The global meat, poultry and seafood market size was valued at USD 1,277.1 billion in 2021 and is expected to register a compound annual growth rate (CAGR) of 2.5% from 2022 to 2030. Meat, seafood & poultry consumption is still prevalent and is even increasing as the population grows, especially in developing economies such as India and China. According to the Organization for Economic Co-operation Development (OECD) and the Food and Agriculture Organization (FAO) report 2020, China is the world's largest provider of meat, with 77.9 million tons in 2020, followed by the U.S. with 48.7 million tons of meat. Such factors are likely to bode well with the future growth of the market.

The COVID-19 pandemic impacted the overall supply chain, resulting in increased prices for poultry, meat, and seafood products, which caused a socio-economic crisis worldwide. Initially, poultry, meat, and seafood product prices increased due to less production and increased demand because of panic buying. Whereas, later, both production and demand were significantly decreased due to lockdown restrictions and lower purchasing power of the consumers. Decrease in the labor force, restrictions in the transport of animals within and across the countries, and changes in the legislation of local and international export markets adversely impacted the overall industry.

The changing lifestyles that encourage on-the-go eating and a growing trend to replace meals with smaller nutritional snacks have led to an increase in the adoption of ready-to-eat and processed meat products. Growing consumer knowledge about protein ingredients and branding efforts undertaken by major manufacturers across the globe is expected to shift consumer perception, that meat, poultry, and seafood are healthier sources of proteins as compared to a vegetarian diet.

The emergence of new home delivery models has also propelled market growth and is expected to become a game changer during the forecast period. Many key supermarkets and companies in the market are collaborating with e-commerce retailers or launching their online delivery portals for at-home delivery services. For instance, in October 2021, Licious, an India-based startup offering fresh meat and seafood products online, raised USD 52 million in new financing funding and became the first direct-to-consumer startup to attain unicorn status and claimed that it’s grown over 500% in the previous year 2020.

The increased popularity of seafood products such as salmon owing to its omega-3 fatty acids, which offer health benefits and high protein-low fat for diet-conscious customers, is also driving the growth. In addition, there is an increased demand for farm-raised seafood attributed to the shifting preference toward sustainable farming and the environmental benefits associated with it. For instance, in August 2020, the Norway-based salmon farming and processing giant Mowi added a U.S.-centric seafood brand to its portfolio.

Growth trends such as product launches, campaigns, mergers & acquisitions result in increased product offering by the manufacturer and growth in overall sales. According to a report by the American Frozen Food Institute (AFFI) in 2021, consumer spending on frozen food spiked in April, and the frozen seafood sales category witnessed a spike of 19.1% through the first quarter of 2020 compared with the same period of 2019. Such facts likely to bode well with the future market growth

Detailed Segmentation:

Product Insights

The meat segment held the largest market share in 2021. According to an Agriculture and Horticulture Development Board report published in October 2021, the COVID-19 pandemic surged meat consumption and witnessed an increase in volume by 12% in 2020 as compared to 2019. Consumers of meat are increasingly purchasing meat products such as beef and pork for the health benefits they offer, particularly in providing more variety and a less processed meal.

Type Insights

The conventional segment held a larger market share in 2021, due to the availability of a wide range of products in this segment. According to an article published by Sentient Media in March 2021, meat & seafood consumption in the U.S. is growing and on average, Americans consume around 274 pounds of meat per year. Moreover, major retailers are acquiring small conventional suppliers which are likely to bode well for future growth. For instance, in March 2021, British retailer Morrisons acquired Cornish seafood company Falfish in order to improve the product range, quality, and availability of conventional fish and shellfish.

Form Insights

The frozen segment held the largest market share during the forecast period. Frozen meat, chicken, and seafood are one of the most commonly purchased grocery items due to their longer shelf-life. Additionally, increased product launches in this segment are likely to favor the overall growth. For instance, in February 2022, the Seara-food brand announced the launch of the marinated frozen chicken product range in the frozen foods category at Gulfood 2022. The new product range includes a frozen marinated whole chicken in three local flavors and the exclusive pre-marinated frozen tender whole chicken.

Distribution Channel Insights

Supermarkets and hypermarkets led the market and accounted for the largest revenue share in 2021. Manufacturers and key brands in the market are expanding their product segments by launching fresh, and frozen alternatives for consumers in supermarkets & hypermarkets due to the highest footfall of grocery shoppers at key supermarkets such as Tesco, Aldi, Target, and Walmart. For instance, in May 2020, Tesco launched barbeque focused fire pit meat range, which is a major new range of barbecue-focused marinated fresh meats and sides inspired by the U.S. pitmaster trend in Ireland and Great Britain.

Regional Insights

Asia Pacific accounted for the highest share in terms of the total value in 2021 and is expected to witness the fastest growth during the forecast period. This region is primarily characterized by the rising per capita income and the increasing demand for salmon and other seafood products in addition to meat and poultry. Countries such as India, China, Indonesia, the Philippines, and Thailand have witnessed rapid growth in terms of industrial and trade activities. The rise in living standards along with the increasing population has steered the market demand for meat in the region. Consumers are shifting their diet preferences towards natural meat, poultry & seafood products, due to increasing awareness of health and lifestyle.

Key Companies & Market Share Insights

Owing to its significant market growth prospects, the global meat, poultry, and seafood industry is expected to witness substantial competitiveness during the forecast period. The companies in the market have adopted the strategy of mergers and acquisitions to expand their business in the domestic as well as global markets.

• In December 2021, Organic Prairie launched organic seasoned ground beef, pre-seasoned with organic spices. The ground beef is raised without artificial pesticides, fertilizers, antibiotics, synthetic hormones, GMOs, or other synthetic contaminants and is USDA organic certified
• In August 2021, Frozen Fish Direct announced the launch of its new e-commerce website offering 200 different varieties of fresh seafood

 Key Players in the Meat, Poultry And Seafood Market

Some of the key players operating in the global meat, poultry and seafood market include: 

• Conagra Brands, Inc.
• Hormel Foods, LLC
• Tyson Foods
• Cremonini Group
• Sanderson Farms
• M. Sucker
• Cargill, Inc.
• Beijing Aosiyun Meat Foodstuff
• NH Foods Ltd.
• Baiada Pty. Ltd.

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