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The global meat and poultry market is anticipated to be driven by the increasing consumption of meat and poultry across the globe. The meat and poultry are very rich sources of protein that is required to ensure a balanced diet. Proteins are one of the three nutrients that provide calories (the others are fat and carbohydrates). Proteins function as building blocks for bones, muscles, cartilage, skin, and blood. They are also building blocks for enzymes, hormones, and vitamins.
The consumption of an adequate amount of animal products makes it easier to ensure a good diet. Poultry, pork, beef, and lamb are some of the types of meat that are widely consumed worldwide. The high popularity of Poultry meat due to its low price compared to red meats is expected to be the primary driver of market growth. The prominent meat product market players are embarking upon the utilization of meat and poultry from the companies that meet standards for animal welfare. For instance, Nestle, Panera Bread, Burger King, and other leading companies operating in the meat and poultry sector committed to using chicken raised under humane standards and to support slow-growing hens and removing antibiotics from their poultry supply chain.
The increasing consumption of meat and poultry worldwide is expected to drive this market in the forthcoming years. For instance, according to the Food and Agriculture Organization of the United Nations (FAO), global annual meat consumption per capita is expected to reach 35.3 kg retail weight equivalent (r.w.e.) by 2025, an increase of 1.3 kg (r.w.e.) compared to 2014. This additional consumption will consist mainly of poultry. Meat and poultry are a very rich source of many vitamins and minerals such as vitamin b12, iron, magnesium, zinc, and many others which are essential for proper body functioning. For instance, Vitamin B helps in building tissue and aid in forming red blood cells, iron can prevent anemia, Magnesium helps build bones and supports muscle function, and Zinc can support the immune system. The increasing popularity of meat and poultry among fitness enthusiasts as the least expensive source of protein instead of dietary supplements is anticipated to propel the market growth.
The increasing shift of consumers towards vegan and vegetarian diet is anticipated to restrain the market growth in the forthcoming years. The availability of vegan protein sources such as nuts, lentils, cereals, and many others is anticipated to hamper the market growth.
Key Market Driver -
Increasing Consumption of Meat and Poultry Worldwide
Key Market Restraint -
Rising Consumer Shift towards Vegan Diet
The prominent players operating in the global meat and poultry market are Cargill Meat Solutions, Tyson Foods, Inc, JBS USA, Cargill Meat Solutions, Smithfield Foods, Sysco Corp, Conagra Brands Inc., Hormel Foods Corp, National Beef Packing Co, Maple Leaf Foods, and Others.
Pork meat is expected to hold a significant share in global meat and poultry market in forthcoming years. Pork is the most commonly consumed red meat worldwide due to the increased domestic production, improved quality, and relatively low prices that have positioned pork as one of the favored meats. The variety of processed pork products such as ham, bacon, smoked pork, and sausages are available in the market which is expected to leverage the sale of pork meat positively. Furthermore, the increasing popularity of chicken among producers and consumers due to the low production costs and lower product prices is attributed to the rising demand for chicken. Chicken meat stands out for its flavor, versatility, and texture. The increasing commercial uses of chicken are expected to further drive the market growth. For instance, in September 2019, Jack Links, U.S. based protein snack company has expanded its product portfolio by the launch of two new meat bar variant viz., 100% beef bar and 100% chicken bar.
The commercial utilization of meat and poultry is anticipated to hold a prominent market share in the global market of meat and poultry. The increasing demand for processed meat products such as nuggets, burgers, meatballs, sausages, and hotdogs is expected to leverage the market positively. Furthermore, expanding the foodservice industry and rising number of hotels, restaurants, and cafes worldwide is expected to increase the commercial uses of meat and poultry during the forecast period.
Asia Pacific is anticipated to witness significant growth in the global market of meat and poultry. Asian buyers’ positive perception of less intensively produced and disease-free bovine meat is expected to remains a major driver of market growth within the region. Countries such as China, India, Indonesia, and others where the population is growing rapidly along with urbanization are anticipated to boost the demand for meat and poultry. China is one of the largest meat producers worldwide. China’s production is expected benefit mostly from growing economies of small scale production units and gradually expanding commercial enterprises. Furthermore, Australia and New Zealand are some of the leading producers of sheepmeat. The increasing demand for sheepmeat is anticipated to positively impact market growth.
North America is predicted to witness considerable growth in the global meat and poultry market. According to The National Chicken Council (NCC), a national association dedicated to the chicken industry, the average American consumed an estimated 93.5 pounds of chicken in 2018. The average beef and pork consumption for the year was only 56.9 and 50.1 pounds, respectively, making chicken still the most popular meat in the country. Chicken has been the popular go-to meat option for those who are trying to develop muscle while also trying to reduce fat and lose weight. Increasing meat and poultry demand within the region is attributed to the higher income and rising awareness about the health benefits of animal protein intake in regular diets.
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