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(Publishing-NewsWire.com, July 14, 2022 ) According to a new market research report titled, 'Meat Market by Product (Processed Meat, Fresh Meat), Animal Type (Cattle & Buffalo, Pig, Poultry, Sheep & Goat), Distribution Channel (Business-to-consumer (B2C), Business-to-business (B2B)) and Geography - Global Forecast to 2029,' the meat market is projected to grow at a CAGR of 5.7% from 2022 to 2029 to reach $1,345.9 billion by 2029. In terms of volume, the meat market is projected to reach 374.4 million tons CWE by 2029, at a CAGR of 1.1% from 2022 to 2029.
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The meat market is one of the stable food markets that provide food and livelihood for billions of people across the globe. The consumption pattern of meat-eaters has increased with a subsequent rise in income levels, affecting the meat consumption pattern as meat demand is associated with higher incomes.
Fresh meat is usually characterized as meat that has not been processed before being sold. On the other hand, any meat that has been modified to increase its flavor or extend its shelf life is considered processed meat.
The increasing demand for animal-based food, protein-rich diets, and functional meat products backs the growth of the global meat market. Moreover, the increasing awareness of organic processed meat products and the rising demand for gluten-free products are expected to provide lucrative growth opportunities for the stakeholders in the meat market. However, the carcinogenic effects of processed meat and growing awareness about the benefits of meat alternatives hinder market growth to some extent.
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The Impact of COVID-19 on the Meat Market
The COVID-19 pandemic impacted meat production, supply chain, and prices, causing a severe global socio-economic crisis. Initially, the prices of meat and meat products increased due to less production and increased demand because of panic buying. Later, meat production and demand decreased significantly due to lockdown restrictions and lower purchasing power of the consumers, resulting in lowered meat prices.
In April 2020, meat packing facilities started to shut down due to the spread of coronavirus among workers in most countries, including the U.S. and European countries. Apart from this, the meat producers and processors also faced difficulty harvesting and shipping the products due to lockdown situations, a decrease in the labor force, restrictions in the movement of animals within and across the country, and changes in the legislation of local and international export market.
Impact of COVID-19 on Meat Production:
The COVID-19 pandemic has affected overall meat production both directly and indirectly. The shutting down of meat plants due to an infected workforce led to decreased production. Farmers also faced difficulty searching for a more suitable market to sell animals. Additionally, the sale of expensive meat cuts was decreased due to the temporary shutdown of food eateries which affected the income from meat and meat products. During these circumstances, meat production went from 338.9 million tons (carcass weight) in 2019 to 333.0 million tons in 2020 (Source: Food and Agriculture Organization (FAO)).
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Impact of COVID-19 on Meat Processing
The COVID-19 pandemic massively impacted the global meat processing sector as well. This sector is labor-intensive and can be drastically affected by workforce disruptions. Meat processors required a lot of storage space to accommodate all the meat products because of the shutting down of food eateries. The U.S. beef and pork processing industry declined by 40% during April and May 2020 compared to 2019. In Canada, 75% of beef processing plants were disrupted due to the shutdown of meat facilities, particularly in Alberta. In Ghana, the pandemic harmed the meat supply as the country heavily imports livestock from the U.S., Brazil, and the European Union (Source: United States National Library of Medicine (NLM), National Institutes of Health). Moreover, in Spain, lamb and goat slaughtering activity dropped by 25.9% and 28.5%, respectively, in April 2020 compared to slaughtering in April 2019.
Impacts of COVID-19 on Meat Supply Chains
The COVID-19 pandemic has significantly affected the meat production, processing, distribution, and consumption phases of the global meat supply chain due to nationwide lockdowns and restrictions in many countries. Furthermore, meat processing and packaging plants have also been affected due to the physical distancing rules and less labor availability. The restricted transportation laws due to lockdowns significantly affected meat distribution. Furthermore, limited meat production impacted the distribution of meat products and the supply chain. Many Asian countries, including the Lao People's Democratic Republic, Thailand, Myanmar, and Vietnam, could not export their livestock and frozen meat products globally, especially China. In the Philippines, the delay in transportation of the raw material for meat processing created a meat shortage until the ban was loosened. Meat and its products are mostly transported across the borders through cargo ships. The cargo charges significantly increased while the product price decreased due to the pandemic.
