Meticulous Research®, a leading global market research firm, has recently published a comprehensive report titled Meat Market by Product Type (Processed Meat, Fresh Meat), Animal Type (Cattle and Buffalo, Pig, Poultry, Sheep, and Goat), by Distribution Channel (Business to Consumer (B2C), Business to Business (B2B) - Global Forecast to 2029. This report provides an in-depth analysis of the meat market, offering insights into its current status and future projections.

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Market Overview

According to the latest report from Meticulous Research®, the global meat market is set to experience significant growth over the forecast period from 2022 to 2029. In terms of value, the market is projected to reach $1,345.9 billion by 2029, growing at a compound annual growth rate (CAGR) of 5.7%. In volume terms, the market is expected to achieve 374.4 million tons cwe (carcass weight equivalent) by 2029, with a CAGR of 1.1% during the same period. This growth is driven by several factors, including the rising demand for animal-based foods, protein-rich diets, and functional meat products.

Increasing consumer awareness around organic and gluten-free processed meat products is also anticipated to create lucrative opportunities for market stakeholders. However, the market faces challenges such as concerns about the carcinogenic effects of processed meat and growing awareness of the benefits of meat alternatives, which could impede growth to some extent.

Market Segmentation

The global meat market is segmented by animal type, product type, distribution channel, and geography. This segmentation allows for a detailed understanding of market dynamics and growth trends.

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Animal Type

In 2022, the cattle and buffalo segment is expected to dominate the global meat market. This segment's prominence is attributed to the high demand for beef, which is a significant source of protein. Beef typically contains higher protein levels compared to other types of meat, such as chicken, pork, turkey, and lamb. Increased awareness about protein intake and a preference for beef over other meats due to various health concerns associated with poultry and pork further drive the growth of this segment.

Product Type

When it comes to product type, processed meat is anticipated to hold the largest market share in 2022. This segment's growth is driven by the convenience, extended shelf life, and high availability of processed meat products. The demand for ready-to-cook food products, driven by busy lifestyles and urbanization, is further expected to boost the processed meat market. The increasing per capita income among millennials also supports the growth of processed meat, as consumers seek convenient and high-quality meat options.

Distribution Channel

In terms of distribution channels, the business to consumer (B2C) segment is projected to command the largest share of the global meat market in 2022. This dominance is attributed to the expanding number of supermarkets and hypermarkets, which contribute significantly to overall product sales. Consumer preferences for shopping at physical stores due to their accessibility and the increasing use of e-commerce platforms for purchasing essential goods further bolster the B2C segment's growth.

Regional Insights

The report provides a geographic analysis of the meat market across several key regions, including North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

Asia-Pacific

The Asia-Pacific region is estimated to hold the largest share of the global meat market in 2022. This is due to a combination of factors including rising awareness about protein-rich diets, technological advancements and innovations in the food and beverage industry, and rapidly growing economies. The strong demand for meat and meat products in developing countries such as China and India contributes to the region's leading market position. Additionally, the rapid urbanization, increasing incomes, and changing lifestyles in Asia-Pacific have led consumers to prefer convenient, ready-to-cook meat products.

North America and Europe

North America and Europe are also significant markets for meat. In North America, the strong demand for meat is driven by a high consumption rate and robust food processing infrastructure. In Europe, changing dietary preferences and a focus on quality and sustainability are influencing the meat market. Both regions show steady growth, supported by ongoing innovation and increasing investments in the meat sector.

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Competitive Landscape

The report includes a competitive analysis based on strategic developments by key market players over the past 4-5 years. The major players in the global meat market include Cargill Incorporated (U.S.), Tyson Foods, Inc. (U.S.), JBS S.A. (Brazil), Hormel Foods Corporation (U.S.), American Foods Group, LLC (U.S.), Koch Foods, Inc. (U.S.), Smithfield Foods, Inc. (U.S.), National Beef Packing Company, LLC (U.S.), Perdue Farms Inc. (U.S.), and Allanasons Private Limited (India), among others. These companies are at the forefront of the meat industry, driving innovation and market expansion through strategic initiatives, technological advancements, and market diversification.

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