The meat market is poised to grow by USD190.29bn during 2021-2025, progressing at a CAGR of almost 4% during the forecast period.
According to a recent Technavio report, the industry is primarily driven by new product launches, with pork being the top category when segmented by product. Growth will be hampered, though, by rising outbreaks of cattle diseases. Additionally, during the projection period, APAC will account for 33% of market growth.
Although the COVID-19 pandemic is still changing how many different businesses are growing, the outbreak’s initial effects have differed. While some industries experienced a decline in demand, many others remained unaffected and displayed encouraging development potential. According to the report, COVID-19 has had a significant impact on the meat market.
The market is fragmented, and during the forecast period, the level of fragmentation will increase. Some of the key market players include BRF Global, Cargill Inc., Clemens Food Group, Conagra Brands Inc., Hormel Foods Corp., JBS USA Food Co., NH Foods Ltd., Sysco Corp., Tyson Foods Inc., and WH Group Ltd.
Find out more at: https://www.technavio.com/