Fresh meat represents 89% of the total volume of meat sold globally and is projected to grow by 2% annually through 2023, according to global market research company Euromonitor International. According to Euromonitor International’s health and nutrition survey, 21% of the surveyed global consumers are trying to limit their meat intake, driving sales of global meat substitutes to reach $23 billion by 2023. Western Europe show the slowest growth in total volume sales, both in fresh and processed meat, at 0.1% and -0.1%, respectively, through 2023. Middle East and Africa record the most impressive growth at over 4% through 2023, while in Asia Pacific, demand continues to grow as consumers relate meat consumption to health and social status.

“While environmental, health, and ethical motives are driving consumers to cut back on meat in some developed markets, global meat sales are growing, mostly driven by demand in developing nations,” said Tom Rees, industry manager, food and nutrition at Euromonitor International. “Sales of meat substitutes are increasing in markets where consumers are increasingly embracing flexitarianism, and further down the line, cultured (lab-grown) meat offers significant disruptive potential. However, challenges such as pricing, acceptance, and regulation remain, and the leading countries for meat sales will continue to power world demand.”

Press release

More News right arrow

U.S. restaurant industry continues its slow recovery

Customer transactions at major U.S. restaurant chains declined by 21% in the week ending May 17 compared with the same period last year, a slight gain from the previous week’s 23% decline and the fifth consecutive week of improvement, reports The NPD Group.

Farms experience animal backlog, small U.S. meat processors overrun

According to The Washington Post, coronavirus outbreaks at meatpacking plants across the United States have forced temporary closures and resulted in a backlog of hundreds of thousands of animals that were ready to be slaughtered weeks ago but increasingly have nowhere to go.

U.S. produce sales soar

According to the Produce Marketing Association’s (PMA) Produce Market Watch Weekly, sales of produce continued to rise during the ninth week of coronavirus-related shopping (the week ending May 16).

Startup PeaTos launches BetterSnacks.com on heels of PepsiCo’s Snacks.com launch

To compete with PepsiCo's new direct-to-consumer websites, the startup brand PeaTos launched BetterSnacks.com this week.

China looks to boost soy, meat orders in preparation for second wave of COVID-19

According to Reuters, China has asked trading firms and food processors to boost inventories of grains and oilseeds as a possible second wave of coronavirus cases and worsening infection rates elsewhere raise concerns about global supply lines.