Global Red Meat Market - Size, Share, COVID-19 Impact & Forecasts up to 2028

Global Red Meat Market - Size, Share, COVID-19 Impact & Forecasts up to 2028

The Global Red Meat Market is projected to register a CAGR of 1.74%

Key Highlights

• Largest Segment by Type - Pork : Products such as bacon, sausages, and ham have boosted the demand for processed pork items. The growth in demand is due to its growing consumption in breakfast or lunch.
• Largest Segment by Region - Asia-Pacific : Investments in the region are increasing in red meat processing due to an rise in demand for hygienically-produced meat, along with government support encouraging the trend.
• 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 : Consumption of red meat is rising as a result of sustained population expansion and urbanization, with international companies establishing production centers in the region.

Key Market TrendsPork is the largest segment by Type.

• The edible meat market has been growing globally during the study period, registering a growth of 36.4%, by value, from 2016 to 2021. This growth was majorly due to the increasing acceptance of meat as a protein food globally. The overall growth in the volume of meat consumption is anticipated to be five times greater in developing nations, especially in Africa and Asia.
• Among all the meat types, pork meat was largely consumed worldwide throughout the study period, accounting for the largest share among other meats. It is also anticipated to be the most consumed meat type during the forecast period, registering a CAGR value of 2.29%, by value. Pork is highly consumed due to its lower price ratio, as it is 30-40% less expensive than other meat types, such as beef. The stabilization of pig farming in the market is also increasing the availability of pork, driving consumer choice.
• The government and regulatory authorities are taking additional steps to stabilize the pig farming sector. For instance, the United States Department of Agriculture’s Farm Service Agency (FSA) approved more than USD 545 million in payments to producers who applied for the Coronavirus Food Assistance Program. This addresses the needs of producers who suffered a 5% or larger price decline due to COVID-19 due to lower demand, surplus production, and disruptions to marketing and shipping. The number of pigs slaughtered in the United States in 2020 reached 2,452,000.
• Poultry is the second-most consumed meat type in the global market. Poultry consumption is highly influenced by its lower price and higher protein content attributes. For instance, poultry meat is the cheapest meat available, and its prices are at least 20% lower than pork, and it has 30% higher protein content than beef.

Asia-Pacific is the largest segment by Region.

• The growth rate of the global red meat market was 17.2% in 2021, which amounted to a 5.1% spike in value, and a 2.5% spike in volume compared to 2020. Owing to the COVID-19 pandemic, many consumers shifted to consuming higher amounts of protein, and as a result, the demand for protein spiked globally. The production of red meat increased to 340 million tons in 2021, along with an increase in the population of 80 million, resulting in an increase in the consumption of red meat globally.
• Asia-Pacific occupied a significant market share of 29% more than North America, 39.5% more than Europe, and 46% more than South America in 2021. Though the vegetarian population amounts to 42% in the Asia-Pacific region, red meat consumption is high due to the high per capita consumption of China and Israel. Investments in the Asia-Pacific region are increasing in red meat processing due to an increase in production with government support. The shift in the consumption of more processed red meat products is also driving the sales of red meat in Asia. For instance, in 2021, NDRC in China announced allocating up to USD 7.7 million for increasing red meat processing.
• Africa is predicted to be the fastest-growing region in the global red meat market, with an anticipated CAGR of 3.75%, by value, during the forecast period. Sustained population growth and a rise in real per capita income and urbanization are driving forces for the increase in red meat consumption. As Africa is a developing nation with surplus agricultural produce, many companies and governments are establishing production centers. For instance, the US government pledged to invest USD 1 billion to expand the meat industry in 2021.

Competitive Landscape

The Global Red Meat Market is fragmented, with the top five companies occupying 12.54%. The major players in this market are BRF S.A., Hormel Foods Corporation, 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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