Outlook Japanese meat market forecast to be worth $ 27.9 bn. by 2023

by Editor fleischwirtschaft.com
Thursday, April 11, 2019
The report further points out that Japan’s value share in the Asia-Pacific (APAC) region, which stood at 8.5% in 2018, is expected to decline to 8.1% by 2023.
Photo: Global Data
The report further points out that Japan’s value share in the Asia-Pacific (APAC) region, which stood at 8.5% in 2018, is expected to decline to 8.1% by 2023.

A favorable financial conditions on the back of rising GDP is fuelling the growth of the meat sector in Japan although at a slow rate, which is expected to grow at a compound annual growth rate (CAGR) of 1.2% from $ 24.5bn. in 2018 to $ 27.9 bn. by 2023, says GlobalData, a leading data and analytics company.

GlobalData’s report, ‘Country Profile: Meat in Japan’, reveals that fresh meat available in retail counters held the largest value share of 55.1%, followed by chilled raw packaged meat – whole cuts, which accounted for a value share of 15.2% in 2018. Furthermore, GlobalData predicts the frozen meat category to grow at the fastest value CAGR of 1.4% during 2018 to 2023, followed by chilled raw packaged meat – whole cuts category at a CAGR of 1.3%.

Anugna Victor, Consumer Analyst at GlobalData, says: “Japan’s decreasing population as well as falling employment levels will affect the overall food consumption in the country, especially packaged meat options. As a result, the meat sector in the country is expected to grow, but at a slow pace."

The report further points out that Japan’s value share in the Asia-Pacific (APAC) region, which stood at 8.5% in 2018, is expected to decline to 8.1% by 2023, mainly due to the projected faster growth of meat products among other leading countries in the region, such as Hong Kong and China, during the forecast period. Furthermore, the per capita consumption (PCC) of meat in Japan is forecast to increase from 10.6 kg in 2018 to 11 kg by 2023, above the APAC levels, but below global levels.

Itoham Foods Inc., NH Foods Ltd., and Nichirei were the leading market players in the Japanese meat sector; while Ito Ham, Nipponham, and Nichirei were the top brands. Inspite of Japan having a well-developed distribution network of hypermarkets and supermarkets, private label meat products accounted for a low penetration 5.6% of value share in 2018.

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