Meat, Poultry And Seafood Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Meat, Poultry And Seafood Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • January 2021 •
  • 400 pages •
  • Report ID: 6018949 •
  • Format: PDF
Major companies in the meat, poultry and seafood market include JBS S.A; Tyson Foods Inc; WH Group Limited; NH Foods and Danish Crown A/S.

The global meat, poultry and seafood market is expected to grow from $1389.58 billion in 2020 to $1442.42 billion in 2021 at a compound annual growth rate (CAGR) of 3.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1916.34 billion in 2025 at a CAGR of 7%.

The meat, poultry and seafood market consists of sales of meat, poultry and seafood by entities (organizations, sole traders and partnerships) that produce and process meat, poultry and seafood. The meat, poultry and seafood industry includes establishments engaged in animal slaughtering and processing, poultry processing and seafood product preparation and packaging. The companies in the industry package and distribute their products through various distribution channels to both individual customers and commercial establishments. The meat, poultry and seafood market is segmented into meat products; poultry and seafood.

Asia Pacific was the largest region in the global meat, poultry and seafood market, accounting for 45% of the market in 2020. Western Europe was the second largest region accounting for 22% of the global meat, poultry and seafood market. Africa was the smallest region in the global meat, poultry and seafood market.

Poultry processing companies are increasingly using 3D imaging systems to optimize yields. 3D imaging systems model the poultry bird using sensors and actuators to determine the position of cut. The bird is put under the vision system, which takes the images and measurements and geometry is determined. Near-infrared sensors determine the amount of meat and bone present in the bird. Vision analysis enables the system to perform optimal cuts for each bird regardless of the size and shape. It is a data-driven process which maximizes the yield and minimizes per unit cost for poultry meat processing. Major companies involved in pioneering this technology include Gainco, a meat and poultry equipment manufacturer, and Midwest Machine LLC.

The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the meat, poultry and seafood market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Food and beverage manufacturers depend on supply of raw materials from domestic and international suppliers. As many governments restricted the movement of goods across countries and locally, manufacturers had to halt production due to lack of raw materials. Also, restrictions on trade of non-essential goods and fear of contamination through manufacturing facilities contributed to the decline. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the meat, poultry and seafood market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy

World population is growing and is expected to reach 10 billion by 2050. Increase in population creates more demand for food. According to “The Agricultural Outlook” by the OECD and FAO, global cereal production was projected to increase by 13% by 2027. Crop production, farming activities and trade volumes will have to increase in order to meet increased population. Therefore, companies in this market are expected to benefit from rising demand for meat, poultry and seafood products due to rising population, during the forecast period.