10 Apr 2019
Posted in Consumer
Indonesian meat market forecast to be worth Rp63.3 trillion by 2023, says GlobalData
Fuelled by a positive economic growth supported by heavy investments, the Indonesian meat market is expected to grow at a compound annual growth rate (CAGR) of 6.7% from Rp45.9 trillion (US$3.2bn) in 2018 to Rp63.3 trillion (US$4.2bn) by 2023, says GlobalData, a leading data and analytics company.
GlobalData’s report, ‘Country Profile: Meat in Indonesia’, reveals that fresh meat available in retail counters held the largest value share of 59%, followed by chilled raw packaged meat – whole cuts, which accounted for a value share of 16.2% in 2018. Furthermore, GlobalData predicts the cooked meat available in retail counters will grow at the fastest value CAGR of 8.2%, while the processed chilled raw packaged meat category will record a CAGR of 7.5% during 2018–2023.
Srimoyee Nath, Consumer Analyst at GlobalData, says: “Growing population, decreasing unemployment rates, and availability of convenient and time-saving options will drive the growth of the meat sector in Indonesia.”
The report further states that the Indonesian meat market is growing at a faster rate than other Asia-Pacific (APAC) countries such as Australia and South Korea, and its share in value in the overall APAC region will increase marginally from 1.1% in 2018 to 1.2% by 2023.
The per capita consumption (PCC) of meat in Indonesia, which was considerably low as compared to both APAC and global levels, is forecast to increase from 2.3kg in 2018 to 2.5kg by 2023.
So Good, Pronas, and Sozzis were the leading market players in the Indonesian meat sector. The country’s well-developed distribution network of hypermarkets and supermarkets, along with consumers’ positive perception of private label products, have resulted in the modest consumption of these products (private label) accounting for an overall penetration level of 12.7% by value in 2018.