Meat, Poultry and Seafood Global Market Report 2024

The meat, poultry and seafood market size has grown strongly in recent years. It will grow from $1527.25 billion in 2023 to $1623.6 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth observed in the historical period can be attributed to factors such as the increasing rise in disposable income, the growing popularity of seafood products, low interest rates, and the growth of emerging markets.

The meat, poultry and seafood market size is expected to see strong growth in the next few years. It will grow to $2037.24 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The anticipated growth in the forecast period can be attributed to factors such as increased awareness of the health benefits, a growing population, and an increased demand for quality and sustainability. Key trends expected in this period include a heightened awareness of the health benefits associated with these products, a continuing increase in the global population, and a growing demand for products that prioritize quality and sustainability.

The global population is on the rise and is anticipated to reach 10 billion by 2050, leading to an increased demand for food. According to The Agricultural Outlook by the OECD and FAO, there is a projected 13% increase in global cereal production by 2027 to meet the needs of the growing population. To accommodate the increased population, companies in the market are expected to capitalize on the rising demand for meat, poultry, and seafood products during the forecast period.

The surge in demand for protein-rich food is expected to drive the growth of the meat, poultry, and seafood market. Protein-rich foods, containing a substantial amount of this essential macronutrient vital for growth and overall health, are gaining prominence. Meat, poultry, and seafood play a crucial role in meeting the demand for protein-rich foods, providing high-quality protein, essential nutrients, and versatility across various diets and lifestyles. These animal-based products, culturally significant and perceived as healthy and convenient, are essential for offering balanced nutrition and fulfilling the global need for protein-rich foods. For example, a report by the government of Canada in August 2022 projects the global demand for total protein to reach 943.5 million metric tons by 2054, underscoring the escalating demand for protein-rich food and its impact on the meat, poultry, and seafood market.

Poultry processing companies are increasingly incorporating 3D imaging systems to optimize yields. These systems model poultry birds using sensors and actuators to determine precise cut positions. By utilizing vision systems and near-infrared sensors, the amount of meat and bone in each bird is determined, enabling optimal cuts irrespective of the bird's size or shape. This data-driven process maximizes yield and minimizes per-unit costs in poultry meat processing. Pioneering companies in this technology include Gainco, a meat and poultry equipment manufacturer, and Midwest Machine LLC.

Major companies in the meat, poultry, and seafood market are actively developing new products to sustain their market position, with a focus on offerings such as prepackaged seafood. Prepackaged seafood refers to processed and conveniently packaged seafood products. For instance, in March 2023, Natural Grocers by Vitamin Cottage, Inc., a US-based grocery company, introduced five new canned seafood varieties, including Albacore and Skipjack Tuna, Wild Pink Salmon, and two types of Wild Sardines. These products cater to consumer preferences for nutrient-dense sources of vitamins D and Omega-3s, providing pre-cooked and ready-to-use options.

Major companies operating in the meat, poultry and seafood market report are JBS S.A, Tyson Foods Inc., WH Group Limited, Marfrig Global Foods S.A., Pilgrim’s Pride Corporation, Hormel Foods Corp, Maple Leaf Foods Inc., Thai Union Group, Vion Holding, Danish Crown A/S, Pescafresh, Godaco Seafood, Grand Wynn Enterprises, NH Foods Ltd., Charoen Pokphand Group, Suguna Foods, Doyoo Group, New Hope Liuhe, Wen’s Food Group, Bell & Evans, Hain Celestial, Fosters Farm, Cargill meat solutions, Riverford Organic Farms, Danone, Capestone Organic Poultry Farm, Underrwood Meat Company, Springfield Poultry, Yorkshire Valley Farms, Rossdown Farms & Natural Foods, Beretta Farms, Smithfield Foods Inc., Pjsc, F.L.G. Srl, Scorilo Srl, Enpi Lake Fishing SRL, Cherkizovo, MHP, Gap Resurs, AO Prioskolie, Sadia, Seara Foods, Perdigao SA, Minerva Foods.

Asia-Pacific was the largest region in the meat, poultry and seafood market in 2023. Western Europe was the second-largest region in the meat, poultry and seafood market. The regions covered in the meat, poultry and seafood market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the meat, poultry and seafood market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa. The meat, poultry and seafood market consist of sales of pork meat, mutton meat, beef meat, chicken meat, turkey meat, duck meat, crustacean meat, fish meat, and other meat. The meat, poultry and seafood industry include establishments engaged in animal slaughtering and processing, poultry processing and seafood product preparation and packaging. The companies in the industry package and distribute their products through various distribution channels to both individual customers and commercial establishments. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.

The main types within this category are meat products, poultry, and seafood. Meat is generally considered the edible part or flesh of a mammal that is suitable for consumption. These products are distributed through various channels, including supermarkets/hypermarkets, convenience stores, e-commerce platforms, and other distribution channels. They can also come in different natures, such as organic and conventional.

The meat, poultry, and seafood research report is one of a series of new reports that provides meat, poultry, and seafood statistics, including meat, poultry, and seafood industry global market size, regional shares, competitors with meat, poultry, and seafood share, detailed meat, poultry, and seafood segmentation, market trends and opportunities, and any further data you may need to thrive in the meat, poultry, and seafood industry. This meat, poultry, and seafood research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.