The global meat products market, valued at USD 44.3 billion in 2023, is on track to grow at a 9.2% CAGR, reaching USD 68.9 billion by 2028. This dynamic sector encompasses a wide range of products, including beef, poultry, pork, lamb, and processed meats. In recent years, demand for meat products has been steadily increasing, driven by multiple factors with no signs of slowing down.
A major contributor to this growth is the expanding global population, particularly in emerging markets. As populations rise and disposable incomes grow, meat consumption continues to increase as a primary protein source. Additionally, urbanization is playing a pivotal role in reshaping dietary habits. As more people migrate to cities, there is a growing preference for processed and convenient meat products that align with fast-paced lifestyles.
Meat Products Market Trends
The meat products market is shaped by shifting consumer preferences, sustainability concerns, and technological advancements. Here are the latest trends:
1. Growth of Plant-Based & Cultivated Meat
2. Increased Demand for Functional & Healthier Meat Products
3. Sustainability & Ethical Sourcing
4. Growth in Alternative Protein Sources
5. Premiumization & Specialty Meat
6. Smart Packaging & Blockchain Transparency
7. Expansion of Ready-to-Eat (RTE) & Convenience Meat Products
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Food Service Segment Poised for Strong Growth
The food service segment within the meat products market is set for significant expansion, with the highest projected compound annual growth rate (CAGR) in the coming years.
Marketing and menu promotions in restaurants play a vital role in attracting customers, increasing brand visibility, and driving sales of meat-based dishes. The growing demand for meat in restaurants is fueled by factors such as culinary innovation, convenience, evolving social dining habits, and shifting consumer preferences. As the restaurant industry adapts to emerging trends, meat-based offerings remain a staple, appealing to a wide range of consumers.
A variety of food service establishments—including restaurants, takeaways, and catering services—cater to diverse tastes, offering an extensive selection of meat-based dishes. This variety attracts customers seeking a broad range of meat options. Additionally, the convenience of dining out continues to drive demand for professionally prepared meals, as many consumers prefer ready-made dishes over home cooking.
Frozen Meat Segment Driving Market Expansion
The frozen meat segment emerged as a key driver of the meat products market in 2022, contributing significantly to industry growth.
Rising consumer demand for frozen meat is closely linked to modern lifestyles that prioritize convenience and efficiency. Frozen meat products, including a range of processed options, offer quick and easy meal solutions with minimal preparation time. Advanced flash-freezing techniques not only enhance convenience but also extend shelf life while preserving nutritional value. This aligns with the growing emphasis on food safety and quality, making frozen meat a preferred choice among consumers.
Globalization and the increasing demand for diverse culinary experiences have further propelled interest in frozen meat, which provides access to a wider variety of meats and flavors. Technological advancements in freezing methods, such as Individual Quick Freezing (IQF) and cryogenic freezing, have significantly improved product quality. With consumer preference for frozen meat on the rise, the market is experiencing expansion, heightened competition, and greater global reach.
Manufacturers and retailers are responding with innovative strategies and targeted marketing efforts, fostering a dynamic and competitive industry landscape. The continued growth of the frozen meat segment presents promising opportunities for both consumers and industry stakeholders, shaping the future trajectory of the meat market.
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The US: A Leading Force in the North American Meat Market
The United States is expected to maintain its dominant position in the North American meat products market throughout the forecast period.
In 2022, the US recorded higher per capita meat consumption and expenditure than both regional and global averages. Chilled raw packaged meat (processed) was the most consumed category, followed by fresh meat (counter), chilled raw packaged meat (whole cuts), frozen meat, cooked meats (counter and packaged), and ambient meat. Among major US cities, fresh meat (counter) led in volume sales in 2020. Notably, meat consumption was higher among males than females.
Hypermarkets and supermarkets remained the largest distribution channels for meat in the US in 2022, followed by food and beverage specialists and convenience stores. In terms of packaging, rigid plastics were the most widely used material, followed by flexible packaging and rigid metal.
Top 10 Companies in the Meat Products Market
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Tyson foods, Inc.
Tyson Foods, Inc. (NYSE: TSN) is a global food corporation renowned as a leading figure in the protein industry worldwide. Established in 1935, the company, now under its fourth generation of family leadership, has solidified its position as a major player in the food sector. Headquartered in Springdale, Arkansas, Tyson Foods boasts a workforce of approximately 142,000 employees. With a diverse array of products and brands catering to different markets, including Tyson, Jimmy Dean, Hillshire Farm, Ball Park, Wright, Aidella, IBP, and State Fair, the company is committed to innovation. This commitment is evident in their continuous efforts to enhance the sustainability of protein production, tailor products to meet global market demands, and set higher standards for the positive impact of quality food.
Hormel Foods Corporation
Hormel Foods Corporation, a Delaware-based entity established in 1891, has grown into a prominent figure in the global food industry, with its headquarters in Austin, Minnesota. The company’s primary focus lies in the processing, manufacturing, and distribution of branded, value-added consumer food products, underpinned by a commitment to quality, innovation, and integrity.
As a leading player in the global food market, Hormel Foods has a significant presence in over 80 countries and boasts an impressive annual revenue surpassing USD 12 billion. Its journey of growth and diversification has been shaped by a blend of organic expansion and strategic acquisitions. Internationally, Hormel Foods Corporation utilizes its wholly owned subsidiary, Hormel Foods International Corporation (HFIC), to market products in major global markets such as Australia, Brazil, Canada, China, England, Japan, Mexico, Micronesia, the Philippines, Singapore, and South Korea.
Vion Group
Based in Boxtel, the Netherlands, Vion Group is a prominent international player in both the meat and plant-based alternative industries. With a strong foothold in the Netherlands, Germany, and Belgium, Vion has emerged as a significant entity in the global market. The company operates through four distinct business units—Pork, Beef, Food Service, and Retail—offering a comprehensive array of products that include fresh pork, beef, meat products, plant-based alternatives, and valuable by-products. These products cater to a wide range of sectors, encompassing retail, food service, and the meat processing industry.
Recent Developments of Meat Products Industry
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