Newark, Aug. 01, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 800 billion in 2023 global red meat market will reach USD 1184.19 billion in 2033. Mammal flesh is what is known as red meat. Mammals include pigs, sheep, goats, and cattle. The name "red meat" comes from the characteristic red colour of their muscle fibres. Their nutrient profiles, flavours, densities, textures, and aromas are different. All of them, nevertheless, are excellent sources of protein. They also include a few essential minerals and vitamins. In the majority of meals, they serve as the main source of protein in all cuisines. Eating red meat supports immune system function, muscle growth, healing, and general physical health. They belong to different cultural groups. They are prepared in a multitude of ways, showcasing their adaptability and versatility. They are an essential component of the food business and are processed.
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Key Insight of the Global Red meat Market
North America will dominate the market during the forecast period.
An established and significant industry in the area, cattle breeding for meat production supplies high-quality beef products to the supply chain. Additionally, the market's expansion is aided by consumer demand and the large-scale processing industries. Red meat is guaranteed to be accessible and readily available in the area given the wide distribution network. The growth of the regional market is also facilitated by technological advancements that enable better output. The government provides regulatory assistance to the red meat business, which is beneficial to the sector because it creates jobs and boosts the national economy. Tight food laws guarantee the security and safety of food products, fostering customer confidence and driving up demand for red meat.
In 2023, the beef segment dominated the market with the largest market share of 39% and revenue of 312 billion.
The product type segment is divided into beef, veal, lamb, mutton, pork, goat, venison and others. In 2023, the beef segment dominated the market with the largest market share of 39% and revenue of 312 billion.
In 2023, the offline segment dominated the market with the largest market share of 80% and revenue of 640 billion.
The distribution channel segment is divided into offline and online. In 2023, the offline segment dominated the market with the largest market share of 80% and revenue of 640 billion.
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 4% |
| 2033 Value Projection | USD 1184.19 Billion |
| Market Size in 2023 | USD 800 Billion |
| Historical Data | 2020-2022 |
| No. of Pages | 238 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | Product Type and Distribution Channel |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Red Meat Market Growth Drivers | Nutritional benefits of red meat |
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Advancement in market
Nigeria wants to trade for dollars, and Saudi Arabia has indicated interest in acquiring 200,000 tons of red meat and one million tons of soybeans from the African nation each year. Nigeria was looking for trade partnerships in order to generate foreign money following severe dollar shortages that negatively impacted the country's economy and sent the value of the naira to all-time lows. Nigeria has been working to increase non-oil exports in order to protect its economy from fluctuations in the price of oil. The country's main export markets are petrol and oil. Following a visit to Nigeria and conversations with the nation's agribusiness entrepreneurs, Saudi Arabia became interested.
Market Dynamics
Driver: Red meat's nutritional advantages.
Red meat has a high nutritional content. It is rich in essential vitamins and minerals, protein, and amino acids. Red meat guarantees the best possible muscular building, immune system support, and general wellness when it is incorporated into a daily diet. The market gains from red meat's use as the main source of protein in most cuisines. Worldwide cultural celebrations are linked to meat, which increases demand for the food. The demand for red meat in a regular diet has increased due to growing awareness about health, nutrition, and wellness; this is especially true with the growing popularity of Pilates, jogging, and gyms. Fitness influencers on social media emphasise the value of protein in diets and promote meat as the best option for meeting daily protein and calorie requirements. This highlights the relevance of social media in the fitness industry. Red meat is therefore in more demand due to rising health and wellness consciousness since it is thought to be a vital nutrient that should be a part of a regular diet.
Restraints: Red meat's detrimental effects on health.
Consumers are becoming more concerned as more research shows a link between eating red meat and other diseases including diabetes, high cholesterol, and others. To prevent these health problems, scientists and health organisations advise cutting back on red meat intake and switching to a plant-based diet. Additionally, people are becoming more conscious of the detrimental consequences red meat has on their health. Diets low in meat or plant-based, such as vegetarian or vegan, are becoming more and more popular. Furthermore, with takeaway spending on the rise, processed meat is the primary reason of concern for cardiovascular ailments. Consequently, red meat's detrimental effects on health will impede market expansion.
Opportunities: increased meat product advertising and promotion.
Growing consumer understanding of nutrition and diet has prompted industry participants to spend money on advertising and promotion initiatives that showcase the nutrient makeup and overall health advantages of their goods in an effort to boost sales. In order to draw in ethically aware customers, these marketing strategies emphasise the high standards of quality, ethical sourcing procedures that were adhered to when procuring meat products, as well as the sustainable measures that were implemented. To promote their products' quality, adaptability, flavour, freshness, and any other USPs, market participants also work with social media influencers, home cooks, culinary experts, food bloggers, and vloggers. This collaboration helps the brands become more visible and boosts sales. Thus, during the projected period, the growing marketing and promotion campaigns by industry participants will support the expansion of the worldwide red meat market.
Challenges: Environmental and ethical concerns.
The meat industry is one of the significant contributors to the global greenhouse gas emissions which is the primary driver of global warming and climate change. There has been a growing consensus towards reducing greenhouse gas emissions to arrest climate change. Reduction in cattle breeding and meat production is one of the recommendations towards achieving this goal. There has been gradual shift towards plant-based diets with cumulative efforts of conscious consumers, government institutions, NGOs, scientific community and market players offering alternatives. Additionally, this shift is augmented with the growing concern about animal cruelty. Animal welfare organizations, activists and the youth are driving the demand for a ban on cruel animal practices, commercial cattle breeding and meat production. Therefore, the environmental and ethical concerns will challenge the market’s growth.
Some of the major players operating in the global red meat market are:
• BRF SA
• Cargill, Incorporated
• ConAgra Foods Inc.
• Hormel Foods Corporation
• JBS Foods
• Kraft Heinz Company
• OSI Group, LLC.
• SYSCO Corp.
• Tyson Foods, Inc.
• W.H. Group
Key Segments covered in the market:
By Product Type
• Beef
• Veal
• Lamb
• Mutton
• Pork
• Goat
• Venison
• Others
By Distribution Channel
• Offline
• Online
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analysed based on value (USD Billion). All the segments have been analysed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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