Meat Market Size, Share, Growth, Trends, and Global Industry Analysis: By Product Type (Chilled, Frozen, Canned/Preserved) By Meat Type (Poultry, Pork, Bovine, Ovine, Seafood) By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, E-Commerce Others) and Region Forecast 2019-2030

Meat Market size was valued at US$ 1,281.2 billion in 2023 and is poised to grow at significant CAGR of 6.8% from 2024-2030. Moreover, the U.S. Meat market is projected to grow significantly, reaching an estimated value of US$ 650.8 billion by 2032.

The market refers to the production, processing, and distribution of several types of meat- namely beef, poultry, pork, and seafood-the whole being an integral aspect of the global food market. As consumers increasingly call for convenience, quality, and sustainability, the marketplace shifts toward processed meats, ready-to-eat products, and the growing alternative of lab-grown and plant-based options. Supermarkets and hypermarkets account for the largest share of distribution, but online channels are increasingly significant. Besides traditional meat, there is a growing interest in sustainable practices and healthier choices, as consumers are becoming more conscious of the environmental and health impacts of meat consumption. This is driving the development of alternative protein sources and changing the overall landscape of the market

Key players

The Meat market share is inclusive of several companies such as Avant Meats Company Limited, HKScan, Balletic Foods, BosaMeat, Integriculture, Memphis Meats, SuperMeat, Appleton Meats, Shiok Meats, Shiok Meats.

Avant Meats Company Limited is a company based in Hong Kong that focuses on cultured meat production, specifically on the cultivation of lab-grown seafood, such as fish and shrimp. As far as the market is concerned, Avant Meats is at the forefront of innovation, discussing issues of sustainability, animal welfare, and the environmental impact of traditional meat production. Avant Meats aims to reduce reliance on conventional meat sources while providing a more sustainable, cruelty-free alternative to traditional seafood products by developing cultured meat. This makes the company a key player in the emerging sector of cultured or lab-grown meat, which aligns with growing consumer demand for ethical and environmentally friendly food sources.

Key Takeaways

• The fastest-growing region is Asia-Pacific
• Based on Product Type, Chilled segment holds the 57.2% market share
• Based on Meat Type, Poultry segment holds the 32.1% market share
• Based on Distribution channel, supermarket/hypermarket segment holds the 28.7% market share

Facts & Figures

• Global production of beef was at an estimated 61 million metric tons in 2023; major contributors to beef production included the U.S., Brazil, and China.
• The global average per capita consumption of poultry was estimated to be 13.5 kg in 2023, with the U.S. again topping the ranks at 41.4 kg per head.
• The value of the processed meat and sausage market in Germany in 2023 was €33.61 billion.
• In 2022, Tyson Foods, one of the leading U.S. meat producers, earned a revenue of about $49 billion.
• The U.S. exported over 3.5 million metric tons of beef in 2023, the majority of which were exported to Japan, South Korea, and Mexico.

Key Developments

• In February 2023, Red Lobster Hospitality LLC introduced its first-ever line of frozen seafood products, including cheddar bay biscuit shrimp and coconut shrimp bites, catering to the growing demand for convenience in the foodservice industry
• In October 2022, Stolt Sea Farm launched a new range of frozen turbot fish at the Conxemar International Fair in Spain, showcasing its innovation in aquaculture?.

Meat Market Segmentation

By Product Type: The Chilled segment will dominate the market through consumer preference for fresh, quality meat with a shorter shelf life that retains its flavor and texture. Chilled meat is in high demand within supermarkets, hypermarkets, and foodservice outlets due to its appeal for both retail and restaurant consumption. This segment benefits through advances in refrigeration and logistics, allowing the meat to last longer without losing its freshness. Moreover, as more health-conscious consumers seek higher-protein diets, chilled poultry, beef, and pork remain the first preferences of most consumers. Though frozen and canned/preserved meat remain relevant in the areas that require long-term storage and supply chain constraint areas, chilled products occupy the biggest market share across the world because of preference towards its consumption on daily basis.

By Meat Type: The Poultry segment dominates the market, which is driven by its affordability, versatility, and wide consumer demand. Poultry products, more so chicken, are among the most popular due to relatively lower prices compared to other meat types like beef or pork, making it a staple in many households across the globe. Global poultry consumption is expected to reach more than 13.5 kg per capita in 2023, with the United States consuming the highest at 41.4 kg per person per year. The increasing popularity of processed and convenience poultry products also contributes to the dominance of this segment. Pork and beef are still big, but poultry is gaining with rising health-conscious eating habits, higher protein intake, and more sustainable production processes.

By Distribution Channel: The Supermarkets/Hypermarkets segment leads the market, as consumers are most attracted to convenience, diversity, and competitive pricing. They can easily access a wide diversity of meat products, comprising fresh, chilled, and processed meats, making the distribution channel a primary destination for many consumers. Increasingly, large chains such as Walmart, Costco, and Carrefour, plus their strong meat departments, continue to drive this segment. Customer loyalty programs and bulk purchasing are also advantages that supermarkets and hypermarkets have for themselves, which increases their attraction. E-commerce is picking up but still lags behind compared to physical stores, although the trend to shop online for meat will be seen to rise gradually with improvement in delivery logistics and consumer confidence in buying food products online.