24 Dec 2020
Posted in Consumer
Malaysia’s meat market set to reach US$2.3bn in 2024, says GlobalData
The Malaysian meat sector is projected to grow from RM8.1bn (US$1.9bn) in 2019 to RM9.5bn (US$2.3bn) in 2024 at a compound annual growth rate (CAGR) of 3.2%, says GlobalData, a leading data and analytics company.
GlobalData’s report, ‘Malaysia Meat – Market Assessment and Forecasts to 2024’ reveals that the sector is majorly driven by growth in the ambient meat category, which is forecast to register the fastest value CAGR of 4.6% during 2019–2024. The category is followed by frozen meat and chilled raw packaged meat – whole cuts, which are expected to record CAGRs of 4.2% and 3.9% respectively, during the next five years.
Sanchi Agarwal, Consumer Analyst at GlobalData, says: “Increasing incomes on the back of growing economy coupled with busy lifestyles is encouraging the consumers to opt for packaged food products, thus driving the sales of packaged meat in Malaysia.”
‘Hypermarkets & supermarkets’ was the leading distribution channel in the Malaysian meat sector in 2019. It was followed by food & drinks specialists and convenience stores.
The value share of Malaysia in the global meat sector is expected to remain constant at 0.2% till 2024. However, the country’s share at regional level is expected to increase from 0.3% in 2019 to 0.4% by 2024.
Ramly Food Processing Sdn. Bhd., Dindings Poultry and Hormel Foods Corporation are the top three companies in the Malaysian meat sector. Ramly and Ayam Dindings are the leading brands in the Malaysian meat sector in value terms in 2019.
Ms Agarwal concludes: “Those with higher disposable incomes are also willing to trade up for greater levels of sensory indulgence in products, and for the guarantee of higher quality and safety standards in ingredients, which will further drive value growth for meat in the coming years.”