The beef meat market in Malaysia demonstrated fluctuating growth over the past decade. In 2023, it stood at 183 thousand metric tons, marking a slight year-on-year increase of 0.55%. Over the past five years, the compound annual growth rate (CAGR) averaged 0.22%. Notable variations include a considerable growth of 9.47% in 2015 and a decline of 4.47% in 2020.
Future trends indicate a steady increment in market size, with forecasted figures showing a CAGR of 0.31% over the next five years. The overall growth rate projected by 2028 is 1.57%, reflecting moderate and consistent market expansion.
Trends to watch for in the future include:
- Sustainability and ethical sourcing, given the rising consumer consciousness.- Technological advancements in meat production.- Potential impacts of global trade policies and regulations.- Shifts in consumer preferences towards alternative protein sources.
