Meat Products Global Market Report 2024

The meat products market size has grown strongly in recent years. It will grow from $930.13 billion in 2023 to $984.04 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth observed in the historical period can be attributed to factors such as increased demand for flavored meat products, low interest rates, a rise in disposable income, and growth in emerging markets.

The meat products market size is expected to see strong growth in the next few years. It will grow to $1211.05 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The anticipated growth in the forecast period can be attributed to factors such as the rise in the global population and ongoing technological development. Key trends expected in this period include investments in robotics technology, exploration of new ready-to-eat variants, consideration of producing plant-based alternatives to reduce environmental impact, integration of 3D imaging systems, investments in virtual reality to enhance efficiency, consideration of offering online delivery services, adoption of artificial intelligence technology to increase the productivity of meat processing and ensure quality and safety of meat products, monitoring developments in cultured meat technology, and exploiting transformational opportunities arising from developments in nanotechnology in the food industry.

The global population is on a trajectory to reach 10 billion by 2050, resulting in an increased demand for food, particularly meat products. Projections from 'The Agricultural Outlook' by the OECD and FAO indicate a 13% increase in global cereal production by 2027 to meet the growing population's needs. This surge in population is expected to drive the demand for meat products, benefitting companies in the market during the forecast period.

The growth of the meat products market is further propelled by the rising demand for processed food products. Processed food items, which undergo various stages of preparation and transformation before reaching consumers, often include meat. Meat serves as a versatile and cost-effective ingredient in various processed food products such as sausages, hot dogs, and bacon, providing convenience, flavor, and diverse culinary experiences. Notably, data from the United States Department of Agriculture indicates a significant increase in processed food item shipments from 34.91 billion in 2021 to 38.17 billion in 2022, underscoring the upward trend in demand for processed food products and its positive impact on the meat products market.

Automation and robotics technology adoption are becoming prevalent in meat processing companies, enhancing production efficiency. Robotic systems are deployed for tasks such as deboning, cutting, butchering, and monitoring in meat production, reducing cycle times and increasing throughput. Automation contributes to improved plant conditions, reduced contamination risks, and enhanced safety for both workers and consumers. For example, CSB's Image-Meater automates the classification of pork sides into different quality levels. JBS, the world's largest meat processor, has acquired a majority stake in Scott Technology Ltd., a leading robotics manufacturer, indicating a broader industry trend towards automating meat processing plants to meet the growing demand for efficiency and safety.

Innovation in product offerings is a key focus for major companies in the meat products market, aligning with the demand for convenient and healthy protein options. An example of such innovation is the introduction of turkey barbacoa, a Mexican-inspired dish made with slow-cooked turkey. In August 2021, Jennie-O Turkey Store LLC., a US-based turkey producer, launched a fully cooked turkey barbacoa product. Seasoned and marinated with paprika, garlic, and guajillo chili pepper spices, this turkey product offers a convenient and nutritious protein option for both foodservice operators and consumers. Its quick and easy preparation, along with being a lean protein source low in saturated fat and cholesterol, caters to the evolving preferences of health-conscious consumers.

Major companies operating in the meat products market report are JBS S.A., Tyson Foods Inc., WH Group, Marfrig Global Foods S.A., Danish Crown, NH Foods Ltd., Hormel Foods Inc., Yurun Group Limited, Cargill Inc., Perdue Farms Inc., Venkys Ltd., Simran Farms Ltd., Ovobel Foods Ltd., Shandong Jinluo Enterprise Group, Zhucheng Waimao Co., Ltd., Nippon Meat Packers, Inc., Starzen Co., Ltd., Industry Park Pty Ltd., Teys Australia Pty Ltd., Thomas Foods International Consolidated Pty Limited, Groupe Bigard, Cooperl Arc Atlantique, Biegi Foods GmbH, Cipa SAS, Rovagnati S.p.A, Campofro Food Group S.A, Iglo Foods Group Ltdq, Phw-Gruppe Lohmann & Co. AG, Martnez Loriente, S.A, Coop, Zur Mhlen Group, LDC S.A, Tulip Food Company A/S, Elpozo Alimentacion S.A, The Cedrob Group, Transavia Corporation, Worldpol Sp. Z O.o., Coldstore Niechcice, JKA Meat Supplies, Hand Mies Polowczyk SPZOO, Grill-Pol Sylwester Kowalski, Angelov Ltd., Ameta, Lalov & Vachev Ltd., Sysco Corp, Smithfield Foods Inc., National Beef Packing Co, OSI Group, Conagra Brands, Koch Foods, Sanderson Farms Inc., Aleph Farms, Gulf Business, The MeatHub KSA, Laboon Food Production Co., Al Munajem Cold Stores Company, Al Kabeer Group ME, Sunbulah Group, Chopped, Butterball, Jennie-O Turkey Store Inc., Egyptian Co. For Animal Wealth Development, Amgad For Food Industries, Ismailia For Poultry Meat Processing, Zartech Limited, Amo Farm Sieberer Hatchery Limited, Bama Farms Limited, Best Foods Global Nigeria Limited, Kleyn Begin Biltong Products, Matzikama Biltong, Claasens Designs, Elite Meat Processing Equipment Service.

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

The countries covered in the meat products 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 products market consists of sales of frozen pork meat, fresh/ chilled pork meat, canned pork meat, frozen mutton meat, fresh/ chilled mutton meat, canned mutton meat, frozen beef meat, fresh/ chilled beef meat, canned beef meat, frozen chicken meat, fresh/ chilled chicken meat, canned chicken meat, frozen turkey meat, fresh/ chilled turkey meat, canned turkey meat, frozen crustaceans meat, fresh/ chilled crustaceans meat, canned crustaceans meat, frozen fish meat, fresh/ chilled fish meat, canned fish meat, frozen bacon meat, fresh/ chilled bacon meat, canned bacon meat, and other meat products. 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 value of goods in this market includes related services sold by the creators of the goods.

The main types of meat products include pork, mutton, beef, and others. Pork specifically refers to the fresh or salted flesh of swine when dressed for consumption. These meat products come in various forms such as chilled, frozen, and canned/preserved, and they may have different attributes, such as being organic or conventional. The distribution of meat products is carried out through various channels, including supermarkets and hypermarkets, convenience stores, e-commerce platforms, and other distribution channels.

The meat products research report is one of a series of new reports that provides meat products statistics, including meat products industry global market size, regional shares, competitors with meat products share, detailed meat product segments, market trends and opportunities, and any further data you may need to thrive in the meat products industry. This meat products 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.