Eid al-Adha, also known as the "Festival of the sacrifice"), is the second of two religious holidays celebrated by Muslims worldwide each year. It honors the willingness of Abraham (Ibrahim a.s.) to sacrifice his promised son, Ishmael (Ismail a.s.), as an act of submission to God's command, before God then intervened to provide Abraham with a lamb to sacrifice instead. [Adapted from Wikipedia]
The meat from the sacrificed animal is encouraged to be divided into three parts. The family retains one third of the share; another third is given to relatives, friends and neighbors; and the remaining third is given to the poor and needy. [Adapted from Wikipedia]
More than just about the sacrifice alone, the act itself also encourages community bonding and charity, as it encourages the whole community within a location to work together to ensure the success of the sacrifice, and the sharing of the resultant bounty with those who are less fortunate. The ceremony has somehow evolved into a transboundary practice, with Muslims from the more developed economies paying for their sacrifices to be done in the lesser developed regions, giving those who have no ready access to meat in their diets, their much needed sustenance, and a reason for celebration.
A whole industry of canning the meat from the sacrifice also emerges from an adaptation of current day's practices, with the intent of lengthening the shelf-life of these meat, and to allow them to be delivered to less accesible regions, such as in war zones or in disaster-hit areas.
100 "O my Lord! Grant me a righteous (son)!"
101 So We gave him the good news of a boy ready to suffer and forbear.
102 Then, when (the son) reached (the age of) (serious) work with him, he said: "O my son! I see in vision that I offer thee in sacrifice: Now see what is thy view!" (The son) said: "O my father! Do as thou art commanded: thou will find me, if Allah so wills one practising Patience and Constancy!"
103 So when they had both submitted their wills (to Allah), and he had laid him prostrate on his forehead (for sacrifice),
104 We called out to him "O Abraham!
105 "Thou hast already fulfilled the vision!" – thus indeed do We reward those who do right.
106 For this was obviously a trial–
107 And We ransomed him with a momentous sacrifice:
108 And We left (this blessing) for him among generations (to come) in later times:
109 "Peace and salutation to Abraham!"
110 Thus indeed do We reward those who do right.
111 For he was one of our believing Servants.
112 And We gave him the good news of Isaac – a prophet – one of the Righteous.
— Quran, sura 37 (As-Saaffat), ayat 100–112
101 So We gave him the good news of a boy ready to suffer and forbear.
102 Then, when (the son) reached (the age of) (serious) work with him, he said: "O my son! I see in vision that I offer thee in sacrifice: Now see what is thy view!" (The son) said: "O my father! Do as thou art commanded: thou will find me, if Allah so wills one practising Patience and Constancy!"
103 So when they had both submitted their wills (to Allah), and he had laid him prostrate on his forehead (for sacrifice),
104 We called out to him "O Abraham!
105 "Thou hast already fulfilled the vision!" – thus indeed do We reward those who do right.
106 For this was obviously a trial–
107 And We ransomed him with a momentous sacrifice:
108 And We left (this blessing) for him among generations (to come) in later times:
109 "Peace and salutation to Abraham!"
110 Thus indeed do We reward those who do right.
111 For he was one of our believing Servants.
112 And We gave him the good news of Isaac – a prophet – one of the Righteous.
— Quran, sura 37 (As-Saaffat), ayat 100–112