Despite having a sizable livestock population and large areas of arable land, Africa makes up very little of the world's meat industry. In 2023, Africa’s total beef exports amounted to just $1 billion, a mere fraction of Brazil’s export staggering $7.5 billion worth of beef, securing its position as the world’s largest beef exporter. Even South Africa, the continent’s largest meat exporter, managed to export less than $50 million worth of beef to the UAE in the same year. This is a striking missed opportunity for African economies, especially those with substantial Muslim populations, which are well-positioned to take a leadership role in the Halal economy.
Source: Statista
Revenue in the Meat market amounts to US$145.10 billion in 2024. The market is expected to grow annually by 10.60% (CAGR 2024-2029). The above line graph shows the projected annual revenue for fresh meat, processed meat, and meat substitutes from 2018 to 2029. Fresh meat leads the market, growing from around 60 billion in 2018 to nearly 179 billion in 2029, indicating strong demand and a promising growth trajectory. Processed meat, though smaller in scale, expands steadily from 30 million to 250 million during the same period. Meat substitutes, meat-replacement food items created from vegetarian or vegan components, also show significant growth, rising from 27 billion to 61 billion, reflecting the increasing shift toward alternative protein options. While fresh meat dominates, the rapid rise of meat substitutes suggests growing consumer interest in healthier, plant-based products, highlighting substantial market potential.
Despite being two of Eastern Africa's leading livestock producers, Ethiopia and Tanzania continue to have low levels of meat productivity and commercialization. Although there are millions of other animals and 70 million cattle in Ethiopia, the country's carcass weights are lower than the average for the world in 2020. In a similar vein, Tanzania's untapped productivity affects the livestock industry, which is dominated by beef. Even though both countries have substantial animal inventories, their exports make up a very modest percentage of their total exports.2In Ethiopia and Tanzania, programs focused on genetics, feed quality, veterinary care, and infrastructural upgrades are being implemented in an attempt to increase animal production and competitiveness.
Oxano Capital is actively seeking investees or companies in Eastern Africa involved in the meat processing sector. If your company operates in this space and aims to scale up its operations or increase its impact, we would love to hear from you. Let’s work together to unlock Africa’s potential in the global meat industry.