UNITED KINGDOM, London. 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 $ 2.0bn. in 2018 to $ 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.
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.