Meat Market

The global meat market is projected to see continued growth in consumption, production, imports, and exports over the next eight years. China leads in both consumption and production, with the United States and Brazil also significant players. Pork and beef are the dominant products in terms of volume and value. Prices vary by product type and country of origin. Overall, the market is expected to see steady growth in the near future.

Market Forecast

Driven by increasing demand for meat worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +0.8% for the period from 2022 to 2030, which is projected to bring the market volume to 235M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.9% for the period from 2022 to 2030, which is projected to bring the market value to $1,338.8B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Meat

In 2022, consumption of meat increased by 1.3% to 220M tons, rising for the second year in a row after two years of decline. The total consumption volume increased at an average annual rate of +1.0% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 7.3%. Over the period under review, global consumption reached the maximum volume in 2022 and is expected to retain growth in the immediate term.

The global meat market revenue declined to $1,064.4B in 2022, waning by -3.3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.5% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. Global consumption peaked at $1,101.2B in 2021, and then reduced modestly in the following year.

Consumption By Country

The country with the largest volume of meat consumption was China (74M tons), comprising approx. 34% of total volume. Moreover, meat consumption in China exceeded the figures recorded by the second-largest consumer, the United States (24M tons), threefold. Brazil (13M tons) ranked third in terms of total consumption with a 5.8% share.

From 2012 to 2022, the average annual growth rate of volume in China amounted to +1.2%. In the other countries, the average annual rates were as follows: the United States (+1.2% per year) and Brazil (+1.3% per year).

In value terms, China ($410.1B) led the market, alone. The second position in the ranking was taken by the United States ($127.8B). It was followed by Brazil.

In China, the meat market increased at an average annual rate of +2.3% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of market growth: the United States (+2.4% per year) and Brazil (+0.4% per year).

The countries with the highest levels of meat per capita consumption in 2022 were Spain (81 kg per person), Argentina (73 kg per person) and the United States (72 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Mexico (with a CAGR of +1.7%), while consumption for the other global leaders experienced more modest paces of growth.

Consumption By Type

The products with the highest volumes of consumption in 2022 were pork (122M tons), beef (cattle meat) (75M tons) and lamb and sheep meat (10M tons), together comprising 94% of global consumption.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consumed products, was attained by lamb and sheep meat (with a CAGR of +2.0%), while consumption for the other products experienced more modest paces of growth.

In value terms, the largest types of meat in terms of market size were pork ($480.1B), beef (cattle meat) ($421.3B) and lamb and sheep meat ($77.1B), together accounting for 92% of the global market.

Among the main consumed products, lamb and sheep meat, with a CAGR of +3.4%, recorded the highest growth rate of market size over the period under review, while market for the other products experienced more modest paces of growth.

Production

World Production of Meat

In 2022, production of meat increased by 1.4% to 221M tons, rising for the second consecutive year after two years of decline. Over the period under review, production continues to indicate a mild expansion. The most prominent rate of growth was recorded in 2021 when the production volume increased by 7% against the previous year. Global production peaked in 2022 and is expected to retain growth in years to come. The general positive trend in terms output was largely conditioned by a modest increase of the number of producing animals and slight growth in yield figures.

In value terms, meat production dropped to $1,083.3B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.4% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 with an increase of 17% against the previous year. Global production peaked at $1,141.8B in 2021, and then reduced in the following year.

Production By Country

The country with the largest volume of meat production was China (70M tons), comprising approx. 31% of total volume. Moreover, meat production in China exceeded the figures recorded by the second-largest producer, the United States (26M tons), threefold. Brazil (16M tons) ranked third in terms of total production with a 7.1% share.

In China, meat production remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (+1.1% per year) and Brazil (+2.2% per year).

Production By Type

The products with the highest volumes of production in 2022 were pork (122M tons), beef (cattle meat) (76M tons) and lamb and sheep meat (10M tons), together comprising 94% of global production.

From 2012 to 2022, the biggest increases were recorded for lamb and sheep meat (with a CAGR of +1.8%), while production for the other products experienced more modest paces of growth.

In value terms, pork ($473.2B), beef (cattle meat) ($442.4B) and lamb and sheep meat ($77.1B) appeared to be the products with the highest levels of production in 2022, with a combined 92% share of global production. Goat meat, meat of camels and other animals, horse, mule and donkey meat and rabbit or hare meat lagged somewhat behind, together comprising a further 8.4%.

Among the main produced products, horse, mule and donkey meat, with a CAGR of +5.1%, saw the highest growth rate of market size over the period under review, while production for the other products experienced more modest paces of growth.

Yield

The global average meat yield reduced modestly to 61 kg per head in 2022, flattening at the previous year. In general, the yield, however, showed mild growth. The growth pace was the most rapid in 2021 when the yield increased by 5.9% against the previous year. As a result, the yield reached the peak level of 61 kg per head, leveling off in the following year.

Producing Animals

In 2022, global number of animals slaughtered for meat production expanded to 3.6B heads, increasing by 2% compared with the previous year's figure. Over the period under review, the number of producing animals continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the number of producing animals increased by 2.8% against the previous year. The global producing animals peaked at 3.8B heads in 2015; however, from 2016 to 2022, producing animals stood at a somewhat lower figure.

Imports

World Imports of Meat

In 2022, after ten years of growth, there was decline in supplies from abroad of meat, when their volume decreased by -3.6% to 25M tons. The total import volume increased at an average annual rate of +2.7% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2020 when imports increased by 6.2% against the previous year. Global imports peaked at 26M tons in 2021, and then reduced in the following year.

In value terms, meat imports expanded significantly to $112.4B in 2022. The total import value increased at an average annual rate of +4.0% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of 10% against the previous year. Over the period under review, global imports hit record highs in 2022 and are expected to retain growth in years to come.

