The evolving consumer preference is expected to bolster the growth of the market, states Fortune Business Insights, in a report, titled “Red Meat Market Size, Share & Industry Analysis, By Type (Beef, Veal, Mutton, Pork, Lamb, Goat), By Distribution Channel (Supermarkets/Hypermarkets, Convenient Stores, Specialty Stores, Online Retail)and Regional Forecast, 2022-2029.” The rising inclination towards red meat among consumers is expected to foster the growth of the market.
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The growing shift from white meat to red meat owing to its higher protein content is expected to fuel demand for red meat among consumers. Moreover, the consumer proclivity towards red meat owing to its better taste and health benefits is expected to further aid the expansion of the market. The surging disposable income of the consumers in emerging economies is expected to spur opportunities for the market in the forthcoming years. The rising consumption of animal-based products is likely to contribute positively to the growth of the market. Besides, the constant partnerships, collaborations, and acquisitions among industry players are expected to foster the healthy growth of the market. For instance, in August 2019, Pilgrims’ Pride corp. a subsidiary of Brazil-based JBS S.A. announced that it has acquired the U. K’s largest pork producer Tulip ltd. The new development is expected to help the company to expand its reach in the European region.
However, the growing knowledge about the adverse health effects of red meat is expected to restrict the growth of the market during the forecast period. According to the International Agency for Research on Cancer (IARC) in 2015, the ingestion of red meat could cause colorectal cancer. Besides, the carcinogenic and cardiovascular risks associated with the consumption of red meat is predicted to restrict the growth of the market.
Rising Consumer Demand for Processed Meat to Propel Market in North America
The market in North America is expected to lead the global market. The growth in the region is due to the existing consumer base of beef and other red meats. The U.S. is the largest beef importer in the region that accounts for 16% of the total beef import globally in 2018. The growing demand for processed meat like sausages and pastrami is expected to facilitate the growth of the market. The increasing consumption of convenience food is expected to contribute significantly to the growth of the market. The surge in the working-class population is expected to improve the prospects of the market in the forthcoming years. Asia Pacific is expected to rise tremendously during the forecast period owing to the rising production of beef, veal, and pork in China and India. China is the largest global producer as well as consumer of pork. The rising disposable income levels of the consumers along with changing taste preferences are factors expected to foster the growth of the market.
October 2019: KIT a Brazillian-based meat manufacturing company signed a partnership agreement with Garra International to consolidate its presence in Brazil, Paraguay, New Zealand, Egypt, UAE, The U.S., and Australia.
The Report Lists the key Companies in the Red Meat Market:
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