Research Support Specialist, USA
The global fresh meat market size is expected to reach USD 1018.13 billion by 2028, according to a new report by Million Insights. It is expected to expand at a CAGR of 3.6% from 2021 to 2028. The growing production and consumption of fresh meat products in developed and developing economies are accelerating the market growth over the last few years. Moreover, the rising demand and consumption for meat proteins are propelling the growth of the market. The increasing demand for high-quality meat products due to freshness, diversity of the products, and convenience for food safety are expected to boost the market growth over the forecast period.
Moreover, a lockdown situation was observed during the COVID-19 pandemic, and the market for fresh meat witnessed a slight decline owing to the suspended supply chain in various countries. Fresh meat prices declined in 2020 due to the impact of COVID-19, which has temporarily shortened the meat demand from some leading consuming and importing countries due to the limitations and closures of the market.
The poultry segment is expected to expand at the fastest CAGR of 4.1% from 2021 to 2028 as poultry meat is a sustainable and nutritious source of protein for consumers. Moreover, the increasing demand for poultry products from low-income developing countries owing to their lower price as compared to other meat products is expected to drive the segment.
The frozen segment is anticipated to expand at the fastest growth rate of 6.3% from 2021 to 2028. The continuously changing lifestyles and busy life schedules of consumers are raising the demand for frozen meat products. Additionally, frozen meat is gaining popularity among consumers, which is projected to drive the segment. Furthermore, the increasing demand for meat products and innovative chilling, packaging, and distribution technology are expected to lead to significant market growth over the forecast period.
The online segment is expected to register the fastest CAGR of 4.6% from 2021 to 2028. The internet penetration rate has witnessed lucrative growth in recent years, which has led to the significant growth of the e-commerce sector across the globe, thus accelerating the segment growth. An upsurge in product sales through various company-owned websites and e-commerce platforms is expected to propel the growth of the online distribution channel segment during the forecast period.
Asia Pacific held the largest share of over 30.0% in 2020 due to the high consumption of fresh meat products in countries, like China, India, and Japan, owing to the rising demand for protein-rich meat products. China is the leading country in consuming and producing pork and poultry meat due to population growth. Changing eating habits of consumers and increasing disposable income are boosting the demand for healthy and nutritious meat products, which will propel the industry growth in this region over the forecast period.
The report “Fresh Meat Market Size, Share & Trends Analysis Report By Product (Beef, Pork, Poultry, Mutton), By Form (Fresh, Frozen), By Distribution Channel (Offline, Online), By Region, And Segment Forecasts, 2021 - 2028” is available now to Million Insights.
Million Insights has segmented the global fresh meat market on the basis of product, form, distribution channel, and region: