Meat Products Market Expected to Reach $387.60 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Meat Products Market," The global meat products market size was $274.70 billion in 2021, and is estimated to reach $387.60 billion by 2030, growing at a CAGR of 3.95% from 2022 to 2030.

The massive growth of the global meat products industry can be attributed primarily to rising demand for ready-to-eat meat products with high nutritional value, such as high protein content and low cholesterol and calorific values, without sacrificing the product's flavor and taste profile. In the coming years, this is expected to spark a wave of ready-to-eat meat innovation, boosting industry growth. The growing popularity of processed poultry may open up new market opportunities and accelerate the global meat products market growth in the future. Furthermore, processed poultry meat is made from poultry meat that has been processed and treated to increase shelf life and flavor. In these processes, chemical preservatives such as sodium nitrite are used. Processed poultry has become more popular than other meats such as hog and beef due to its high protein content and low price. Thus, due to high protein content in processed poultry, the demand for meat products have increased among people, worldwide, which has further provided growth scope for global meat products market trends.

The global meat product market is segmented on the basis of processed meat type, meat type, packaging and region. By processed meat type, market has been divided into hamburgers, sausages, kebabs, and nuggets. By meat type, the analysis has been divided into beef, pork, chicken, mutton, and other. By packaging, the analysis has been divided into chilled, frozen, and canned. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

The key players profiled in this report include BRF S.A., Cargill, Incorporated, Clemens Food Group, Conagra Brands Inc., Hormel Foods Corporation, JBS S.A., Minerva Foods SA, NH Foods Ltd., Sysco Corporation, and Tyson Foods.

The report focuses on the global meat products market analysis and the major products & applications, where meat products are used. It further highlights numerous factors that influence the global meat products market forecast, such as trends, drivers, restraints, opportunities, and roles of different key players that shape the market. The report focuses on the overall global meat product market share in various countries, presenting data in terms of both value and volume. The revenue is calculated by proliferating the volume by region-specific prices, considering the region-wise differentiated prices.

IMPACT OF COVID-19 ON THE GLOBAL MEAT PRODUCTS MARKET

• The global meat products market is expected to contract as a result of the COVID-19 pandemic. Because of total lockdown situations, a decline in labor force, restrictions on animal movement within and across the country, and changes in domestic and international export sector regulations, meat producers and processors have had to face difficulties harvesting and exporting their products.
• These conditions had a negative impact on the meat industry because of the reduction in meat production, processing, and distribution facilities. It is proposed that collaboration among all meat industry stakeholders is critical for the long-term viability of the sector's supply chain in the face of potentially disastrous future conditions.
• Furthermore, the COVID-19 virus spread quickly among meat plant workers due to constant contact with infected coworkers, inability to follow social distance at work, shared working areas, and common transit ways to and from work.

Key Findings of the Study

• On the basis of processed meat type, the hamburger segment emerged as the global leader in 2021 and is anticipated to be the largest market during the forecast period.   
• On the basis of meat type, the pork meat product segment emerged as the global leader in 2021 and is anticipated to be the largest market during the forecast period.  
• On the basis of packaging, the chilled meat product segment emerged as the global leader in 2021 and is anticipated to be the largest market during the forecast period.  
• On the basis of region, Asia-Pacific is projected to have the fastest growing market during the forecast period.