Meat, Poultry And Seafood Market Growth & Trends
The global meat, poultry & seafood market is expected to reach USD 1,601.2 billion by 2030 at a CAGR of 2.5%, according to a new report by Grand View Research, Inc. Growing meat consumption in countries such as the U.S., the U.K., India, and China is anticipated to ultimately contribute towards enhancing the supply of meat, poultry & seafood products. The growing consumer awareness and preferences for high-quality attributes of meat are expected to steer the global meat industry.
Preference for high-quality meat has led to the growing demand for organic products in the meat, poultry and seafood segments. Companies operating in the market have been catering to such demands and launching organic meat products to gain the traction of consumers. For instance, in June 2021, Raise American launched a 100% American, 100% grass-fed, organic beef, and flexitarian product line. The brand’s product line includes fresh steaks, grinds, meatballs, blended patties, seasoned and precooked entrées, and sausages.
Existing companies in this market are increasingly launching new products in different categories to cater to new demands. The frozen form category is lately predicted to be the fastest growing category during the forecast period. Manufacturers are launching a wide range of products in the frozen segment. For instance, in August 2021, Avanti Frozen Foods Pvt. Ltd. announced the expansion of a few products of various sizes of frozen cooked, peeled, and shrimps sold in various unit sizes in India.
The supermarkets & hypermarkets distribution channel segment held the largest share in 2021 and is expected to maintain dominance during the forecast period. The rise in demand for meat, poultry & seafood by consumers has made retailers allocate greater shelf spaces for these products. Many supermarkets such as Tesco, Walmart, and Aldi have been increasing spaces for these products as the demand rises.
The meat, poultry & seafood market is consolidated in nature with the presence of a large number of international players and few regional players. Conagra Brands, Inc., Hormel Foods, LLC, Tyson Foods, Cremonini Group, Sanderson Farms, J.M. Sucker, Cargill, Inc., Beijing Aosiyun Meat Foodstuff, NH Foods Ltd., and Baiada Pty. Ltd. are among the prominent players in the global market.
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Meat, Poultry And Seafood Market Report Highlights
Asia Pacific is anticipated to witness substantial growth during the forecast period, owing to a large population base and rising disposable income in the region. In addition, several large international players are setting up local processing and storage facilities in varied countries in this region such as India and China
The frozen form segment is projected to register the fastest growth during the forecast period from 2022 to 2030 owing to the growing number of product launches
The online distribution channel segment is expected to register the fastest growth during the forecast period. The recent outbreak of COVID-19 has increased the penetration of online retailers in the meat, poultry & seafood segment
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