Livestock and Meat Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Livestock and Meat Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global livestock and meat market is projected to register a CAGR of 4.2% during the forecast period (2021-2026). The immediate impact of COVID-19 was a wave of panic buying by the public. A sudden increase in dairy sales, egg, meat due to an increase in meals being prepared at home, with schools, workplaces, and restaurants closed. This has made it difficult for the livestock companies to cater to the increasing demand due to disruptions in the supply chain. Clusters of cases among workers in meat processing plants evolved quickly to affect the human, animal, and environmental welfare in several countries leading to the shutdown of plants, and the effects are observed down the food chain. Thus, COVID-19 had a negative impact on the market studied. The highest growth of meat consumption is expected from the Asia-Pacific and Latin American regions, because of changing diet patterns, urbanization, population, and economic growth. For example, in 2018 China consumes around 28.0% of the world’s meat, including half of its pork, and an average Chinese person consumes around 63.0 kg of meat a year. The worldwide economic downturn has had a very limited effect on the global meat market, which has maintained its positive outlook. Globally, increasing population trends are also supporting the growth of the world meat and seafood market. Limited availability of land and water resources for animal feed production, and increasing use of these resources for food are increasing the demand for animal feed in the global meat industry. Countries such as India, China, Brazil, and Russia are among the world’s fastest growing economies; rise in per capita income is expected to shift dietary preferences toward protein-rich diets. However, meat consumption patterns are expected to remain significantly different in various parts of the world because of cultural, religious, and other consumer preference factors in different countries. Environmental regulations surrounding the global compound feed industry, and strict regulations on few feed additives, like antibiotics, are acting as challenges to the compound feed market, thereby effecting the livestock industry.

Key Market TrendsIncreasing Demand for Animal Protein

According to WHO, the annual meat production is projected to increase from 218.0 million metric ton in 1997-1999 to 376.0 million metric ton by 2030. This is due to the growing demand for protein-rich food, primarily driven by the rise in health consciousness among consumers globally.​ The increase in the demand for animal protein, along with the growing consumer preference for low-fat and high-protein diet, has led to remarkable rise in the consumption of animal protein across the world. This trend has been driven by the influence of western cuisines across Africa, Asia-Pacific, and especially the Middle East. In 2015, exporters in Malaysia focused on expanding their processed food product lineup, in order to address the inadequacy of offerings in the international halal meat market. ​The growing consumption of processed poultry and pork meat is expected to drive the global demand for livestock and meat industry.

Asia- Pacific is leading the market

Asia- Pacific in particular China is registering high growth in the global livestock and meat industry. This is due to changes in the dietary patterns by Chinese consumers since lifestyles have gradually become more rapid pace. On top of that, disposable incomes have risen. Consumption of processed meat has been steadily increasing, in line with growth in income which drives the meat market in the country. China's demand for food and meat continues to rise in terms of both quantity and quality, with local meat supplies limited by land, feed, water, and supply chain issues, China has to import a significant proportion of the meat from Australia, Brazil, Uruguay, and Argentina.​ With increasing modernization and urbanization across China, demand for western-influenced low-temperature meat products, such as bacon and ham products drives the meat market. ​ China accounts for 49% of the global pork consumption, consuming 28% of the world’s meat supply, which is way ahead of Europe and the United States with 21 and 9.7 million metric tons, respectively. Hence, the consumption demand from China is anticipated to drive the growth of the livestock and meat industry.

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• The market estimate (ME) sheet in Excel format
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Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

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