Fresh meat represents 89% of the total volume of meat sold globally, and is projected to grow by 2% annually through 2023, according to a study released by Euromonitor International, UK.
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 shows 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 records 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,” says Tom Rees, industry manager, food and nutrition. “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.”