Key regions: Russia, China, Spain, Canada, United Kingdom
The Meat Market in The Food market within the G20 has been experiencing minimal growth, influenced by factors such as fluctuating consumer preferences, increasing competition from meat substitutes, and regulatory changes. Despite these challenges, the market continues to expand due to the steady demand for fresh and processed meat, driven by the growing population and rising disposable incomes.
Customer preferences: As consumers become more health-conscious, there has been a rise in demand for plant-based meat alternatives in the Meat Market within The Food market. This trend is driven by a growing awareness of the environmental impact of meat consumption and the health benefits of a plant-based diet. Additionally, the rise of flexitarianism and vegetarianism among younger generations has also contributed to this shift. This has led to an increase in availability and variety of plant-based meat options in the market.
Trends in the market: In the G20 countries, the Meat Market within The Food market is seeing a shift towards sustainable and plant-based alternatives. This trend is driven by increasing consumer awareness of the environmental impact of meat production and the health benefits of reducing meat consumption. Additionally, there is a growing demand for ethical and cruelty-free products. This trend is expected to continue, with more industry players investing in and developing plant-based meat alternatives. This could have significant implications for traditional meat producers and could lead to a shift in consumer preferences towards more sustainable and ethical products.
Local special circumstances: In Argentina, the Meat Market within The Food market is heavily influenced by the country's strong meat-eating culture and its vast land for cattle farming. This results in a high demand for various meat products, including beef, pork, and poultry. Additionally, the government's strict regulations on imported meats and subsidies for local farmers further shape the market dynamics. This has also led to the rise of local artisanal meat producers, catering to the growing trend of ethical and sustainable meat consumption in the country.
Underlying macroeconomic factors: The Meat Market within The Food market is greatly impacted by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. Countries with strong economic growth and stable financial indicators are experiencing a rise in demand for meat products, while regions with economic challenges are facing a decline in market performance. Moreover, government policies and regulations related to food safety and animal welfare also play a significant role in shaping the meat market. In addition, changing consumer preferences and increasing awareness about sustainable and ethical meat production practices are influencing market dynamics. Overall, the meat market is highly sensitive to macroeconomic factors and their impact on consumer behavior and government policies.
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.
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