Red Meat Market Size

The red meat market is projected to experience growth over the forecast period, driven by increasing global meat consumption and a shift towards higher protein diets. The market's expansion is particularly notable in developing regions, where the demand is expected to surge. Pork dominates the market due to its affordability, with significant consumption in the Asia-Pacific region, while beef and mutton also contribute to the market's diversity. The Asia-Pacific region holds a substantial market share, supported by investments in meat processing and government backing. Europe follows with a strong preference for pork, and Africa is anticipated to be the fastest-growing region, fueled by population growth and rising incomes.

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Market Size of red meat Industry

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Red Meat Market Summary
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https://s3.mordorintelligence.com/study%20period/1629296433432_test~study_period_study_period.svg Study Period 2017 - 2029
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg Market Size (2024) USD 884.7 Billion
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg Market Size (2029) USD 960.1 Billion
https://s3.mordorintelligence.com/hydraulic_fluids/1629285650767_test~hydraulic_fluids_hydraulic_fluids.svg Largest Share by Type Pork
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg CAGR (2024 - 2029) 1.65 %
https://s3.mordorintelligence.com/globe/1629285706162_test~globe_globe.svg Largest Share by Region Asia-Pacific

Major Players
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*Disclaimer: Major Players sorted in no particular order

Key Players

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Red Meat Market Analysis

The Red Meat Market size is estimated at 884.7 billion USD in 2024, and is expected to reach 960.1 billion USD by 2029, growing at a CAGR of 1.65% during the forecast period (2024-2029).

884.7 Billion

Market Size in 2024 (USD)

960.1 Billion

Market Size in 2029 (USD)

2.61 %

CAGR (2017-2023)

1.65 %

CAGR (2024-2029)

Largest Segment by Type

45.15 %

value share, Pork, 2023

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Products such as bacon, sausages, and ham have boosted the demand for processed pork items. The growth in demand is due to its growing consumption in breakfast or lunch.

Largest Segment by Region

56.10 %

value share, Asia-Pacific, 2023

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Investments in the region are increasing in red meat processing due to an rise in demand for hygienically-produced meat, along with government support encouraging the trend.

Fastest-growing Segment by Type

1.79 %

Projected CAGR, Mutton, 2024-2029

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Mutton has become the primary protein choice in major regions such as the Middle East and North America and emerging as the default meat type owing to its popularity.

Fastest-growing Segment by Region

3.88 %

Projected CAGR, Africa, 2024-2029

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Consumption of red meat is rising as a result of sustained population expansion and urbanization, with international companies establishing production centers in the region.

Leading Market Player

3.47 %

market share, Tyson Foods Inc., 2022

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The company leads the market due to its broad product line, which includes all types of red meat, and its greater market penetration, which extends to almost all regions.

Asia-Pacific dominates global consumption, with pork being the preferred choice

  • The red meat market grew globally during the historical period, registering a CAGR of 2.64% from 2017 to 2022 by value. This growth was majorly due to the increasing acceptance of meat as a high-protein food globally. The overall growth in the volume of meat consumption is anticipated to be five times greater in developing nations.
  • Among all the meat types, pork is expected to dominate worldwide throughout the study period, accounting for the largest share of red meat. Pork is highly consumed due to its lower price point. For instance, in 2022, pork was priced at USD 4,850/ton in China, while beef was priced at USD 10,359/ton. Asia-Pacific was observed to be the largest pork-consuming region, with a share of 65.65% in 2022. The consumption is expanding, mainly due to the popular usage of meat to prepare traditional pan-Asian dishes.
  • Beef was the second largest type of red meat consumed globally. The growth rates have not been consistent and declined in value during the historical period, mainly attributed to its price, which was 25-30% higher than any other meat type. This trend impacted consumer meat preferences. For instance, among consumers in North America, 37% felt that price is the main factor impacting consumption rates.
  • Mutton was the fastest-growing red meat type globally, registering a CAGR of 3.98% over the period of 2017-2022. Mutton is also traditionally regarded as a seasonal food for specific holidays in most regions, with large retail sales spikes during Easter and Christmas. Consumers spend more on in-store purchases and prefer healthier home-cooked items. Loin and leg were the most consumed cuts, accounting for 45% volume share, while another 21% was held by shoulder cuts in 2021.
Global Red Meat Market

Government initiatives will boost market growth

  • With the rise in health consciousness, many consumers have shifted to consuming higher amounts of protein, and as a result, the demand for protein has spiked globally. The production of red meat increased by 2.87% by volume, with an increase in the population of 80 million in 2022, resulting in an increase in the consumption of red meat globally.
  • Asia-Pacific occupied a significant market share both by volume and value in 2022. Though the vegetarian population accounts for 42% of the population in Asia-Pacific, red meat consumption is high due to high per capita consumption in China. Investments in red meat processing are increasing in Asia-Pacific due to increased production with government support. The shift in the consumption of more processed red meat products drives the sales of red meat in Asia. For instance, in 2021, NDRC in China announced that it would allocate up to USD 7.7 million to increase red meat processing.
  • Europe occupies the second-largest share in the consumption of red meat. Pork is the most consumed red meat type in Europe. In 2021, the European pork meat market experienced rising output. EU market leaders continue to expand production in Spain, Denmark, and the Netherlands. As a result, pork consumption increased across Europe, particularly in the south.
  • Africa is predicted to be the fastest-growing region in the global red meat market, with an anticipated CAGR of 3.88% by value during the forecast period. Sustained population growth, a rise in real per capita income, and urbanization drive the increase in red meat consumption. As Africa is a developing region with surplus agricultural produce, many companies and governments are establishing production centers.

Red Meat Industry Segmentation

Beef, Mutton, Pork are covered as segments by Type. Canned, Fresh / Chilled, Frozen, Processed are covered as segments by Form. Off-Trade, On-Trade are covered as segments by Distribution Channel. Africa, Asia-Pacific, Europe, Middle East, North America, South America are covered as segments by Region.

  • The red meat market grew globally during the historical period, registering a CAGR of 2.64% from 2017 to 2022 by value. This growth was majorly due to the increasing acceptance of meat as a high-protein food globally. The overall growth in the volume of meat consumption is anticipated to be five times greater in developing nations.
  • Among all the meat types, pork is expected to dominate worldwide throughout the study period, accounting for the largest share of red meat. Pork is highly consumed due to its lower price point. For instance, in 2022, pork was priced at USD 4,850/ton in China, while beef was priced at USD 10,359/ton. Asia-Pacific was observed to be the largest pork-consuming region, with a share of 65.65% in 2022. The consumption is expanding, mainly due to the popular usage of meat to prepare traditional pan-Asian dishes.
  • Beef was the second largest type of red meat consumed globally. The growth rates have not been consistent and declined in value during the historical period, mainly attributed to its price, which was 25-30% higher than any other meat type. This trend impacted consumer meat preferences. For instance, among consumers in North America, 37% felt that price is the main factor impacting consumption rates.
  • Mutton was the fastest-growing red meat type globally, registering a CAGR of 3.98% over the period of 2017-2022. Mutton is also traditionally regarded as a seasonal food for specific holidays in most regions, with large retail sales spikes during Easter and Christmas. Consumers spend more on in-store purchases and prefer healthier home-cooked items. Loin and leg were the most consumed cuts, accounting for 45% volume share, while another 21% was held by shoulder cuts in 2021.
Type
Beef
Mutton
Pork
Other Meat
Form
Canned
Fresh / Chilled
Frozen
Processed
Distribution Channel
Off-Trade
Convenience Stores
Online Channel
Supermarkets and Hypermarkets
Others
On-Trade
Region
Africa
By Type
By Form
By Distribution Channel
By Country
Egypt
Nigeria
South Africa
Rest of Africa
Asia-Pacific
By Type
By Form
By Distribution Channel
By Country
Australia
China
India
Indonesia
Japan
Malaysia
South Korea
Rest of Asia-Pacific
Europe
By Type
By Form
By Distribution Channel
By Country
France
Germany
Italy
Netherlands
Russia
Spain
United Kingdom
Rest of Europe
Middle East
By Type
By Form
By Distribution Channel
By Country
Bahrain
Kuwait
Oman
Qatar
Saudi Arabia
United Arab Emirates
Rest of Middle East
North America
By Type
By Form
By Distribution Channel
By Country
Canada
Mexico
United States
Rest of North America
South America
By Type
By Form
By Distribution Channel
By Country
Argentina
Brazil
Rest of South America
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Red Meat Market Size Summary

The red meat market is experiencing a steady growth trajectory, driven by the increasing global acceptance of meat as a high-protein food source. This growth is particularly pronounced in developing nations, where the volume of meat consumption is expected to rise significantly. Among the various types of red meat, pork is projected to maintain its dominance due to its affordability, with Asia-Pacific being the largest consumer region. Beef, while the second most consumed red meat, faces challenges due to its higher price point, which has influenced consumer preferences, especially in North America. Mutton has emerged as the fastest-growing red meat type, with seasonal spikes in consumption during holidays. The market is characterized by a shift towards more processed red meat products, particularly in Asia-Pacific, where investments in processing facilities are on the rise.

