The global meat market is estimated to grow by USD190.29bn during 2021-2025, progressing at a CAGR of almost 4% during the forecast period, according to a new report by research company Technavio.
The COVID-19 pandemic continues to transform the growth of various industries; however, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. COVID-19 will have a high impact on the meat market, the authors note.
The market is still driven by new product launches, but increasing livestock disease outbreaks will challenge growth. In terms of regions, 33% of the market’s growth will originate from APAC during the forecast period.
On the short term, Technavio estimates that the meat market will grow by 3.45% in 2021.