Meat Market (2024-2031)
The Meat Market was valued at $0.96 trillion in 2023. This market is expected to reach $1.52 trillion by 2031 from an estimated $1.01 trillion in 2024, at a CAGR of 6% during the forecast period from 2024 to 2031. Meat Market Size & Forecast Key factors driving the growth of this market include the
- Published
- Oct 2024
- Pages
- 245
- Format
- PDF + Excel
- Report ID
- MRFB - 104575
- Base year
- 2024
- 2023 · HISTORICAL
- $960.0B
- 2031
- $1.52T
- CAGR 2024–2031
- 6%
2023 baseline · 2024–2031 forecast at 6% CAGR · hover a bar for the value
Key highlights
By Animal Type: The Cattle and Buffalo Segment to Dominate the Meat Market in 2024
By Product: In 2024, the Processed Meat Segment is Expected to Dominate the Meat Market
By Distribution Channel: In 2024, the Business to Consumers (B2C) Segment is Expected to Account for a Larger Share of the Meat Market
By Geography: Asia-Pacific Dominates the Meat Market in 2024
Report summary
| Particulars | Details |
|---|---|
| Number of Pages | 245 |
| Format | |
| Forecast Period | 2024–2031 |
| Base Year | 2024 |
| CAGR (Value) | 6% |
| Market Size (Value) | USD 1.52 Trillion by 2031 |
| Segments Covered | By Animal Type · Cattle and Buffalo · Pig · Poultry · Sheep and Goat · Other Animals · By Product · Processed Meat · Frozen Meat · Chilled Meat · Canned Meat · Fresh Meat · By Distribution Channel · Business to Consumers (B2C) · Modern Groceries · Wet Market & Butcher Shops · Convenience Stores · Other Channels · Business to Business (B2B) |
| Countries Covered | North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, Rest of Europe), Asia-Pacific (China, India, Japan, Australia, Rest of Asia-Pacific), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), and the Middle East & Africa (South Africa, Saudi Arabia, UAE, the Rest of Middle East & Africa). |
| Key Companies | Cargill Incorporated (U.S.), Tyson Foods, Inc. (U.S.), JBS S.A. (Brazil), Hormel Foods Corporation (U.S.), American Foods Group, LLC (U.S.), Koch Foods, Inc. (U.S.), Smithfield Foods, Inc (U.S.), National Beef Packing Company, LLC (U.S.), Perdue Farms Inc. (U.S.), and Allanasons Private Limited (India). |
Report overview
Segments covered: animal type, product type, distribution channel. Regions: North America, Europe, Asia-Pacific, Latin America.
Key factors driving the growth of this market include the rising demand for animal-based foods, increasing demand for protein-rich diets, and increasing demand for functional meat products. In addition, the growing awareness and demand for organic processed meat products are expected to offer growth opportunities for market players.
Report infographic
Market dynamics
3 factors across 2 forcesIncreasing Demand for Protein-rich Diets
Global demand for protein is rising due to the growing population. According to FAO/UN projections, by 2050, global food demand, particularly for protein, is expected to double compared to that in 2013. As food security becomes a pressing issue, protein is poised to become a critical macronutrient, with the world population needing adequate quantities and quality of protein in their diets.
In recent years, high-protein diets have gained significant attention, reshaping consumer attitudes toward protein intake as an essential part of a healthy lifestyle. With the increasing global population and rising standards of living, the demand for protein as a key nutritional component is increasing. The United Nations estimates that the global population will grow by nearly 2 billion people over the next 30 years, reaching approximately 9.7 billion by 2050.
The adoption of high-protein diets is expected to continue, with consumers becoming more aware of the benefits of protein for an active lifestyle. Protein plays a crucial role in reducing the risk of diabetes and cardiovascular diseases while also contributing to overall health by supporting healthy skin, nails, and hair. It is vital for building, maintaining, and repairing tissues, cells, and organs, as well as for proper immune system function and heart health. Additionally, protein is essential for the growth and development of both children and older adults.
Furthermore, research has shown that a protein-rich diet can alleviate various health concerns. As health consciousness continues to rise, consumers are increasingly recognizing the need to incorporate adequate protein into their daily diets. Notably, high-protein diets have been found to have no adverse effects on kidney function. Therefore, this growing demand for protein is expected to drive the growth of the meat market.
Increasing Demand for Animal-Based Foods
In recent years, the animal protein market has registered significant growth. Animal proteins are widely used in the food industry for various applications, including casein, whey protein, gelatin, egg proteins, and fibroin. Among these, proteins isolated from milk, such as caseins and whey proteins, are widely used in various food & beverages. Animal-derived foods and beverages, including meat, poultry, fish, seafood, eggs, and dairy products, are rich sources of protein.
The increasing global population places significant pressure on resources to not only produce more food but also to diversify food options. In addition to population growth, socio-economic factors such as rising incomes, rapid urbanization, and an aging population have contributed to the growing demand for protein. These trends have prompted the livestock industry to expand to meet the increasing need for protein sources. Animal-based food products serve as a key source of dietary protein.
According to the OECD-FAO Agricultural Outlook, global meat production reached an estimated 354 million tons in 2023, an increase of 0.7% from the previous year. Furthermore, projections indicate that by 2033, global consumption of poultry, pig meat, beef, and sheep meat will grow by 16%, 8%, 11%, and 16%, respectively. Additionally, per capita meat consumption is expected to rise by 2%—equivalent to an increase of 0.5 kg per person per year—reaching 28.6 kg per person annually.
