Meat Products Market

Tyson Foods, Inc. (Arkansans), Hormel Foods Corporation (US) and Vion Group (Netherlands) are leading players in Meat Products Market

The meat products industry, currently valued at USD 44.3 billion in 2023 and poised to achieve an 9.2% CAGR, reaching USD 68.9 billion by 2028, is experiencing transformative shifts and innovations. The global market for meat products is an ever-changing and varied segment within the food industry, comprising items such as beef, poultry, pork, lamb, and processed meats. In recent years, there has been a consistent rise in the demand for meat products, propelled by various factors, and this trend shows no signs of slowing down.

A key factor fuelling this increased demand is the continual growth of the world's population, especially in emerging markets. As populations expand and disposable incomes increase, there is a corresponding rise in the consumption of meat as a primary source of protein. Urbanization is another significant driver, reshaping dietary preferences as more individuals move to cities, leading to a preference for processed and convenient meat products that cater to busy lifestyles.

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While the absolute production of major meat types has consistently risen, there have been significant changes in the proportional distribution of global meat types over the past five decades. In 1961, poultry meat represented merely 12 percent of the total global meat production. However, by 2013, its proportion had nearly tripled, reaching approximately 35 percent. In contrast, the collective share of beef and buffalo meat in the overall meat production has nearly halved, currently standing at around 22 percent. Pigmeat's share has remained relatively stable, fluctuating between 35-40 percent over the same period.

The highest meat consumption is observed in high-income countries, with Australia having the largest meat consumers, averaging around 116 kilograms per person in 2013. The average person in Europe consumes nearly 80 kilograms, while in North America, the average consumption exceeds 110 kilograms. However, consumption patterns in high-income countries have shown slower changes, with many remaining stagnant or even decreasing over the past five decades. In Africa, meat consumption trends exhibit significant variation. Some countries have per capita consumption as low as 10 kilograms, approximately half of the continental average. Conversely, higher-income nations like South Africa have meat consumption ranging between 60 and 70 kilograms per person. The composition of worldwide meat markets has been notably influenced by a substantial reduction in pigmeat consumption, primarily attributed to the outbreak of African Swine Fever (ASF) in China that commenced in 2018. The Food and Agriculture Organization (FAO) anticipates that China's per capita consumption will revert to pre-outbreak levels by 2023 as the effects on domestic availability diminish and per capita consumption resumes its long-term trajectory. The modernization of supply chains, advancements in genetics, coupled with heightened investments in expansive production facilities, are expected to lower production costs, enhance productivity, and facilitate a recovery in meat consumption within China.

Tyson foods, Inc.

Tyson Foods, Inc. (NYSE: TSN) is a global food corporation renowned as a leading figure in the protein industry worldwide. Established in 1935, the company, now under its fourth generation of family leadership, has solidified its position as a major player in the food sector. Headquartered in Springdale, Arkansas, Tyson Foods boasts a workforce of approximately 142,000 employees. With a diverse array of products and brands catering to different markets, including Tyson, Jimmy Dean, Hillshire Farm, Ball Park, Wright, Aidella, IBP, and State Fair, the company is committed to innovation. This commitment is evident in their continuous efforts to enhance the sustainability of protein production, tailor products to meet global market demands, and set higher standards for the positive impact of quality food.

Tyson Foods operates across four primary segments: Beef, Pork, Chicken, and Prepared Foods. The International/Other category encompasses international operations and additional activities. In the Beef segment, the company processes live fed cattle into primal and sub-primal meat cuts, supplying a diverse range of products to both domestic and international markets. The Pork segment focuses on processing live market hogs, transforming pork carcasses into various products, while the Chicken segment involves the raising and processing of live chickens, offering fresh, frozen, and value-added chicken products. With a significant global footprint, Tyson Foods has a presence in approximately 140 countries and regions. The company conducts operations and holds interests in various countries, including China, the Netherlands, Australia, Mexico, Malaysia, and more.

Hormel Foods Corporation

Hormel Foods Corporation, a Delaware-based entity established in 1891, has grown into a prominent figure in the global food industry, with its headquarters in Austin, Minnesota. The company's primary focus lies in the processing, manufacturing, and distribution of branded, value-added consumer food products, underpinned by a commitment to quality, innovation, and integrity.

As a leading player in the global food market, Hormel Foods has a significant presence in over 80 countries and boasts an impressive annual revenue surpassing USD 12 billion. Its journey of growth and diversification has been shaped by a blend of organic expansion and strategic acquisitions. Internationally, Hormel Foods Corporation utilizes its wholly owned subsidiary, Hormel Foods International Corporation (HFIC), to market products in major global markets such as Australia, Brazil, Canada, China, England, Japan, Mexico, Micronesia, the Philippines, Singapore, and South Korea.

Vion Group

Based in Boxtel, the Netherlands, Vion Group is a prominent international player in both the meat and plant-based alternative industries. With a strong foothold in the Netherlands, Germany, and Belgium, Vion has emerged as a significant entity in the global market. The company operates through four distinct business units—Pork, Beef, Food Service, and Retail—offering a comprehensive array of products that include fresh pork, beef, meat products, plant-based alternatives, and valuable by-products. These products cater to a wide range of sectors, encompassing retail, food service, and the meat processing industry.

Beyond its well-established production facilities, Vion boasts a global presence with sales support offices and representatives spanning 16 countries worldwide. This expansive international reach reflects the company's dedication to serving a diverse customer base and addressing the unique demands of various regions.

Related Reports:

Meat Products Market by Animal (Beef, Pork, Poultry) Type (Processed, Frozen, Canned/Preserved, Chilled, Fresh), Distribution Channel (Retail, FoodService, E-Commerce), Nature, Packaging and Region - Global Forecast to 2028

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Meat Products Market Size,  Share & Growth Report
Report Code
FB 8867
RI Published ON
11/24/2023
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