Northbrook, IL 60062 -- (SBWIRE) -- 12/04/2023 -- The global meat products market is set to experience substantial growth, with an estimated value of USD 44.3 billion in 2023, projected to reach USD 68.9 billion by 2028. According to a report by MarketsandMarkets, the market is expected to witness a CAGR of 9.2% during the forecast period. Poultry consumption has notably increased across various countries, driven by factors such as affordability, product consistency, adaptability, and higher protein content with lower fat. Densely populated developing countries like China, India, Indonesia, and others contribute significantly to this growth.

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The food service segment, particularly in restaurants, is anticipated to experience remarkable growth with the highest CAGR. Factors such as culinary innovation, convenience, social experiences, and changing consumer preferences are influencing the increasing demand for meat-based dishes in restaurants. The diverse offerings in various food service types cater to different tastes and cultural preferences, attracting customers seeking a broad selection of meat options.

The frozen segment has emerged as a pivotal force, steering the market's momentum. Busy lifestyles have led consumers to prioritize convenience and time efficiency, making frozen meat products a popular choice. The flash-freezing method ensures convenience, extends shelf life, and preserves nutritional content. Advances in freezing technologies contribute to enhancing the overall quality of frozen meat products, meeting the demand for diverse culinary experiences.

The United States is expected to maintain its dominant position in the North American meat products market, exhibiting higher per capita consumption and expenditure on meat. The market landscape in the US includes various categories such as chilled raw packaged meat, fresh meat, frozen meat, and cooked meats. Hypermarkets & supermarkets, food & drinks specialists, and convenience stores are the leading distribution channels, with rigid plastics being the most utilized packaging material.

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Prominent industry players like Cargill, Hormel Foods Corporation, Verde Farms, and Lopez Foods, Inc, are expected to play a substantial role in shaping the future of the meat products market. These companies have robust manufacturing facilities and well-established distribution networks across key regions, ensuring widespread product accessibility.

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