Imports By Country

In 2022, China (4.8M tons), distantly followed by the United States (1.7M tons), Japan (1.6M tons), Italy (1.4M tons), Mexico (1.3M tons) and Germany (1.1M tons) represented the key importers of meat, together achieving 48% of total imports. South Korea (1,068K tons), Poland (761K tons), the Netherlands (717K tons), France (707K tons), the UK (614K tons), the Philippines (564K tons) and Romania (376K tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the meat imports, with a CAGR of +21.1% from 2012 to 2022. At the same time, the Philippines (+14.7%), Romania (+8.4%), Mexico (+6.6%), the United States (+4.7%), South Korea (+4.6%), Poland (+2.7%) and Japan (+1.8%) displayed positive paces of growth. Italy, the Netherlands and the UK experienced a relatively flat trend pattern. By contrast, France (-1.2%) and Germany (-1.8%) illustrated a downward trend over the same period. While the share of China (+16 p.p.), Mexico (+1.7 p.p.) and the Philippines (+1.5 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of Italy (-1.8 p.p.) and Germany (-2.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($23.7B) constitutes the largest market for imported meat worldwide, comprising 21% of global imports. The second position in the ranking was held by the United States ($11.1B), with a 9.9% share of global imports. It was followed by Japan, with a 7.3% share.

In China, meat imports expanded at an average annual rate of +30.5% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: the United States (+7.9% per year) and Japan (+0.2% per year).

Imports By Type

Pork (13M tons) and beef (cattle meat) (10M tons) prevails in imports structure, together committing 94% of total imports. It was distantly followed by lamb and sheep meat (1.2M tons), making up a 4.9% share of total imports.

From 2012 to 2022, the biggest increases were recorded for beef (cattle meat) (with a CAGR of +3.2%), while purchases for the other products experienced more modest paces of growth.

In value terms, beef (cattle meat) ($67.1B), pork ($34.5B) and lamb and sheep meat ($9.2B) appeared to be the products with the highest levels of imports in 2022, together comprising 99% of global imports.

Among the main imported products, beef (cattle meat), with a CAGR of +5.8%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other products experienced more modest paces of growth.

Import Prices By Type

In 2022, the average meat import price amounted to $4,568 per ton, with an increase of 9% against the previous year. Over the last decade, it increased at an average annual rate of +1.3%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by the product type; the product with the highest price was lamb and sheep meat ($7,600 per ton), while the price for pork ($2,690 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by goat meat (+3.0%), while the other products experienced more modest paces of growth.

Import Prices By Country

In 2022, the average meat import price amounted to $4,568 per ton, increasing by 9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.3%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United States ($6,426 per ton), while the Philippines ($2,272 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+7.7%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Meat

In 2022, after ten years of growth, there was decline in shipments abroad of meat, when their volume decreased by -2.7% to 25M tons. The total export volume increased at an average annual rate of +2.4% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2019 when exports increased by 5.5%. The global exports peaked at 26M tons in 2021, and then declined in the following year.

In value terms, meat exports rose markedly to $113.2B in 2022. The total export value increased at an average annual rate of +3.9% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 when exports increased by 12% against the previous year. The global exports peaked in 2022 and are expected to retain growth in the near future.

Exports By Country

The biggest shipments were from the United States (3.1M tons), Brazil (3M tons), Spain (2.4M tons), Germany (1.7M tons), the Netherlands (1.5M tons), Canada (1.5M tons), Australia (1.4M tons), Denmark (1.2M tons), India (1.1M tons), New Zealand (0.9M tons), Belgium (0.8M tons) and France (0.7M tons), together recording 77% of total export. Poland (733K tons) took a minor share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Brazil (with a CAGR of +7.6%), while the other global leaders experienced more modest paces of growth.

In value terms, the United States ($15.7B), Brazil ($14.2B) and Australia ($10.6B) were the countries with the highest levels of exports in 2022, with a combined 36% share of global exports.

Among the main exporting countries, Brazil, with a CAGR of +9.3%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

Pork (13M tons) and beef (cattle meat) (11M tons) prevails in exports structure, together comprising 94% of total exports. It was distantly followed by lamb and sheep meat (1.2M tons), committing a 4.9% share of total exports.

From 2012 to 2022, the biggest increases were recorded for beef (cattle meat) (with a CAGR of +3.3%), while shipments for the other products experienced more modest paces of growth.

In value terms, beef (cattle meat) ($68.5B) remains the largest type of meat supplied worldwide, comprising 60% of global exports. The second position in the ranking was held by pork ($34.1B), with a 30% share of global exports. It was followed by lamb and sheep meat, with an 8.1% share.

For beef (cattle meat), exports increased at an average annual rate of +5.7% over the period from 2012-2022. For the other products, the average annual rates were as follows: pork (+1.1% per year) and lamb and sheep meat (+5.1% per year).

Export Prices By Type

The average meat export price stood at $4,510 per ton in 2022, rising by 8.2% against the previous year. Over the last decade, it increased at an average annual rate of +1.5%. The most prominent rate of growth was recorded in 2021 when the average export price increased by 11%. The global export price peaked in 2022 and is likely to see steady growth in the near future.

There were significant differences in the average prices amongst the major exported products. In 2022, the product with the highest price was meat of camels and other animals ($7,415 per ton), while the average price for exports of pork ($2,682 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by lamb and sheep meat (+3.5%), while the other products experienced more modest paces of growth.

Export Prices By Country

In 2022, the average meat export price amounted to $4,510 per ton, surging by 8.2% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.5%. The pace of growth appeared the most rapid in 2021 when the average export price increased by 11%. The global export price peaked in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Australia ($7,372 per ton), while Denmark ($2,775 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+4.5%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform