Meticulous Research®, a prominent global market research firm, has released a detailed report titled “Meat Market by Product Type (Processed Meat, Fresh Meat), Animal Type (Cattle and Buffalo, Pig, Poultry, Sheep, and Goat), by Distribution Channel (Business to Consumer (B2C), Business to Business (B2B)) - Global Forecast to 2029.” This report provides valuable insights into the current and future state of the meat market, emphasizing various factors influencing growth, market dynamics, and competitive landscape.

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Market Overview and Growth Projections

The global meat market is poised for significant expansion, with a projected value of $1,345.9 billion by 2029, growing at a compound annual growth rate (CAGR) of 5.7% from 2022 to 2029. In terms of volume, the market is anticipated to reach 374.4 million tons cwe (carcass weight equivalent) by the end of the forecast period, reflecting a CAGR of 1.1%. This growth can be largely attributed to the rising demand for animal-based foods, the increasing popularity of protein-rich diets, and a shift towards functional meat products.

Several factors are driving the market's growth trajectory. Notably, there is a growing awareness of organic processed meat products and gluten-free options, which are expected to create lucrative opportunities for stakeholders in the meat sector. However, challenges such as the carcinogenic effects of processed meats and the increasing awareness of the health benefits of meat alternatives could pose potential hurdles to market growth.

Historical and Forecasted Market Data

The report presents a comprehensive analysis of historical market data from 2020 to 2021, current estimates for 2022, and projections for 2029. The analysis is segmented by animal type (cattle and buffalo, pig, poultry, sheep and goat, and other animals), product type (processed meat—frozen, chilled, and canned—and fresh meat), and distribution channels (B2C and B2B). Additionally, the study evaluates competitors within the industry and examines market dynamics at both regional and country levels.

Market Segmentation Analysis

1. By Animal Type

Among the various animal types, the cattle and buffalo segment is expected to dominate the market share in 2022. The primary reason for this dominance is the increasing demand for beef, which is recognized as a significant source of protein. Beef generally has a higher protein content compared to other types of meat, including chicken, pork, turkey, and lamb.

Growing awareness of the importance of protein consumption from high-nutritional foods and a shift in consumer preferences favoring beef due to health concerns related to poultry and pork diseases are expected to propel this segment's growth.

2. By Product Type

The processed meat segment is anticipated to hold the largest share of the meat market in 2022. This trend can be attributed to several factors, including the convenience of use, longer shelf life, and a rising demand for ready-to-cook food products due to increasingly busy lifestyles. The urbanization trend and a surge in per capita income, particularly among millennials, are further expected to drive growth in the processed meat segment throughout the forecast period.

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3. By Distribution Channel

The business-to-consumer (B2C) distribution channel is projected to capture a larger market share in 2022. This dominance is mainly due to the proliferation of supermarkets and hypermarkets, which have significantly boosted overall product sales. Consumers’ preference for shopping at physical grocery stores, driven by easy accessibility and product availability, complements the growing trend of purchasing essential goods through e-commerce platforms.

Geographic Review

The research report also delves into a geographical analysis of the meat market, segmenting it into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

North America

In North America, the U.S. and Canada are expected to hold a significant share of the market. The region's leadership in the meat market can be attributed to several factors, including increasing awareness regarding animal disease diagnosis, a rising number of veterinarians, and heightened spending on animal healthcare.

Europe

Europe is another prominent market for meat, characterized by a diverse consumer base and an increasing demand for various meat products. Countries like Germany, France, and the U.K. play pivotal roles in the region's market dynamics, driven by both domestic consumption and exports.

Asia-Pacific

Asia-Pacific is projected to be the largest regional market for meat in 2022. This is largely due to growing awareness of the benefits of protein-rich diets, technological advancements, and innovative product launches in the food and beverage industry. Fast-developing economies such as China and India are contributing significantly to the demand for meat and meat products. Rapid urbanization, rising income levels, and evolving consumer lifestyles are also leading to increased preferences for convenient, ready-to-cook meat products.

Latin America and the Middle East & Africa

In Latin America, countries like Brazil and Argentina are key players in the meat market, while the Middle East & Africa is experiencing a gradual increase in meat consumption due to urbanization and changing dietary preferences.

Key Players in the Meat Market

The report highlights the competitive landscape of the global meat market, providing insights into the key players operating in the industry. These include:

  • Cargill Incorporated (U.S.): A global leader in food production and agriculture, Cargill plays a significant role in the meat supply chain.
  • Tyson Foods, Inc. (U.S.): One of the largest meat processors, Tyson Foods has a diverse portfolio that includes beef, chicken, and pork products.
  • JBS S.A. (Brazil): A leading meat producer with operations worldwide, JBS is a key player in both the beef and poultry sectors.
  • Hormel Foods Corporation (U.S.): Known for its branded food products, Hormel Foods also has a strong presence in the processed meat segment.
  • American Foods Group, LLC (U.S.): Specializing in beef production, American Foods Group is another major participant in the market.
  • Koch Foods, Inc. (U.S.): A significant player in the poultry market, Koch Foods produces a variety of chicken products.
  • Smithfield Foods, Inc. (U.S.): As one of the largest pork producers, Smithfield Foods is an integral part of the meat industry.
  • National Beef Packing Company, LLC (U.S.): Focused on beef processing, National Beef plays a crucial role in the supply chain.
  • Perdue Farms Inc. (U.S.): Known for its poultry products, Perdue Farms is also involved in the processed meat segment.
  • Allanasons Private Limited (India): An emerging player in the meat export market, Allanasons focuses on buffalo meat production.

These key players have adopted various strategic developments, such as mergers, acquisitions, product launches, and collaborations, to enhance their market presence and meet evolving consumer demands.

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Conclusion

The global meat market is on a robust growth trajectory, driven by various factors including increasing demand for animal-based food products, heightened consumer awareness, and the shift toward convenient meat options. While the market faces challenges such as health concerns associated with processed meats, opportunities for growth remain abundant, particularly in emerging markets.

The comprehensive analysis provided by Meticulous Research® in this report equips stakeholders with the insights necessary to navigate this dynamic market landscape effectively. As consumer preferences continue to evolve, companies must remain agile and innovative to capitalize on the opportunities presented in the global meat market.

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