Red Meat Market Size, Share & Industry Analysis, By Type (Beef, Veal, Mutton, Pork, Lamb, Goat), By Distribution Channel (Supermarkets/Hypermarkets, Convenient Stores, Specialty Stores, Online Retail)and Regional Forecast, 2024-2032

The red meat is often referred to as the meat that is obtained from the flesh of mammals and has more protein myoglobin content than white meat. The various types of red meat include beef, pork, mutton, veal, lamb, and goat. According to the National Chicken Council of the U.S, the per capita consumption of red meat in the year 2018 was 109.5 pounds. The U.S. was the largest consumer and producer of beef worldwide in the year 2018. The increasing demand of consumers towards convenience food has positively impacted the consumption rate of red meat.

Red meat is the choice of meat over the other white flesh, which is procured from the fowl and duck. The comparatively higher protein content in red meat has nudged the consumers to shift towards beef and other red meats, thereby increasing its consumption. The highest protein content is found in pork with 29.41gms of protein per 100gms of meat consumed. The red meat is sold under the Halal and Kosher label-claims, in the middle eastern regions - leading to its market expansion.

The consumers changing preferences towards red meat owing to its better taste and mouthfeel are expected to drive its market. The increasing disposable income of the consumers in developing economies has allowed them to spend more on animal-based products, consequently favouring the sales of red meat. According to the International Agency for Research on Cancer (IARC) in 2015, the ingestion of red meat could cause colorectal cancer. The carcinogenic and cardiovascular risks associated with the consumption of red meat is a major restraint for the global red meat market.

Key Players Covered:

The leading players operating in the red meat market are W.H. Group, JBS USA Food Company, Tyson Foods, Inc., Kraft Heinz Company, Cargill, Incorporated, ConAgra Foods inc., BRF SA, OSI Group, LLC., Tönnies Group, SYSCO Corp., Smithfield Foods Inc., The Scottish Goat Meat Company, and Irish Country Meats.

Beef is the most preferred red meat. The lamb is majorly consumed in the U.S., while mutton is consumed mostly in the Middle East and Europe. The supermarkets/hypermarkets are the leading distribution channel due to the distinct shelves availability of red meat products offered by them, coupled with various discount schemes on bulk buying. The specialty stores offer exclusive varieties of red meat. The online retail stores are gaining popularity among consumers. Manufacturers and retailers are thereby focussing on online purchasing platforms via mobile applications and websites to improve the consumers' buying experience.

Regional Analysis:

North America is one of the leading markets owing to its substantial consumer base of beef and other red meats. The U.S. is the largest beef importer in the region that accounts for 16% of the total beef import globally in 2018. The increased demand of consumer for processed meat like sausages and pastrami has also aided in significant market growth. The rise in convenience food consumption in the region among the working population and younger cohort has positively impacted the sales performance of red meat. The improved supply chain of red meat is also expected to drive the market.

The Asia Pacific is anticipated to witness significant growth in the forthcoming years due to countries such as China and India that are among the leading producers of beef, veal, and pork. China is the largest global producer as well as consumer of pork. A considerable increase in the disposable income levels of the consumers, coupled with their changing taste preferences, is supporting the market growth in the region.

Europe is expected to witness significant growth in the red meat market in the foreseeable future because of rising red meat consumption in countries such as U.K and France. The preferred meat variant in the European region is pork, according to a survey conducted by the European Commission’s Agriculture and Rural Development in 2018 with the per capita consumption of 40kg.

Segmentation

 Key Industry Developments

• In October 2019, KIT a Brazilian-based meat manufacturing company signed a joint venture with Garra International to strengthen both the companies sales performance in regions such as Brazil, Paraguay, New Zealand, Egypt, UAE, The U.S. and Australia.


• In August 2019, Pilgrims’s Pride corp. a subsidiary of Brazil-based JBS S.A. announced its acquisition of Tulip ltd. Which is the U.K’s largest pork producer to expand its red meat market in the European regions.