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Revenue in the Meat market amounts to US$26.63bn in 2024. The market is expected to grow annually by 6.00% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$273bn in 2024).
In relation to total population figures, per person revenues of US$514.70 are generated in 2024.
In the Meat market, volume is expected to amount to 3.12bn kg by 2029. The Meat market is expected to show a volume growth of 4.3% in 2025.0.
The average volume per person in the Meat market is expected to amount to 50.3kg in 2024.

Definition:

The Meat market covers animal (both domestic and wild) and non-animal meat that are bought and consumed for nutrient-based purposes.

Structure:

The market consists of 3 different submarkets:

The Fresh Meat market covers meat from both domestic and wild animals that are fresh, chilled, or frozen. This market is divided into five submarkets: beef & veal, pork, mutton & goat, poultry, and other fresh meat.
The Processed Meat market covers all types of meat that has been dried, salted, brined, or smoked. This segment is divided into three subsegments: cold & roast meat products, ham & bacon, sausages.
The Meat Substitutes market covers meat-replacement food items created from vegetarian or vegan components.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included.

For more information on the displayed data, click the info button on the right side of each box.

Fresh Meat
Processed Meat
Meat Substitutes

Meat-based ready-to-eat meals
Out-of-home consumption

The Meat Market in South Korea is seeing steady growth, driven by factors such as increasing demand for fresh and processed meat, as well as the rise in popularity of meat substitutes. However, the market growth rate is minimal due to concerns about health and environmental impacts of meat consumption, leading to a shift towards plant-based alternatives.

Customer preferences: As South Korea continues to modernize and urbanize, there has been a noticeable rise in demand for convenient and time-saving food options. This has led to a growth in the popularity of meat-based meals, especially among the younger generation. Additionally, with the increasing influence of Western culture, there has been a shift towards a more protein-rich and meat-heavy diet, further driving the demand for meat in The Food market. This trend is expected to continue as lifestyles become more fast-paced and convenience becomes a top priority for consumers.

Trends in the market: In South Korea's Meat Market within The Food market, there is a growing trend towards plant-based meat alternatives, driven by increasing health awareness and environmental concerns. This trend has seen a rise in the availability and variety of plant-based meat products, with major meat companies investing in research and development in this area. Additionally, there is a growing demand for premium, high-quality meat products, with consumers willing to pay a premium for ethically-sourced and sustainable meat options. These trends signal a shift towards more sustainable and health-conscious food choices in South Korea, which could have significant implications for industry stakeholders in terms of product development and marketing strategies.

Local special circumstances: In South Korea, the Meat Market within The Food market is heavily influenced by the country's strong cultural preference for meat consumption. This has led to a high demand for high-quality, locally-sourced meat products. Additionally, strict government regulations on food safety and labeling have helped to build consumer trust in the market. Furthermore, South Korea's geographical location and limited land resources have resulted in a reliance on imported meat, creating unique challenges and opportunities for market players. The country's advanced technology and high internet penetration have also contributed to the rise of e-commerce in the meat market, with online platforms offering a wide variety of options for consumers.

Underlying macroeconomic factors: The Meat Market within The Food market in South Korea is heavily influenced by macroeconomic factors such as consumer spending, government policies, and global trade agreements. The country's strong economic growth and stable political environment have created a favorable market for meat products, with rising disposable income and increasing demand for high-quality protein sources. Moreover, South Korea's participation in free trade agreements with major meat-producing countries has opened up new opportunities for import and export, contributing to the market's growth. However, fluctuations in exchange rates, rising production costs, and changing consumer preferences towards plant-based alternatives could pose challenges to the market's growth in the future.

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.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

In the past, many cultures considered meat a luxury that could only be enjoyed on special occasions or certain days of the week, while today it is a staple that can be found in nearly all restaurants and many kitchens all over the world. The market value of the meat industry is expected to rise from 897.5 billion U.S. dollars in 2021 to over 1.3 trillion dollars by 2027. In 2022, the United States saw the highest revenue from meat products and sausages, over five billion U.S. dollars more than the second largest meat market in the world, Germany with a revenue of over 33.6 billion U.S. dollars. France, Russia, and Mexico are finishing the top five countries with the biggest revenue from processed meats.