China Meat Market Witnessing Modest Growth: Projected to Grow at a CAGR of 5.9% by 2027
Published | 01 January 2022
China meat market is growing at a high CAGR because of the increasing health-consciousness among consumers. Additionally, growing import and export activities for meat in the country to fulfill the growing demand for meat among Chinese consumers is favoring market growth….
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the China meat market is estimated to grow at a CAGR of 5.9% during the forecast period (2021-2027). China meat market is growing at a high rate because of the increasing disposable income of families due to economic growth. Additionally, the availability of a wide range of fresh meat in China is also strengthening the market. Presently, Chinese consumers have greater access to meat than ever before and a far wider selection of meats to choose from, which is driving the demand for meat in China. According to estimates, Chinese consumers consume 30% of the world's meat. Pork is the most popular meat type consumed in China. The country invests handsomely in expanding its pork production to meet the growing domestic demand. However, the demand for other meat varieties, such as veal meat, is also growing among Chinese consumers.
Additionally, the country is focusing on boosting the import and export activities to satisfy the market demand for meat, which is anticipated to boost the market's growth. However, the increasing popularity and penetration of vegan meat are anticipated to act as a major restriction for market growth.
Flourishing Food Tourism in China Projected to Drive the China Meat Market
The food tourism sector in China is flourishing by leaps and bounds. Chinese cuisine is a major attraction for tourists, as it is considered an essential part of experiencing China’s local culture. The demand for meat is, therefore, expected to increase with the increase in international tourists in China. Consumption of meat is primarily fueled by on-trade channels such as hotels, restaurants, and street food vendors, which are boosting the growth of China's meat market.
Increasing Meat Import Activities is Anticipated to Boost the Market Growth
In terms of producing, consuming, and importing meat, China now leads the world. In response to the rising demand for meat in the country, China is significantly investing in meat import and export activities to fuel domestic meat consumption. The United States, France, Denmark, Spain, Canada, Germany are among the major pork importers of China. Additionally, China is also welcoming other countries to boost meat imports. For instance, China has recently authorized a Pakistan-based firm to export meat into the country. Such initiatives are anticipated to boost the growth of the China meat market.
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China Meat Market - By Distribution Channel
Based on categories, the Japan meat market is grouped into on-trade and off-trade segments. The off-trade segment is further classified into supermarkets/hypermarkets, specialty stores, online stores, and others. The supermarket/hypermarkets segment accounts for the largest market share owing to the availability of a wide range of meat types under one roof. Furthermore, the presence of a high number of supermarkets/hypermarkets stores in China also plays a crucial role in driving the segment’s growth. On the other hand, the on-trade segment also covers a substantial share in the market due to flourishing tourism and high consumption of meat through hotels, restaurants, and street food vendors.
Impact of COVID-19 on China Meat Market
The COVID-19 outbreak negatively impacted the growth of the China meat market. Several meat processing plants and wet markets were temporarily closed due to the Coronavirus that was believed to have originated from China via bat meat for human consumption. In addition, the cases of other zoonotic diseases were also emerging, which made consumers reluctant to consume meat. Moreover, the disruptions in supply chains also led to a shortage of frozen and chilled meat products in supermarkets and hypermarkets, affecting the market growth.
The leading players in the China meat market are WH Group Limited, Shandong Jinluo Enterprise Group, Zhucheng Waimao Co., Ltd., Yurun Group, Shandong Delisi Group Co., Ltd, COFCO Meat, Smart Trend Trading Ltd., Chuhai Trading Company, Hongxings Shengye Food Co.Ltd., Guangyao Shangmao Ltd., Parker International Llc Migliorini, and other prominent players.
The market is highly fragmented, due to the presence of several industry players engaged in processing, import, and export activities. The market players constantly focus on offering a wide range of meat types and often launch new meat products to cater to the changing consumption pattern. They also work on improving the distribution channels by establishing partnerships with on-trade channels, such as hotels and restaurants and supermarkets/hypermarkets, etc., to increase their product penetration and expand their market revenue. Furthermore, the adoption of competitive strategies, such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the China meat market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the China meat market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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