This growing demand for protein-rich foods, along with an increasing consumer preference for low-fat, high-protein diets, has led to a significant rise in the consumption of animal-sourced proteins worldwide. Therefore, the demand for animal-based proteins is anticipated to drive the growth of the global meat market.
Table of contents
11 chapters · 115 sections · 245 pages · click to expandSegmental analysis
| Segment | Largest share (2024) | Fastest growth (2024–2031) |
|---|---|---|
| By Animal Type | Cattle and Buffalo | Poultry |
By Animal Type
- The cattle and buffalo segment is expected to account for the largest share of the meat market.
- The large market share of this segment is attributed to the rising demand for beef, a major source of protein.
- Beef generally contains higher protein levels compared to other meats such as chicken, pork, turkey, and lamb.
- Additionally, growing consumer awareness about the nutritional benefits of protein-rich foods, along with a shift in preference toward beef due to concerns about diseases associated with poultry and pork, is expected to further drive this segment's growth.
- Cattle are among the most widely raised large ruminants, primarily for the production of milk, meat, and hides.
- Beef, derived from mature or nearly mature cattle, is naturally rich in protein, which aids in muscle growth.
- It also provides essential nutrients, including iron and four vital vitamins: niacin, riboflavin, vitamin B6, and vitamin B12.
- Furthermore, beef is an excellent source of zinc, which supports healthy hair, nails, and skin, as well as cognitive function, fertility, and reproduction.
- Zinc is also important for maintaining normal testosterone levels in the blood.
- Additionally, the iron found in beef plays a crucial role in supporting a healthy immune system.
- However, the poultry segment is projected to register the highest CAGR during the forecast period of 2024–2031.
- This growth can be attributed to several factors, including advancements in poultry processing technology and modernization within the industry.
- Additionally, the availability of various domestic livestock species and the affordability of poultry as a protein source compared to other meats contribute to this segment's growth.
Geographic analysis
Asia-Pacific
Largest shareIn 2024, Asia-Pacific is expected to account for the largest share of the meat market, followed by North America and Europe. Asia-Pacific’s significant market share can be attributed to the growing population, rapid urbanization, and rising disposable incomes. The demand for meat and meat products is particularly high in developing countries like China and India. Furthermore, the expanding middle class in several Asian nations, especially Vietnam and Indonesia, is expected to contribute to the continued growth of the meat market in the coming years. The rise in meat consumption in the Asia-Pacific region is largely driven by economic growth, which enhances the purchasing power of the population and provides access to high-quality products. Additionally, Southeast Asian countries are actively promoting campaigns aimed at improving nutrition and ensuring access to optimal food products. These initiatives are closely aligned with increasing urbanization, rising incomes, and increased imports of animal-based products. Moreover, the market in Asia-Pacific is projected to register the highest CAGR during the forecast period of 2024–2031. The growth of this regional market is primarily fueled by increasing health consciousness among consumers, a shift toward convenient and ready-to-eat meat products, and rising demand for sustainable and ethically sourced meats. Additionally, the proliferation of distribution channels, such as e-commerce and modern retail formats, is making meat products more accessible to consumers across the region. Furthermore, India is expected to be the fastest-growing country in this region. According to Invest India, India ranks fifth in global meat production, with a total output of 9.77 million tons in the 2022-2023 period, reflecting a 5.1% increase compared to the previous year. Asia-Pacific Dominates the Meat Market in 2024
Competitive landscape
- September 2024
Hormel Foods Corporation (U.S.) launched the first-ever co-branded bacon under the BLACK LABEL category in partnership with CINNAMON TOAST CRUNCH cereal. This limited-edition product features a crispy, sugary coating that combines cinnamon, sugar, salt, and the savory taste of bacon.
- August 2023
Minerva Foods SA (Brazil) completed the acquisition of Marfrig's cattle slaughtering and deboning plants in South America. This acquisition increased the company’s slaughtering and deboning capacity from 29,540 head per day to 42,439 head per day, marking a 44% increase.
- October 2021
Swift Prepared Foods, a subsidiary of JBS USA, acquired Sunnyvalley Smoked Meats, Inc., a California-based producer known for its range of quality smoked bacon, ham, and turkey products.
- September 2021
Tyson Foods Inc. (U.S.) partnered with Dickey's Barbecue Restaurants, Inc. (U.S.) to develop a cook-in-bag rib product.
- Cargill Incorporated (U.S.)
- Tyson Foods, Inc. (U.S.)
- JBS S.A. · Brazil
- Hormel Foods Corporation (U.S.)
- American Foods Group, LLC (U.S.)
- Koch Foods, Inc. (U.S.)
- Smithfield Foods, Inc (U.S.)
- National Beef Packing Company, LLC (U.S.)
- Perdue Farms Inc. (U.S.)
- Allanasons Private Limited · India
Frequently asked questions
The global meat market size was valued at $0.96 trillion in 2023.
Cite this report
Meticulous Research. (2024). Meat Market - Global Opportunity Analysis and Industry Forecast (2024-2031) (Report No. MRFB - 104575). Meticulous Market Research Pvt. Ltd. https://www.meticulousresearch.com/product/meat-market-5261