The red meat market is fragmented, with major players like Hormel Foods Corporation, NH Foods Ltd, Sysco Corporation, Tyson Foods Inc., and WH Group Limited holding a modest share. The market dynamics are influenced by various factors, including local disruptions such as droughts and increasing consumer demand, which have led to price fluctuations globally. North America and South America are significant contributors to global beef production, with the United States and Brazil playing pivotal roles. The market is also witnessing strategic expansions and investments, as companies like Tyson Foods and Tonnies Holding explore new production facilities and joint ventures in regions like China and Thailand. These developments underscore the ongoing evolution and competitive nature of the red meat industry.

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Red Meat Market Size - Table of Contents

  1. 1. MARKET SEGMENTATION (includes market size in Value in USD, Forecasts up to 2029 and analysis of growth prospects)

    1. 1.1 Type

      1. 1.1.1 Beef

      2. 1.1.2 Mutton

      3. 1.1.3 Pork

      4. 1.1.4 Other Meat

    2. 1.2 Form

      1. 1.2.1 Canned

      2. 1.2.2 Fresh / Chilled

      3. 1.2.3 Frozen

      4. 1.2.4 Processed

    3. 1.3 Distribution Channel

      1. 1.3.1 Off-Trade

        1. 1.3.1.1 Convenience Stores

        2. 1.3.1.2 Online Channel

        3. 1.3.1.3 Supermarkets and Hypermarkets

        4. 1.3.1.4 Others

      2. 1.3.2 On-Trade

    4. 1.4 Region

      1. 1.4.1 Africa

        1. 1.4.1.1 By Type

        2. 1.4.1.2 By Form

        3. 1.4.1.3 By Distribution Channel

        4. 1.4.1.4 By Country

          1. 1.4.1.4.1 Egypt

          2. 1.4.1.4.2 Nigeria

          3. 1.4.1.4.3 South Africa

          4. 1.4.1.4.4 Rest of Africa

      2. 1.4.2 Asia-Pacific

        1. 1.4.2.1 By Type

        2. 1.4.2.2 By Form

        3. 1.4.2.3 By Distribution Channel

        4. 1.4.2.4 By Country

          1. 1.4.2.4.1 Australia

          2. 1.4.2.4.2 China

          3. 1.4.2.4.3 India

          4. 1.4.2.4.4 Indonesia

          5. 1.4.2.4.5 Japan

          6. 1.4.2.4.6 Malaysia

          7. 1.4.2.4.7 South Korea

          8. 1.4.2.4.8 Rest of Asia-Pacific

      3. 1.4.3 Europe

        1. 1.4.3.1 By Type

        2. 1.4.3.2 By Form

        3. 1.4.3.3 By Distribution Channel

        4. 1.4.3.4 By Country

          1. 1.4.3.4.1 France

          2. 1.4.3.4.2 Germany

          3. 1.4.3.4.3 Italy

          4. 1.4.3.4.4 Netherlands

          5. 1.4.3.4.5 Russia

          6. 1.4.3.4.6 Spain

          7. 1.4.3.4.7 United Kingdom

          8. 1.4.3.4.8 Rest of Europe

      4. 1.4.4 Middle East

        1. 1.4.4.1 By Type

        2. 1.4.4.2 By Form

        3. 1.4.4.3 By Distribution Channel

        4. 1.4.4.4 By Country

          1. 1.4.4.4.1 Bahrain

          2. 1.4.4.4.2 Kuwait

          3. 1.4.4.4.3 Oman

          4. 1.4.4.4.4 Qatar

          5. 1.4.4.4.5 Saudi Arabia

          6. 1.4.4.4.6 United Arab Emirates

          7. 1.4.4.4.7 Rest of Middle East

      5. 1.4.5 North America

        1. 1.4.5.1 By Type

        2. 1.4.5.2 By Form

        3. 1.4.5.3 By Distribution Channel

        4. 1.4.5.4 By Country

          1. 1.4.5.4.1 Canada

          2. 1.4.5.4.2 Mexico

          3. 1.4.5.4.3 United States

          4. 1.4.5.4.4 Rest of North America

      6. 1.4.6 South America

        1. 1.4.6.1 By Type

        2. 1.4.6.2 By Form

        3. 1.4.6.3 By Distribution Channel

        4. 1.4.6.4 By Country

          1. 1.4.6.4.1 Argentina

          2. 1.4.6.4.2 Brazil

          3. 1.4.6.4.3 Rest of South America

Red Meat Market Size FAQs

The Global Red Meat Market size is expected to reach USD 884.67 billion in 2024 and grow at a CAGR of 1.65% to reach USD 960.14 billion by 2029.

In 2024, the Global Red Meat Market size is expected to reach USD 884.67 billion.

Red Meat Market Report Snapshots

Red Meat Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2029