19 Jan 2021
Posted in Consumer
Japan’s meat market expected to reach US$36.6bn in 2024, says GlobalData
The Japanese meat sector is projected to grow from J¥3,462.6bn (US$31.9bn) in 2019 to J¥3.5 trillion (US$36.6bn) in 2024 at a compound annual growth rate (CAGR) of 0.2%, says GlobalData, a leading data and analytics company.
GlobalData’s report, ‘Japan Meat – Market Assessment and Forecasts to 2024’ reveals that the sector is majorly driven by growth in the frozen meat category which is forecast to register the fastest value CAGR of 3.2% during 2019–2024. The category is followed by chilled raw packaged meat – processed and chilled raw packaged meat – whole cuts which is expected to record CAGRs of 1.1% and 1% respectively during the next five years.
Sanchi Agarwal, Consumer Analyst at GlobalData, says: “Increased consumer willingness to spend on the back of growing economy is driving the demand for meat in Japan. Furthermore, rise in the number of one-person households, ageing population as well as increasing women participation in labor force is fueling the growth of packaged meat as it helps them to maximize their time by reducing the cooking time.”
‘Hypermarkets & supermarkets’ was the leading distribution channel in the Japanese meat sector in 2019. It was followed by ‘food & drinks’ specialists and convenience stores.
The value share of Japan in the global meat sector is expected to increase from 2.5% in 2019 to 2.6% in 2024. Similarly, the country’s share at the regional level is expected to increase from 5.5% in 2019 to 6.2% in 2024.
Itoham Foods Inc., NH Foods Ltd. and Nichirei are the top three companies in the Japanese meat sector. Itoham and Nichirei are the leading brands in the Japanese meat sector in value terms in 2019.
Ms Agarwal concludes: “With the growing awareness around animal cruelty and ethical wellbeing, many leading meat processing companies have introduced their plans to offer plant-based alternative meat products in the recent coming years. However, the market for this alternate product is likely to remain small, with the consumption of meat set to remain on an upward trend.”