Meat Industry - Size and Share Analysis - Growth Trends and Forecasts (2024 - 2029)

Animal Husbandry and Meat Market Analysis

The livestock and meat market size is expected to be USD 487.46 billion in 2024 and is expected to reach USD 637.7 billion by 2029, registering a CAGR of 5.52% during the forecast period (2024-2029). The limited land and water resources available for animal feed production, as well as the increasing use of these resources for food, are driving the demand for animal feed across the meat industry. Countries such as India, China, Brazil, and Russia are among the fastest-growing economies in the world. The increase in per capita income is expected to shift dietary preferences towards protein-rich diets. However, it is expected that there will still be significant differences in meat consumption patterns around the world due to cultural, religious, and other consumer preference factors in different countries. Globally, population growth trends are also supporting the growth of the world meat and seafood market. Meat consumption is expected to grow the fastest in the Asia-Pacific and Latin America regions, owing to changes in dietary patterns, increasing protein intake, urbanization, demographics, and economic growth. For instance, according to the OECD Agricultural Statistics Report 2022, the global supply of protein in poultry, pork, beef, and lamb is expected to grow by 16%, 17%, 8%, and 16%, respectively, by 2031.

Livestock and Meat Market Trends

The demand for animal protein is increasing

According to the World Health Organization, annual meat production is expected to increase from 218 million tons in 1997-1999 to 376 million tons in 2030 due to the growing demand for protein-rich foods among consumers around the world. The increasing demand for animal protein, coupled with the increasing consumer preference for low-fat and high-protein diets, has led to a significant increase in the consumption of animal protein across the globe.  This trend is driven by the influence of Western cuisine on Africa, the Asia-Pacific region, and especially the Middle East. According to the OECD-FAO Agricultural Outlook 2022 report, global poultry meat consumption is expected to increase to 154 million tonnes during the forecast period, accounting for nearly half of the new meat consumption. On a per capita basis, the strong growth in poultry consumption reflects the important role that poultry plays in the national diets of some of the most populous developing countries, including China, India, Indonesia, Malaysia, Pakistan and Peru. Source: https://www.mordorintelligence.com/zh-CN/industry-reports/global-live-stock-and-meat-market-industry

Asia-Pacific is the fastest-growing market

The growth of meat production in developing countries in the Asia-Pacific region has led to high growth in the livestock and meat industry as a whole. China is the world's largest meat producer, followed by the United States, the European Union, Brazil, and Russia. Globally, the expansion of the livestock sector is likely to be facilitated by the expansion and consolidation of production units towards more integrated systems, especially in emerging developing countries.  This trend is due to changes in the eating patterns of Chinese consumers due to busy lifestyles and rising disposable incomes. With the growth in income, the consumption of processed meat has been steadily increasing, thereby driving the meat market in the country. Poultry meat is likely to continue to be the main driver of meat production, reaching 16% by 2031. With a favorable price-to-feed ratio and short production cycles compared to other ruminants, poultry producers can respond quickly to market signals while undertaking rapid improvements in genetics, animal health and feeding methods by the board. Continued productivity gains in China, India, and Indonesia are likely to expand production. China's demand for food and meat continues to grow in quantity and quality. With local meat supply constrained by land, feed, water and supply chain issues, China must import a significant portion of its meat from Australia, Brazil, Uruguay and Argentina. With China's increasing modernization and urbanization, the demand for Western-influenced low-temperature meat products, such as bacon and ham products, is driving the meat market. The growing production of lamb is likely to come from Asia, led by China, India and Pakistan. However, significant growth is also expected in Africa, particularly in the least developed countries of sub-Saharan Africa. Although some countries are limited by urbanization, desertification, and feed availability, sheep and goats are well adapted to the region thanks to their extensive production systems.