Global Red Meat Market 2024-2031

Global Red Meat Market 2024-2031

Red Meat Market Size, Share & Trends Analysis Report by Type (Beef, Pig, Sheep & Goat and Venison), by Form (Canned, Fresh/Chilled, Frozen, and Processed), and by Distribution Channel (B2B and B2C), Forecast Period (2024-2031)

Red meat market is anticipated to grow at a CAGR of 6.4% during the forecast period (2024-2031). A major factor supporting the growth of the market is the increasing demand for protein-rich diets, particularly in emerging economies with rising disposable incomes and changing dietary preferences. Red meat is typically richer in certain nutrients like protein, iron, and various vitamins compared to white meat, which comes from poultry like chicken and turkey.

Market Dynamics

Navigating Evolving Consumer Trends in the Global Red Meat Market

Consumer preferences and dietary trends play a crucial role in shaping the global red meat market. As health consciousness rises, there's a growing trend towards healthier and more sustainable eating habits. This includes increased interest in plant-based diets and alternative protein sources. Furthermore, cultural shifts and changing lifestyles impact the demand for red meat products. Preferences for leaner cuts, organic options, and ethically sourced meats are also influencing purchasing decisions. Understanding and adapting to these evolving consumer preferences are essential for businesses operating in the red meat market to remain competitive.

Market Segmentation

Based on type, the market is segmented into beef, pig, sheep & goat, and venison.

Based on distribution channel, the market is segmented into B2B and B2C.

Based on form, the market is segmented into canned, fresh/chilled, frozen, and processed.

B2C is Projected to Emerge as the Largest Segment

The B2C segment is expected to hold the largest share of the market. The primary factor supporting the segment's growth includes the increasing adoption of e-commerce and online retail channels. As more consumers embrace digital platforms for shopping, the accessibility and convenience of purchasing red meat products online have expanded significantly. Online retailers offer a wide range of options, including various cuts, grades, and specialty meats, catering to diverse consumer preferences. Additionally, the availability of home delivery services and the convenience of doorstep delivery further enhance the appeal of buying red meat online.

Beef Segment to Hold a Considerable Market Share

The beef segment holds a significant market share in the global red meat market for several reasons. Beef enjoys broad consumer acceptance globally due to its rich flavor and versatility in cooking. It offers a dense nutritional profile, including high-quality protein and essential vitamins and minerals. With a wide range of cuts and products available, beef caters to diverse culinary preferences and cultural traditions. Global production and trade networks ensure consistent supply, while effective marketing campaigns highlight its taste and quality. For instance, in March 2023, JBS US unveiled Pound of Ground Crumbles, an innovative dinner solution featuring frozen, uncooked ground beef. This pioneering product eliminates the necessity for thawing or pre-planning, as it can be cooked directly from the freezer.

Regional Outlook

The global red meat market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).

Asia-Pacific: Driving Growth in the Global Red Meat Sector

The Asia-Pacific region emerges as the largest and fastest-growing market in the global red meat sector due to a convergence of factors. Rapid urbanization and escalating disposable incomes empower consumers to afford higher-quality food, including red meat. The region's burgeoning population fuels demand for protein-rich options while evolving dietary preferences towards Westernized diets bolster meat consumption. Expanded retail infrastructure, from supermarkets to online platforms, facilitates accessibility. Trade liberalization and foreign investment further invigorate the market by easing importation. For instance, in November 2023, Tyson Foods unveiled its intentions to construct new manufacturing facilities in China and Thailand, alongside an expansion of its existing facility in the Netherlands. These strategic expansions collectively contribute an additional capacity of over 100,000 tons for fully cooked poultry products. The establishment of new plants in China and Thailand is anticipated to generate employment opportunities, with over 700 and 1,000 jobs expected to be created respectively, while the expansion in Europe is projected to add more than 150 jobs to the workforce.

Market Players Outlook

The major companies serving the global red meat market include Hormel Foods Corp., NH Foods Ltd., Sysco Corp., WH Group Ltd., and Conagra Brands, Inc., among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers and acquisitions to stay competitive in the market. For instance, in November 2023, the Competition and Markets Authority (CMA) approved ABP Food Group's acquisition of the Scotbeef meat processing facilities located in Bridge of Allan and Queenslie.