Red Meat Market size is forecast to reach $667.3 billion by 2026, growing at a CAGR of 9.4% during the forecast period 2021-2026. Red meat is obtained from farm-raised mammals such as pork, lamb, corned beef, mutton, veal, and goat. Red meat is high in protein, saturated fat, iron, zinc, lipoic acid, and B vitamins. Red meat contains high-quality protein with 20-24 grams of protein per 100 grams. Protein in red meat provides amino acids, which are necessary for bodily development, maintenance, and repair, as well as providing energy. Red meat is preferred over white meat from duck and fowl. The factors driving the market growth include rising consumption of protein-rich meat and a shift in customer preference for red meat due to its superior flavor and texture. People’s lifestyles are changing as their disposable income increases is set to further enhance the overall market development of the Red Meat Market for the period 2021-2026.
Red Meat Market Segment Analysis – By Type
Beef held the largest share in the Red Meat Market in 2020 and is estimated to grow at a CAGR 10.2% during the forecast period 2021-2026. Beef is one of the most popular types of meat. It is rich in high-quality protein, vitamins, and minerals. Corned beef is widely consumed beef owing to its nutritional values as it is preserved in brine, chopped and pressed and sold in tins. Corned beef is processed red meat made by bringing brisket in a salt and spice solution to flavor and tenderize it. It helps to improve muscle growth and maintenance also exercise performance. It is rich in iron hence it lowers the risk of anemia. Beef is estimated to register the highest CAGR over the period 2021-2026.
Red Meat Market Segment Analysis – By Distribution Channel
Supermarkets/Hypermarkets held the largest share in the Red Meat Market in 2020 and is estimated to grow at a CAGR of 9.7% during the forecast period 2021-2026. Supermarkets/Hypermarkets are easily accessible and offers a wide range of red meat products. Consumers are more inclined to purchase fresh meats from supermarkets/hypermarkets owing to their conventional tendency and positive perception of cost-effectiveness and a reliable supply of meat. Supermarkets/Hypermarkets offer various discount schemes on bulk buying. Supermarkets/Hypermarkets are estimated to register the higher CAGR over the period 2021-2026.
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Red Meat Market Segment Analysis – By Geography
North America dominated the Red Meat Market with a major share of 37.2% in 2020. This is owing to rising disposable income and increased intake of red meat in this region. According to the National Chicken Council of the United States, per capita red meat consumption in the United States in 2018 was 109.5 pounds. The U.S. was largest consumer and producer of beef across the globe in 2018. Furthermore, growing urbanization, hectic lifestyle people prefer processed meat which are contributing to the growth of the market in this region. However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2021-2026. The increased demand for processed meats such as sausages and pastrami in this region contributes to the region’s growth. China is the world’s greatest pork producer and consumer. The growing demand for packaged and processed foods is driving the growth of the market in this area.
Red Meat Market Drivers
Increasing Consumption of Red Meat
Increasing consumption of red meat such as pork, lamb, beef, mutton, veal, and goat is increasing the growth of the Red Meat Market. The demand for corned beef increase as it is convenient food product that is popular among consumers owing to benefits offer by them are long shelf life, and wider availability across the globe. Furthermore, in 2018, world consumed 60.9 million metric tons of beef and U.S. is the largest consumer of beef in the world. Thus, increasing the growth of the Red Meat Market during the forecast period 2021-2026.
Rising Awareness about Nutritional benefits of Red Meat
Growing awareness about nutritional benefit of red meat across the globe is increasing the growth of the Red Meat Market. Red meat is high in protein, vitamins, and minerals. Pork has the greatest protein level, with 29.41 gms of protein per 100gm of meat consumed. Thus, increasing the growth of the Red Meat Market during the forecast period 2021-2026.
Red Meat Market Challenges
Side Effects of Red Meat
Some of the factors that are set to impede the growth of the Red Meat Market are over consumption of red meat that increases the incidences of heart disease, colorectal cancer, and type 2 diabetes. Strong competition from white meat products primarily poultry and tuna fish as well as availability of plant based meat products also set to hinder the growth of the market.
Red Meat Market Outlook
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Red Meat Market. In 2020, the Red Meat Market share is consolidated by the top ten players present in the market. The Red Meat Market, top 10 companies are Tyson Foods Inc., W.H. Group, Cargill, BRF SA, Tonnies Group, SYSYCO Corp., Smithfield foods Inc., Kraft Heinz Company, Laboon Food Production Co. and Americana Foods Inc.
North America dominated the Red Meat Market in 2020 owing to rising disposable income of the people coupled with rising consumption of red meat in this region. The Red Meat Market scope for different regions will be provided in the final report.
Increasing demand for protein rich products are likely to aid the market growth of the Red Meat Market report.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Red Meat Market report.
Negative health effect of Red Meat and availability of tuna fish is poised to create the hurdles for the Red Meat Market.
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