Asia-Pacific Edible Meat Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028
The Asia-Pacific Edible Meat Market is projected to register a CAGR of 1.95%. Key Highlights. Largest Segment by Type - Pork : Pork has become the primary protein choice in the region and emerged as the default meat type in the base year owing to its popularity and changing consumer preferences.
New York, Jan. 13, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Asia-Pacific Edible Meat Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028" - https://www.reportlinker.com/p06381176/?utm_source=GNW
Largest Segment by Country - China : The high availability and growing population are the major factors driving the demand for meat products in China, making the country’s meat per capita consumption the highest.
Fastest-growing Segment by Type - Pork : Rising incomes, a growing population, and increasing urbanization are the major factors contributing to the growth in pork production and consumption in the region.
Fastest-growing Segment by Country - Indonesia : The growing middle-income population, shifting diets toward protein-rich foods, and increasing preference for poultry meat are boosting meat consumption in Indonesia.
*Key Market Trends*
Pork is the largest segment by Type.
The Asia-Pacific red meat segment was majorly led by pork meat throughout the study period, with 32.10% more market share than poultry meat, the second-largest meat consumed in 2021. It is also anticipated to be the fastest-growing meat type during the forecast period 2022-2028, registering a CAGR of 2.88%. This can be mainly supported by its growing production rate. It was the most produced meat type in the region, with a share of 46.8% by value in 2021, and it is anticipated to continue the same way in the forecast period.
China, Australia, and Japan are the countries with the highest per capita consumption of pork in the region. In China, pork is traditionally associated with its culture and is considered healthy meat. China is also the largest producer of pork and produced around 55 million metric ton in 2021.
Apart from pork and other meats, mutton is likely to be the fastest-growing meat to be consumed in the region and is projected to register a CAGR of 1.35% during the forecasted period (2022-2028). Due to consumer preference for grass-fed meat, which reduces carbon footprint while being sustainable, the demand for mutton is rising. The food service industry is where most people get their mutton. However, the pandemic has prompted many people in the area to prepare mutton at home. They will also be able to prepare mutton at home due to the work-from-home trend that is predicted to catch on in the forecast period.
However, the segment registered a negative growth rate of 4.27% in 2019, down from 4.88% in 2018, due to the impact of African Swine fever on major meats, such as pork, in major countries like China, Japan, and Korea.
China is the largest segment by Country.
Edible meat sales in Asia-Pacific registered an increasing growth rate 4.91%, by value in 2017-2018, and showed a decline in 2019, registering a 0.89% Y-o-Y growth rate. The influence of African Swine fever in the major countries in the region, such as China, Vietnam, and South Korea, impacted the segmental growth in 2019 and resulted in a decline in edible meat consumption in the region. In Vietnam, for example, where pork accounts for three-quarters of the meat consumption, more than 1.2 million pigs across the country died or were killed as of May 2019.
The edible meat market in the Asia-Pacific region is anticipated to register a positive CAGR of 1.95% in the forecast period. The increasing meat consumption with the normalization from the impact of ASF has majorly benefitted the growth. It resulted in a Y-o-Y growth rate of almost 300% from 2019 to 2020, reaching 3.35% Y-o-Y growth in 2020. This is majorly due to the increasing health consciousness among meat consumers in the region. Nearly 7 in 10 Asian consumers, or 68%, were "very interested"in nutrition and healthy eating, compared with just 38% of Westerners in 2020.
China is a major meat-consuming country and is expected to hold a larger market share throughout the study period, while Indonesia is anticipated to be the fastest-growing country in the forecast period by registering a CAGR of 2.60% on a value basis. This is also majorly due to the increasing per capita consumption of edible meat in Indonesia, which is anticipated to register a growth rate of 7.5%. The growth rate is much higher than other major countries in the region, such as China, which is anticipated to register only a 6.7% growth rate from 2016 to 2028.
*Competitive Landscape*
The Asia-Pacific Edible Meat Market is fragmented, with the top five companies occupying 3.76%. The major players in this market are COFCO Corporation, Tyson Foods Inc., Tönnies Holding ApS & Co. KG, Vion Group and WH Group Limited (sorted alphabetically).
*Additional Benefits:*
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06381176/?utm_source=GNW
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