Therefore, a complete halt in the transportation and logistics industry and reduced production due to lockdowns in many countries worldwide adversely affected the global meat market in terms of volume sales in 2020 and 2021.
Increasing Demand for Animal-Based Food to Drive the Growth of the Meat Market
According to the Department of Economic and Social Affairs (UN), the global population is expected to reach 8.6 billion by 2030, 9.8 billion by 2050, and 11.2 billion by 2100. A growing global population places increased pressure on the world's resources to provide not only more but also different types of food. In addition to increased demand arising from the growing population, there is also a growing demand for protein due to socio-economic changes, including increased income and rapid urbanization, forcing the livestock industry to expand and fulfill the growing need for protein sources. Animal-based food products are the key source of dietary protein and a proportion of calories. According to the World Health Organization (WHO), the annual meat production is projected to increase from 218.0 million metric tons in 1997-1999 to 376.0 million metric tons by 2030.
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Further, according to the Organisation for Economic Co-operation and Development and Food and Agriculture Organization (OECD-FAO), the global demand for meat will be 371.68 million tons by 2030. Additionally, the global per capita meat consumption is expected to increase to 35.4 kg r.w.e. by 2027, an increase of 1.1 kg r.w.e. compared to the base period. This increase in the demand for protein-rich food, accompanied by the growing consumer preference for a low-fat and high-protein diet, has led to a significant rise in the consumption of animal-sourced protein across the globe.
To provide efficient analysis, Meticulous Research® has segmented the global meat market by animal type (cattle & buffalo, pig, poultry, sheep & goat, and other animals), product type (processed meat (frozen meat, chilled meat, and canned meat) and fresh meat), distribution channel (business-to-consumer (B2C) and business-to-business (B2B)). The study also evaluates industry competitors and analyzes the regional and country-level markets.
Based on animal type, the global meat market is segmented into cattle & buffalo, pigs, poultry, sheep & goat, and other animals. In 2022, the cattle & buffalo segment is expected to account for the largest share of the global meat market. The large share of this segment is attributed to factors such as growing demand for beef, as it is a major source of proteins. Usually, cattle & buffalo meat have higher protein content than other meat types, including chicken, pork, turkey, and lamb. Awareness associated with the consumption of protein through high nutritional food and growing preference for beef over other meats owing to various diseases associated with poultry and pork is further expected to drive the growth of this market.
Based on product type, the global meat market is segmented into processed and fresh meat. In 2022, the processed meat segment is expected to account for the largest share of the global meat market. The large share of this segment is attributed to factors such as ease of use, high availability and shelf life of processed meat, and increasing demand for ready-to-cook food products owing to busy lifestyles. Also, the growing urbanization and increasing per capita income among millennials is further expected to boost the growth of the processed meat market during the forecast period.
Based on distribution channels, the global meat market is segmented into business-to-consumer (B2C) and business-to-business (B2B). In 2022, the business-to-consumer (B2C) segment is expected to account for the largest share of the global meat market. The large share of this segment is mainly attributed to the factors such as the growing number of supermarkets and hypermarkets and increased overall product sales from these outlets; consumer preference for shopping from brick-and-mortar grocers due to easy access and availability, and increasing use of e-commerce platforms for purchase of essential goods.
Based on geography, the meat market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific is estimated to account for the largest share of the global meat market. The large share of the Asia-Pacific meat market is attributed to the increasing awareness regarding the importance of protein-rich diets; the increasing technological advancement and new product innovations in the food & beverages industry; the fast-growing economy; and the strong demand for meat and meat products in developing countries including China and India. Moreover, rapid urbanization, rising income, and changing lifestyles in the Asia-Pacific region have made consumers opt for convenient ready-to-cook meat products.
The key players operating in the global meat market are Cargill Incorporated (U.S.), Tyson Foods, Inc. (U.S.), JBS S.A. (Brazil), Hormel Foods Corporation (U.S.), American Foods Group, LLC (U.S.), Koch Foods, Inc. (U.S.), Smithfield Foods, Inc (U.S.), National Beef Packing Company, LLC (U.S.), Perdue Farms Inc. (U.S.), and Allanasons Private Limited (India), among others.
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