Malaysia Meat Market, By Type (Red Meat, Poultry, Seafood), By Product Type (Fresh, Chilled, Frozen), By Distribution Channel (On-Trade, Off-Trade)Trend Analysis, Competitive Market Share & Forecast, 2017-2027
Positive Signals for Malaysia Meat Market: Forecast to Grow at the CAGR of 4.1% in the Forecast Period
Malaysia meat market is growing at a high CAGR because of the increasing per capita income of the consumers. Moreover, the growing consumption of red meat in Malaysia is driving the growth of the market…
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the Malaysia meat market was worth USD 2.14 billion in 2020. According to the study, the market is estimated to grow at a CAGR of 4.1%, earning revenue of around USD 2.83 billion by the end of 2027. Malaysia meat market is gaining significant traction because of the increasing per capita income of consumers. Moreover, the consumption of red meat, especially lamb, is witnessing a significant rise over the past few years. According to the South-East Asia regional manager of Meat and Livestock Australia (MLA), Valeska, Malaysia imports the vast majority of its red meat, roughly 80% beef and 95% lamb.
Home cooking is also thought to be driving the trend, which is fueling Malaysian consumers' appetite for meat. Moreover, the changing consumer preferences for hygienic, safe, and nutritious meat from animals, raised and processed in a stress-free environment, will also present lucrative growth opportunities in the Malaysian meat market in the forecast period. However, increasing environmental consciousness and a growing penetration of plant-based meat are anticipated to restrict the market growth.
Increasing Demand for Packaged Meat Products is Boosting the Malaysia Meat Market
Packaged meat products are gaining huge popularity among Malay consumers mainly because of their busy lifestyles, especially in urban regions. Another crucial factor boosting the sales of packaged meat products is its clear labeling of halal and non-halal products. Islam is the most professed religion in Malaysia with around 61.3% of the population following this religion. The religion strictly bans the consumption of non-halal food. Consequently, consumers are inclined towards packaged meat due to the halal certification of the products, which is favoring the overall market growth.
Increasing Import and Export Activities Propelling the Malaysia Meat Market Forward
In light of the increasing demand for meat production in the country, the Malaysian government is focusing on expanding imports and exports of meat within the country. Malaysia is Australia's second-largest mutton export market and a major supplier of live goats. As a result of the high protein content, goats and sheep are often consumed in Malaysia. In addition, the multicultural nature of Malaysia contributes to the demand for different types of meat, which influences imports and exports, propelling the Malaysia meat market's growth.
Malaysia Meat Market - By Distribution Channel
Based on distribution channels, the Malaysia meat market is segmented into on-trade and off-trade segments. The off-trade segment is further classified into supermarkets/hypermarkets, specialty stores, online stores, and others. The supermarket/hypermarkets segment accounted for the largest market share in 2020. There are around 334 hypermarkets and over 40 supermarket chains in Malaysia which is increasing the consumer’s accessibility to a wide range of meat products. However, the on-trade segment also covers a substantial share in the market because of the increasing demand for meat products in restaurants, hotels, and street-food vendors.
Impact of COVID-19 on Malaysia Meat Market
The growth of the Malaysia meat market came to a standstill due to the sudden outbreak of the COVID-19 pandemic. As the government-imposed strict lockdown to flatten the infection curve in the country, the distribution channels, such as supermarket/hypermarkets and wet markets, were either closed or operating at reduced times. Consequently, this restricted the consumer’s accessibility to meat products. Furthermore, the import and export activities were also restricted to prevent further casualties. As a result, the supply of meat products was hindered, incurring huge losses to the market players.
Malaysia Meat Market - Competitive Landscape
The leading players in the Malaysia meat market are Darabif Meat Company, Meat Factory Malaysia, The Food Company, Kharisma Vision, Borneo Seafoods, Felsers Rodl, KNA Resources, Yi Kim International Trading Sdn Bhd, Falak Group, Vasano Holdings Sdn Bhd, Mutiara Food Processing Sdn Bhd, and other prominent players.
The Malaysia meat market is highly fragmented due to the presence of several industry players and an increasing number of meat importers and exporters. The industry offers a wide range of products to meet consumers' needs and to increase their market penetration and sales. In addition, they focus on improving their distribution channels. Additionally, the adoption of market strategies such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.
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