A steady economic growth, driven by strong domestic demand and private consumption, is boosting the Malaysian meat sector, which is expected to grow at a compound annual growth rate (CAGR) of 3.6% from RM7.8bn (US$2.0bn) in 2018 to RM9.4bn (US$2.5bn) by 2023, says GlobalData, a leading data and analytics company.
GlobalData’s report, ‘Country Profile: Meat in Malaysia’, reveals that fresh meat available in retail counters held the largest value share of 46.3% in 2018, followed by chilled raw packaged meat – whole cuts, which accounted for a value share of 16.9% in the same year.
The company predicts the frozen meat category to grow at the fastest value CAGR of 4.2% during 2018–2023, followed by cooked meat available at retail counters with a CAGR of 4.1%.
Shivangi Gupta, Consumer Analyst at GlobalData, says: “Rising GDP, along with increasing population and employment levels, is encouraging consumers to opt for packaged food products, thus driving the sales of packaged meat in Malaysia.”
The per capita consumption (PCC) of meat in Malaysia, which was 14.6kg in 2018, is forecast to increase to 15.8kg by 2023 – above the APAC level, but below global level.
Ramly Food Processing Sdn. Bhd., Dindings Poultry and Hormel Foods Corporation were the leading market players in the Malaysian meat sector while Ramly, Ayam Dindings, and Hormel were the top brands in 2018. Although a well-developed distribution network of hypermarkets and supermarkets dominated meat sales in Malaysia, private label products, which are majorly sold through this distribution channel, had a low value penetration of 1.8% in 2018.
Gupta concludes: “As consumers in Malaysia are becoming busier by the day, availability of time-saving food options will boost the growth of easy-to-cook meat products such as frozen meat in the coming years.”