Global Meat Products Market Poised For Growth: Latest Market Research Insights Unveiled

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"MarketsandMarketsTM"Meat Products Market by Animal (Beef, Pork, Poultry), Type (Processed, Frozen, Canned/Preserved, Chilled, Fresh), Distribution Channel (Retail, Food Service, E-Commerce), Nature, Packaging, and Region - Global Forecast to 2028

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

• Hybrid meat products: Companies are blending traditional meat with plant-based ingredients for sustainability and health benefits.
• Lab-grown (cultivated) meat: More countries are approving the commercial sale of cultured meat, reducing reliance on livestock farming.
• Mushroom & mycoprotein-based meats: Increasing popularity due to better texture, taste, and nutritional value.

2. Increased Demand for Functional & Healthier Meat Products

• Low-fat, high-protein options: More brands are focusing on leaner cuts and fortified meats with added vitamins, omega-3s, and probiotics.
• Nitrate-free & clean-label meats: Consumers seek minimally processed meats with fewer artificial preservatives.

3. Sustainability & Ethical Sourcing

• Carbon-neutral meat products: Major brands are investing in regenerative agriculture and carbon offset programs.
• Upcycled meat by-products: Companies are using waste-reduction techniques to minimize environmental impact.

4. Growth in Alternative Protein Sources

• Insect-based meat products: Slowly gaining traction as a high-protein, low-impact alternative.
• Algae & seaweed-infused meat: Rich in nutrients and used to enhance traditional meat formulations.

5. Premiumization & Specialty Meat

• Artisanal & heritage breeds: Consumers are paying more for high-quality, specialty meats.
• Dry-aged & fermented meats: Products like biltong and charcuterie are in demand for their unique flavors.

6. Smart Packaging & Blockchain Transparency

• QR code tracking: Consumers can scan to check the farm-to-table journey.
• Smart freshness indicators: Packaging that changes color to indicate spoilage.

7. Expansion of Ready-to-Eat (RTE) & Convenience Meat Products

• High-protein snacks: Meat bars, jerky, and bite-sized protein snacks continue to grow.
• Frozen & pre-seasoned meats: Demand for quick, easy-to-cook meal options is increasing.

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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

• Cargill (US)
• Tyson Foods, Inc. (Arkansans)
• Hormel Foods Corporation (US)
• Maple Leaf Foods (Canada)
• JBS SA (Brazil)
• Marfrig Global Foods S.A. (Brazil)
• Associated British Foods plc (UK)
• Danish Crown Vej (Denmark)
• Minerva Foods SA (Brazil)
• Vion Group (Netherlands)

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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

• In September 2023, Minerva Foods SA (Brazil) has completed its acquisition of Breeders and Packers Uruguay SA (BPU Meat), a subsidiary of NH Foods, with a total investment of USD 40 million. With this acquisition, Minerva Foods significantly enhanced its total slaughter capacity, which now reaches 3,700 heads per day, distributed across four refrigeration units, including the newly acquired BPU Meat.
• In August 2023, Minerva Foods SA (Brazil) has acquired the majority of Marfrig's cattle and sheep slaughtering and deboning operations in South America. The deal cost USD 1.45 billion. The transaction is expected to deepen Minerva's geographical diversification.

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