Manufacturers focus on continuous innovation to improve the quality of food products. They are adapting various technologies such as biotechnology and nanotechnology to further facilitate the process required to produce processed meat
Seoul, South Korea, Aug. 11, 2022 (GLOBE NEWSWIRE) — According to a recent report by Fact.MR, a market research and competitive intelligence provider, sale of processed meat are expected to reach a valuation of $356.5 billion by 2031, growing at a CAGR of approximately 4.6% over the next ten years.
The processed meat segment includes all types of processed meat. The segment is further divided into Ham & Bacon, Sausages, and Cold & Roast Meat Products sub-segments. This segment does not include fresh meat or ready meals made from pre-cooked meat.
The major factors that are expected to drive the growth of the global processed meat market over the forecast period are increasing disposable income. Moreover, decreasing time required to cook meat at home owing to the hectic lifestyle is further expected to complement the growth of the global processed meat market.
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In the global food and beverage industry, innovation and the creation of new products rely on strong credentials for naturalness, health and sustainability. Products made with wholesome, nutritious components and labeled with guarantees of minimal processing or demonstrable health benefits of natural ingredients are more appealing to consumers, especially in developed economies with higher incomes and an aging population.
Due to growing wealth and healthy food trends, emerging countries such as China and India are likely to play an important role in the global meat and poultry sector. Because they are sold by well-established companies such as WH Group in China and Godrej Tyson Foods Ltd in India, packaged processed beef products are known to be hygienic and of good quality. These manufacturers have gradually shifted their focus from shelf stable processed meat to chilled processed meat in response to growing consumer demand for fresher and healthier processed meat products.
Increased demand for essential nutrition is driving the global market
In the context of general consumer attitudes, processed meats continue to play a vital role in consumer diets. Protein is a growing topic of nutritional study, and meat remains the most popular source of protein among consumers. Although vegetarian diets and movements receive a lot of media attention (Meatless Monday, for example), according to a recent Fact.MR survey, only about 3% of consumers omit meat from their diet for a 14-day period. However, meat seems to be used more as an ingredient and less as a main course these days, as the percentage of meals containing meat has steadily declined, reaching 26% in 2019.
The COVID-19 pandemic has had a negative impact on meat production and supply chain. Hotels, restaurants and cafes play an important role in the distribution channel of the processed meat market. More importantly, quick service restaurant chains such as McDonalds, KFC, Subway and Burger King have all been forced to temporarily or permanently close during the COVID-19 period. Dining facilities were limited for customers of these chain restaurants. Cafes were completely closed, while hotels were closed due to travel restrictions. The global processed meat market has experienced revenue losses during the lockdown period due to the non-functioning of this important distribution channel.
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Key segments covered by the Processed meat Industry survey
By product type
Processed poultry meat
Processed sheep meat
By end use application
Processed meat for the food industry
Processed meat for the catering industry
Retail of processed meat
Who wins in this space?
Consumer preference for organic food products is expected to increase significantly over the next few years. Processed meat manufacturers and distributors are adapting their product offerings to meet consumer demand. Due to high profit margins and consumer demand for natural products, an increasing number of manufacturers are entering the organic processed meat market. In the next 2-3 years, many companies are expected to launch organic processed meat.
Some of the market players profiled in the report are JBA SA, Hormel Foods, Harim Co. Ltd., Tyson Foods Inc., Danish Crown A/S, Cargill Meat Solution Corp., WH Group, BRF SA, Smithfield Foods Inc., SYSCO Corp., OSI Group, ConAgra Foods Inc. and Cherkizovo Group PJSC.
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The key players in the Processed meat Market
Main takeaways from Processed meat Market research
The report provides quantitative analysis of current market trends, estimates and market size dynamics from 2020 to 2030 to identify existing opportunities.
Porter’s Five Forces analysis highlights the ability of buyers and suppliers to enable stakeholders to make profit-driven business decisions and strengthen their supplier-buyer network.
In-depth analysis along with market sizing and segmentation helps determine the existing market opportunities.
Major countries in each region are mapped according to their market revenue contribution.
The positioning of market players segment facilitates benchmarking and provides a clear understanding of the current position of market players in the processed meat industry.
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