Recently, meat prices in the U.S. have been on the rise due to factors including weather, international economic and political tensions, and growing global demand. Marketers increasingly look to branding as a way to create a competitive advantage in what for a long time had been a commodity market. Organic and natural products are increasingly in demand, and those who can afford to pay more are showing a willingness to do so for what are perceived as better-for-you products. Looking ahead, it will be increasingly important for marketers to offer meat from sustainable sources.
Seattle, WA -- (SBWIRE) -- 11/15/2019 -- Industry Insights:
Growing population results in increased consumer goods demand which is anticipated to ultimately contribute towards enhancing the supply of Meat and Poultry products. The growing consumer awareness and preferences for high-quality attributes of meat is expected to steer the global meat industry.
Within last five years, global population has been increased rapidly, cited mostly in the Middle East and Africa. Frequent chicken consumers tend to be younger and more ethnically diverse, live in larger households, and have lower incomes compared to the average consumers. Generation Xers and baby boomers cook chicken at home more often than millennials do, but the younger generation is twice as likely to eat pre-cooked chicken at grocery store cafés. According to the U.N. Food & Agricultural Organization, the global population is projected to increase to 9.8 billion until 2050. As per the report, half of the population growth is estimated to be mostly concentrated in India, Congo, Pakistan, Nigeria, the U.S., Ethiopia, Indonesia, and Uganda. GDP growth rate for emerging economies in between 2012 to 2016 saw steady growth.
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Owing to the sluggish economy during 2014 to 2015, several nations were inversely affected in terms of industrial development and trade activities. However, the global economy witnessed a recovering rate of growth in 2016. Development in GDP and disposable income has created a substantial growth potential for premium quality Meat and Poultry-based foods.
The changing lifestyles that encourage on-the-go eating and a growing trend to replace meals with smaller nutritional snacks have led to an increase in the adoption of ready-to-eat and processed meat products in their daily diet. Growing consumer knowledge about protein ingredients and branding efforts undertaken by major manufacturers across the globe is expected to shift consumer perception, that the Meat and Poultry are healthier sources for proteins as compared to vegetarian diet.
Regional Insights:
Asia Pacific accounted for a share of 75.2% in terms of the total volume in 2016 and is expected to witness fastest growth with a significant CAGR over the forecast period. This region is primarily characterized with the rising per capita income and the increasing demand for salmon and other seafood products in addition to the Meat and Poultry.
Countries such as India, China, Indonesia, Philippines, and Thailand have witnessed rapid growth in terms of industrial and trade activities. Rise in living standards along with increasing population have steered the market demand for meat in the region. Consumers are shifting their diet preferences towards natural Meat and Poultry products, due to increasing awareness towards health and lifestyle.
UK, Russia, France, Germany and Spain dominated the European Meat and Poultry market. Demand in the region is expected to rise owing to the new products introduced and increasing awareness of healthy products.
Major consumers of meat in Germany belonged to millennial groups. The growing consumer segment of millennials and rise in awareness for protein-enriched food among its citizens is anticipated to drive the meat demand in the country over the next eight years.
Meat and Poultry Market Share Insights:
Owing to its significant market growth prospects, the global Meat and Poultry industry is expected to witness substantial competitiveness over the forecast period. Major companies involved in the sector include ConAgra, Tyson Foods, Hormel Foods, Cremonini Group. Other key participants include Sanderson Farms, J.M. Smucker, Cargill, Beijing Aosiyun Meat Foodstuff, Sanderson Farms, Baiada Pty Ltd.
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