Meat - India

India

Revenue in the Meat market amounts to US$33.70bn in 2024. The market is expected to grow annually by 5.99% (CAGR 2024-2029).
In global comparison, most revenue is generated in China (US$273bn in 2024).
In relation to total population figures, per person revenues of US$23.37 are generated in 2024.
In the Meat market, volume is expected to amount to 6,425.00m kg by 2029. The Meat market is expected to show a volume growth of 2.7% in 2025.
The average volume per person in the Meat market is expected to amount to 4.0kg in 2024.

Key regions: Russia, China, Spain, Canada, United Kingdom

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Analyst Opinion

The Meat Market in India is seeing moderate growth due to factors such as increasing consumer awareness of health and convenience, as well as the adoption of digital technologies in the food industry. The sub-markets of Fresh Meat, Processed Meat, and Meat Substitutes are all contributing to the market's overall growth rate, which is currently minimal. Various factors such as cultural preferences, economic challenges, and supply chain disruptions are impacting this growth rate.

Customer preferences: Consumer preferences in the Meat Market within The Food market in India are seeing a shift towards healthier and more sustainable options. This is driven by the growing awareness and concern for the environment and animal welfare, as well as the increasing adoption of vegetarian and vegan diets. Furthermore, there is a trend towards locally sourced and organic meats, as consumers prioritize freshness and transparency in their food choices. This shift is also influenced by the rise of health-conscious millennials and their preference for clean and ethical eating.

Trends in the market: In India, the Meat Market within The Food market is experiencing a surge in demand for plant-based meat alternatives as consumers become more health-conscious and environmentally aware. Additionally, the market is witnessing a rise in online meat delivery services, catering to the growing demand for convenience and safety during the pandemic. These trends have significant implications for industry stakeholders, who must adapt to changing consumer preferences and invest in innovative technologies to stay competitive in the market.

Local special circumstances: In India, the Meat Market within The Food market is heavily influenced by cultural and religious factors. The majority of the population follows Hinduism, which prohibits the consumption of beef. This has led to a high demand for alternative meat options, such as chicken and mutton, and a thriving vegetarian market. Additionally, the government has implemented strict regulations on the slaughter and sale of cattle, further shaping the dynamics of the meat industry. These unique factors set the Indian Meat Market apart from other markets and drive its growth and development.

Underlying macroeconomic factors: The Meat Market within The Food market in India is heavily influenced by macroeconomic factors such as economic growth, consumer spending, and government policies. With the rising GDP and increasing disposable income of the Indian population, there is a growing demand for high-quality and diverse meat products. Additionally, the Indian government's initiatives to boost the agriculture sector and promote meat exports have also contributed to the growth of the market. However, challenges such as inflation, fluctuating exchange rates, and trade policies can also impact the market's performance.

Methodology

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.