The Meat Business Innovation Act of 2024 establishes a federal program to help American farmers and meat businesses develop new products and improve their operations. The bill requires the U.S. Department of Agriculture to create at least three regional innovation initiatives located in areas with established livestock farming and meat processing industries. These initiatives will provide direct assistance such as business consulting, food safety training, market analysis, and animal welfare guidance to meat businesses of all sizes, with priority given to small and medium-sized operations, employee-owned businesses, and cooperatives. The initiatives will also offer competitive grants to help meat businesses modernize facilities, develop specialty products, reduce waste from byproducts, and improve sustainability. The program is funded with $30 million from the Commodity Credit Corporation that can be spent as needed, plus an authorization for $30 million in annual appropriations. The bill requires the USDA to report to Congress within one year on implementation and publish annual reports on innovation progress and challenges facing domestic meat firms.