The global meat and poultry market size is projected to expand speedily owing to the expansion of the food and beverage industry across the world, finds Fortune Business Insights™ in its report, titled “Meat and Poultry Market, 2021-2028”.
In recent years, there has been substantial growth in the number of restaurants and food joints worldwide, which has led to an increase in the demand for meat and poultry products across several regions in this market. Further, most people are shifting their preference from dietary supplements to meat products due to their high percentage of proteins and vitamins, such as vitamin B12, iron, and others, which is an important factor for the growth of this market. Furthermore, the increasing availability of these products at reasonable rates, along with their improving accessibility has sped up the expansion of the food and beverage industry, which is likely to prove beneficial for this market.
However, the rising consumption of vegetarian food by a majority of people across the world is expected to restrict the growth of this market.
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The food and beverage industry has been hugely impacted due to the ongoing COVID-19 pandemic and worldwide lockdown restrictions. Thus, the sale of meat and poultry products has been affected during this pandemic due to the closure of hotels and restaurants across the world. For example, a sharp decline in footfalls in supermarkets and departmental stores around the globe have reduced the consumption of packaged foods, which may also hamper the meat and poultry market growth in the next couple of years, especially as emerging markets such as India are currently undergoing a severe second wave of the coronavirus.
On the basis of type, this market is divided into pork, chicken, beef, sheep, and others. Based on application, the market is classified into commercial and household. By geography, the market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
This research report offers an in-depth study of the driving factors, restraints, and trends influencing the growth of the market. In addition, this report offers a holistic evaluation of the market segments and regional developments in the market. Further, this report also incorporates a comprehensive analysis of the strategies adopted by market players to strengthen their position.
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Rising Consumption of Chicken among Consumers to Fuel Market Growth
The increasing consumption of chicken among consumers due to its easy availability at cheap rates is driving the growth of this market. Further, the consumption of chicken meat helps to build muscles, strengthen bones, and it is also useful for weight loss on account of its high protein content. Moreover, people suffering from diabetes and obesity are widely recommended to eat different meat and poultry products to improve their health. All these factors are also prompting food companies to develop and launch novel offerings for the growing spectrum of meat-eaters. For instance, in September 2019, Jack Links, a US-based company, launched two new meat bar variants – 100% beef bar and 100% chicken bar.
Increasing Urbanization to Fuel the Asia Pacific Market Growth
Asia Pacific region is projected to dominate the meat and poultry market share on account of the rising population and urbanization in countries such as India, China, Indonesia, and others. Further, the growing production of sheep meat in Australia and New Zealand is also expected to drive the market’s growth in this region.
The market for meat and poultry in North America is anticipated to be primarily driven by the increasing popularity of chicken, which aids weight loss and builds muscles. Further, the increase in the standard of living of the people in this region is also one of the major factors responsible for the growth of this market.
Burgeoning Competition among Key Players to Boost Market Growth
The leading companies in this market are focusing on increasing their production of meat and poultry products. Thus, the increasing competition among the companies has enabled them to widen their market presence across different regions.
January 2020: Wenzel’s Farm, a US-based brand, announced the introduction of Beef Jerky in various flavors, such as original, teriyaki, and pepper, to diversify their offerings in the country.
List of Key Players Covered in the Meat and Poultry Market Report:
- Cargill Meat Solutions
- Tyson Foods Inc.
- JBS USA
- Smithfield Foods
- Sysco Corp
- Conagra Brands Inc.
- Hormel Foods Corp
- National Beef Packing Co.
- Maple Leaf Foods
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