08 Apr 2019
Posted in Consumer
Indian meat market poised to grow at CAGR of 9.3% over 2018-2023, says GlobalData
A steady economic progress coupled with rising disposable income is set to drive the Indian meat sector, which is expected to grow at a compound annual growth rate (CAGR) of 9.3% from INR189.3bn (US$2.7bn) in 2018 to INR295.2bn (US$4.0bn) by 2023, says GlobalData, a leading data and analytics company.
GlobalData’s report, ‘Country Profile: Meat in India’, reveals that fresh meat available in retail counters was the largest category with value sales of INR164bn (US$2.4bn), followed by processed chilled raw packaged meat, which accounted for INR12.9bn (US$0.2bn) sales in 2018.
Furthermore, GlobalData predicts the ‘chilled raw packaged meat – whole cuts’ category to grow at the fastest value CAGR of 10.1% while the processed chilled raw packaged meat category to record at a CAGR of 9.4% during 2018–2023.
Srimoyee Nath, Consumer Analyst at GlobalData, says: “Increasing workforce has brought about lifestyle changes leading to time-scarcity among consumers. These busy professionals are thus demanding convenient and time-saving eating options, which in turn are driving the growth of packaged meat products.”
According to the report, meat products in India are growing at a faster rate than other APAC countries such as Australia and South Korea. Indian meat market’s share in the overall APAC region is forecast to marginally increase from 1% in 2018 to 1.2% by 2023.
Furthermore, the per capita consumption (PCC) of meat is significantly low in India compared to both APAC and global levels, and is set to remain steady at 0.4kg over the forecast period.
Suguna Group, VH Group and Godrej Tyson Foods Limited were the leading market players in the Indian meat sector in 2018. Suguna, Vencobb and Fresco Pollo were the top brands. Food and drinks specialists is the dominant distribution channel for the sales of meat products in India while consumers are increasingly preferring private label products over brands, leading to the former’s overall penetration level to stand at 34.1% in 2018.
Nath concludes: “The influence of Western culture in India, largely through social media networks, is gradually bringing about a change in the food habits of consumers, who now increasingly prefer packaged meat products. In addition, increasing participation of women in workforce leaves them with very little time for household activities such as cooking meals from scratch, thereby leading to the increased purchase of processed meat products.”