Fresh Meat - Sri Lanka

Sri Lanka

Highlights

Revenue in the Fresh Meat market amounts to US$9.54bn in 2024. The market is expected to grow annually by 10.87% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$261bn in 2024).
In relation to total population figures, per person revenues of US$434.80 are generated in 2024.
In the Fresh Meat market, volume is expected to amount to 1.24bn kg by 2029. The Fresh Meat market is expected to show a volume growth of 4.8% in 2025.0.
The average volume per person in the Fresh Meat market is expected to amount to 45.8kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Fresh Meat market in Sri Lanka is experiencing mild growth, driven by increasing demand for digital technologies, growing health awareness, and convenience of online services. Factors such as changing consumer preferences and government regulations also impact the market's growth rate.

Customer preferences: As Sri Lanka's economy continues to grow, there has been a noticeable increase in consumer spending and a rise in demand for convenience and variety in the Fresh Meat Market of the Meat Market within The Food market. This has led to a shift towards ready-to-eat and pre-packaged meat products, as well as a demand for more diverse and exotic meat options. Additionally, with the rise of health and wellness trends, there has been an increase in demand for organic and grass-fed meats, as well as a growing preference for locally sourced and sustainable meat products.

Trends in the market: In Sri Lanka, the Fresh Meat Market of the Meat Market within The Food market is experiencing a shift towards more sustainable and ethical practices. There is a growing demand for locally sourced and organic meat, as consumers become more conscious of the environmental impact of meat production. This trend is expected to continue, with industry stakeholders investing in alternative protein sources and implementing sustainable farming practices. Additionally, there is a rise in online meat delivery services, providing convenient and contactless options for consumers. These trends have significant implications for the industry, as companies need to adapt to changing consumer preferences and invest in sustainable practices to remain competitive.

Local special circumstances: In Sri Lanka, the Fresh Meat Market of the Meat Market within The Food market is heavily influenced by the country's diverse cultural and religious practices. The majority Buddhist population's strict adherence to vegetarianism and the Hindu and Muslim communities' preference for halal meat creates a unique demand for specific types of meat. Additionally, the country's geographical landscape, with its vast rural areas and lack of cold storage facilities, presents challenges for the distribution and preservation of fresh meat, further impacting market dynamics.

Underlying macroeconomic factors: The Fresh Meat Market of the Meat Market within The Food market industry in Sri Lanka is strongly influenced by macroeconomic factors such as economic stability, consumer purchasing power, and government policies. As a developing country, Sri Lanka's economic growth and stability play a crucial role in determining the demand for fresh meat products. Additionally, fiscal policies that affect import and export regulations, as well as taxes and subsidies, can significantly impact the cost and availability of fresh meat in the market. Furthermore, global economic trends, such as fluctuations in currency exchange rates and trade agreements, can also affect the market performance of the Fresh Meat Market in Sri Lanka.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.