who are the Key Manufacturers and Suppliers of Meat Products?
Some of the promising key players which are working in the manufacturing of meat products include BRF, Cargill, Cherkizovo, Foster Farms, Hormel Foods, JBS, Koch Foods, Marfrig Group, National Beef, Nippon Meat Packers, Perdue Farms, Pilgrim’s Pride, Sadia, Sanderson Farms, Shuanghui International, Smithfield Foods, Tonnies Fleisch, Tyson Foods, Vion Group, Wayne Farms, and others.
Rapid industrial evolution has created fierce competition among players to expand their production units to increase production capacity and lower prices to attract a consumer base. The major manufacturers focusing on improvement in taste, mouthfeel, and appearance of their products, as well as improving nutrition content of the products.
By Type of Meat
By Product Type
- Processed Meat Products
- Fresh Processed Meat
- Raw Cooked Meat
- Pre Cooked meat
- Raw Fermented Sausages
- Cured meat
- Dries Meat
- Cultured Meat Products
- Plant based meat
By End-use Industry
- Food & Beverages Industry
- Convenience food products
- Confectionary food products
- Animal feed
By Distribution channel
- Business to Business
- Business to Consumer
- Convenience stores
- Specialty stores
- Online retail
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Other Middle East
- North Africa
- South Africa
- Other Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.