A new report from Research Dive shows that the global market for meat products is still growing, despite the rise in plant-based meats.
The report found that the market is expected to generate a revenue of $387.6 billion, and grow at a CAGR of 3.95% from 2022 to 2030. The findings can give retailers an idea of where the market is headed, and how they can best craft their portfolio of private brand meats.
A recent report found that the global market for deli meat specifically is expected to hit $27 billion by 2030.
“With the growing demand for ready-to-eat meat products with high nutritional values without compromising the taste and flavor of the product, the meat products market is expected to observe significant growth during the forecast period,” reported Research Dive. “Besides, the demand for frozen meat products by the fast-food joints and restaurants worldwide for their operations is further expected to upsurge the growth of the market during the analysis period. Moreover, the increased adoption of processed meat among individuals due to their busy lifestyles is expected to create massive growth opportunities for the meat products market over the estimated timeframe. However, the health concerns related to meat products may hinder the growth of the market over the forecast period."
Key findings from the meat report include the following:
- By processed meat type, the hamburgers sub-segment is predicted to be the most lucrative and is expected to generate a revenue of $169.7 billion during the analysis time frame, according to Research Dive. They cite fast-paced life and the increasing development of multiple franchises as predictors to foster the growth of the market sub-segment over the estimated timeframe.
- By meat type, the pork sub-segment is expected to be most profitable and is projected to garner a revenue of $149.5 billion from 2022 to 2030. Pork, being a good source of protein and lipids and the common meat choice in fast food chains and restaurants, is expected to propel the growth of the market sub-segment during the forecast period.
- By packaging, the chilled meat products sub-segment is predicted to be most beneficial and is expected to garner a revenue of $219.9 billion over the estimated timeframe. The increasing demand for ready-to-eat foods that are available in a chilled form for indefinite storage is expected to fuel the growth of the market sub-segment during the analysis period.
- By region, the Europe region of the meat products market is expected to generate a revenue of $142.6 billion during the analysis period. The increasing demand for protein-rich processed food among individuals in this region is predicted to drive the regional growth of the market over the estimated time frame.
The full report can be found here.