The Global Malaysia Meat Market report, published by Report Ocean, presents a comprehensive analysis of the product’s/service industry, examining both historical patterns and future prospects from 2023 to 2031. This report serves as a valuable reference for businesses seeking to formulate effective strategies for the coming years, offering insights into the performance of organizations and the overall market in the previous year.
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
Download Free Sample of This Strategic Report: https://reportocean.com/industry-verticals/sample-request?report_id=MR392
A recent study conducted by the strategic consulting and market research firm Report Ocean 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 consumers 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.
Request To Download Sample of This Strategic Report:- https://reportocean.com/industry-verticals/sample-request?report_id=MR392
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 consumers 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.
Market Overview
Market Size & Forecast by Value, 2017-2027
Market Size and Forecast, By Segment
By Type
Red Meat
Beef
Goat
Lamb
Pork
Others
Poultry
Chicken
Turkey
Seafood
Fish
Crab
Lobster
Others
By Product Type
Fresh
Chilled
Frozen
By Distribution Channel
On-Trade
Off-Trade
Supermarkets/Hypermarkets
Speciality Stores
Online Stores
Others
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.
You Can Browse The Sample Report here:- https://reportocean.com/industry-verticals/sample-request?report_id=MR392
Some of the Key Questions Answered in this Report:
What are the key market trends and market dynamics?
Who are the major players in the market and what is their market share?
What is the competitive landscape like in the market?
What are the major drivers and restraints affecting the market?
What are the growth opportunities in the market?
What are the regional and local market conditions and consumer behavior?
What is the market size and growth forecast for different regions and countries?
What is the impact of government regulations and policies on the market?
Reasons to Buy:
Informed decision-making: Market research reports provide valuable insights into industry trends, customer behavior, and competitor analysis. This information can help businesses make informed decisions about product development, pricing, and marketing strategies.
Competitive advantage: By identifying market gaps and opportunities, market research reports can provide a competitive advantage that can help businesses differentiate themselves from their competitors and gain a larger share of the market.
Industry expertise: Market research reports are prepared by industry experts who have a deep understanding of the market and its dynamics. These reports provide an unbiased and objective view of the industry, which can be invaluable for businesses that want to gain a deeper understanding of the market.
Saves time and money: Conducting market research can be time-consuming and expensive. By purchasing a market research report, businesses can save time and money by accessing a comprehensive and detailed analysis of the market.
Risk management : Market research reports can help businesses manage risks associated with market entry, product development, and expansion. By providing a detailed analysis of the market and its trends, businesses can make informed decisions that minimize risks and maximize returns.
Request full Report– https://reportocean.com/industry-verticals/sample-request?report_id=MR392
About Report Ocean:
We are the best market research reports provider in the industry. Report Ocean believes in providing quality reports to clients to meet the top line and bottom line goals which will boost your market share in today’s competitive environment. Report Ocean is a ‘one-stop solution’ for individuals, organizations, and industries that are looking for innovative market research reports.
Get in Touch with Us:
Report Ocean:
Email:sales@reportocean.com
Address: 500 N Michigan Ave, Suite 600, Chicago, Illinois 60611 – UNITED STATES
Tel:+1 888 212 3539 (US – TOLL FREE)
Website:https://www.reportocean.com