Global Edible Meat Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028
The Global Edible Meat Market is projected to register a CAGR of 1.57%. Key Highlights. Largest Segment by Type - Pork : Products such as bacon, sausages, and ham have boosted the demand for processed pork items.
New York, Jan. 24, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Edible Meat Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028" - https://www.reportlinker.com/p06381259/?utm_source=GNW
The growth in demand is due to its growing consumption in breakfast or lunch.
Largest Segment by Region - Asia-Pacific : Larger production and a broader meat-consuming population make Asia-Pacific dominate the market. China, followed by Japan and South Korea are the top markets in the region.
Fastest-growing Segment by Type - Pork : Pork has become the primary protein choice in major regions such as Asia-Pacific and North America and emerging as the default meat type owing to its popularity.
Fastest-growing Segment by Region - Africa : The growth in the per capita income, as well as the population growth in Sub-Saharan Africa, are projected to drive the edible meat market in the forecast period.
*Key Market Trends*
Pork is the largest segment by Type.
The Global edible meat market is driven by pork consumption, which had the highest growth rate, by value, in the base year 2021 and it is also anticipated to register a CAGR of 2.29% over the forecast period, on a value basis. The consumption of pork is largely led by the Asia Pacific region with a market share of 70.3%, by value, in 2021. Pork is considered a staple diet in Asian countries, and consumers usually prefer fresh pork instead of frozen and processed pork. Huge catering businesses in China, Japan, and Australia are likely to further boost the demand for fresh pork in the future.
China also emerged to be the world’s largest consumer of beef with a market share of 18%, by value, in 2021. But most countries that have high beef per capita consumption will see their level of beef consumption decline in favor of poultry meat.
Also, the consumption of poultry has increased drastically globally, during the review period, registering a growth of 18%, from 218 to 2021. The changing consumption patterns of global consumers towards nutritious and healthy foods are driving poultry consumption. North America is the second major poultry consumption region with a share of 20%, by value in 2021. There was a change in the consumption pattern of US shoppers, with 28% of shoppers focused on choosing nutritious and healthy meat in 2021.
The decrease in sheep and lamb production has been accompanied by higher prices, which have been responsible for the greater production costs. Mutton production is priced 20% higher than any other meat in 2021. Shortages in supply and high prices diminished the consumption of sheep and lamb and prevented their growth. Thus, the consumption of sheep/ lamb meat globally is anticipated to register a CAGR of 1.84%, by value, in the base year, 2021.
Asia-Pacific is the largest segment by Region.
Edible meat is majorly consumed in the Asia-Pacific region. From 2018 to 2021, it registered a CAGR of 2.4% by value. The increased consumption of edible meat has resulted in an Asian meat complex, which connects Asian countries and the larger world via meat commodities and their feedstocks. Much of the meat consumed in Southeast Asia is produced locally, primarily through industrialized systems. Large corporations increasingly shape the Asian edible meat market.
Africa is the fastest-growing region in the edible meat market for the forecast period. It registered a growth of 3.63% by value. The consumption of edible meat is growing in Africa, and investment opportunities are likely to prove more attractive in Africa than in other global regions. Future investments will be needed along the entire value chain, including facilities for raising poultry and pork, abattoirs, feed production, transportation, and equipment supply. Additionally, the demand for poultry products increased drastically due to the increasing number of retail restaurant chains, such as KFC, Steers, Wimpy, and Debonairs.
The Middle East is the second fastest-growing region in the edible meat market. It registered a growth of 2.13% by value in the forecast period. In Middle Eastern countries, the meat market is expanding rigorously due to rising meat consumption. In 2022, JBS SA invested USD 2 billion and bought two plants in Saudi Arabia and UAE, specializing mainly in frozen food, including beef and chicken. Tyson Foods is expanding its footprint with an investment in a Saudi Arabia-based meat company acquiring a 15% equity stake in Tanmiah and a 60% equity stake in Supreme Foods Processing Company.
*Competitive Landscape*
The Global Edible Meat Market is fragmented, with the top five companies occupying 13.56%. The major players in this market are BRF S.A., Cargill, Inc, Sysco Corporation, Tyson Foods, Inc. and WH Group Limited (sorted alphabetically).
*Additional Benefits:*
The market estimate (ME) sheet in Excel format
3 months of analyst support
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