(BUSINESS WIRE) A global meat market research report by Technavio is predicting the market to post a CAGR of close to four percent during 2019-2023. Key drivers include a steady rise in meat consumption from a growing population over the last decade, as well as a growing consciousness of daily protein intake.
Technavio points to the growing prominence of private label brands and their positive impact on the market. They should contribute to this growth significantly over the forecast period. Many major retailers around the world have been introducing their brands of meat products to capitalize on the rising demand. The private label processed meat products are affordable and ready to cook and hence, they are becoming popular among consumers.
“The private label product segment grew in terms of scope and size during the last decade. The price-sensitive consumers are more likely to purchase private label meat products owing to their low cost. Some of the private label meat products in the U.S. are Great Value from Walmart and Archer Farms Foods from Target,” says a senior research analyst at Technavio.
The pork segment held the largest meat market share in 2018, accounting for nearly 46 percent of the market. This product segment is expected to dominate the global market throughout the forecast period. Europe led the market in 2018 with approximately 31 percent of the market share, followed by Asia-Pacific and North America respectively.