Categories: Food & Beverages

Meat Market 2024 – By Size, Segmentation, Application, Outlook And Opportunities Analysis By 2033

The Meat Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Meat Global Market Report 2024, The meat market size has grown strongly in recent years. It will grow from $1155.33 billion in 2023 to $1243.91 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to population growth and urbanization, rising affluence and middle-class expansion, cultural and dietary preferences, globalization of food markets, technological advancements in processing.

The meat market size is expected to see strong growth in the next few years. It will grow to $1652.28 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to health and wellness trends, plant-based and alternative proteins, environmental and ethical considerations, e-commerce and direct-to-consumer sales, regulatory changes and standards. Major trends in the forecast period include growing interest in exotic and novelty meats, emphasis on sustainable and regenerative agriculture practices, development of hybrid meat products, focus on local and ethically sourced meat, introduction of 3D-printed meat.

Growing meat consumption is expected to boost the growth of the meat market going forward. Meat refers to the flesh or other edible components of animals (often domesticated cattle, swine, and sheep) used for food, which may also include tendons, ligaments, and muscles. Consumption of meat is increasing worldwide as it is a good source of protein and contains a number of vitamins and minerals, such as selenium, niacin, and vitamin B12. For instance, in December 2023, according to reports published by Sentient Media., a US-based, non-profit media organization, every year, the average American consumes 224.6 pounds of meat, which includes cattle, pigs, broilers, and turkey. These numbers are expected to increase in the future. Furthermore, according to an article published in February 2021 by The Culinary Institute of America, a private institution for food and wine education based in the United States, the average adult male American consumes 75% more protein than is required, while the average adult female American consumes 50% based foods, such as meat, fish, poultry, eggs, and dairy. Therefore, growing meat consumption is driving the growth of the meat market.

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The meat market covered in this report is segmented –

1) By Type: Raw, Processed

2) By Product: Chicken, Beef, Pork, Mutton, Other Products

3) By Distribution Channel: Supermarkets and Hypermarkets, Departmental Stores, Specialty Stores, Online Stores, Other Distribution Channels

Major companies operating in the meat market are developing innovative products with advanced technologies, such as cultured meat technology, known as in vitro meat, a form of cellular agriculture where meat is produced by culturing animal cells in vitro. This technology involves growing real meat in bioreactors, offering advantages such as environmental protection, disease prevention, and animal welfare. For instance, in March 2023, Hormel, a US-based food processing company, introduced a new product called Hardcourt Smoked Hormel Black Label Bacon, which is a first-of-its-kind bacon smoked with the actual northern cherry maple wood used to make the final floors of the 2023 college basketball tournament courts. This limited-edition bacon is available in 68 commemorative packages, each including a stack of Hardcourt Smoked Hormel Black Label Bacon, a certificate of authenticity, and collectible maple wood chips.

The meat market report table of contents includes: