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.
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