Yahoo Finance The Processed Meat Market Is Expected to Witness Steady Growth at A CAGR of 4.6% Through 2031; States Fact.MR
Manufacturers Are Focusing On Continuous Innovation to Enhance the Quality of Food Products. They Are Adapting Various Technologies Such as Biotechnology and Nanotechnologies to Further Ease the Required Process 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, sales of processed meat are expected to reach a valuation of US$ 356.5 Bn by 2031, rising at a CAGR of around 4.6% over the next ten years.
The Processed Meat segment includes all kinds of processed meat. The segment is split into the sub segments Ham & Bacon, Sausages, and Cold & Roast Meat Products. This segment does not include fresh meat or pre-cooked meat-based ready-to-eat meals.
Major factors that are expected to boost the growth of the global processed meat market in the forecast period are the increase in disposable income. Moreover, the decrease in the time taken to cook meat at home because of the hectic lifestyle is estimated further to supplement the growth of the global processed meat market.
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In the global food & beverage industry, innovation and new product creations are based on strong natural, health, and sustainability credentials. Products made with healthy and nutritious components and labeled with assurances of minimal processing or demonstrable health benefits from natural ingredients appeal more to consumers, especially in developed economies with higher incomes and an aging population.
Due to rising affluence and healthy eating trends, emerging countries such as China and India are likely to play a significant role in the global meat and poultry sector. Because they are sold by well-established corporations such as the WH Group in China and Godrej Tyson Foods Ltd in India, packaged processed beef products are deemed hygienic and of good quality. These manufacturers have gradually moved their focus from shelf-stable processed meat to chilled processed meat in response to increased consumer demand for more fresh and healthful processed meat products.
Increased Demand for Essential Nutrition Driving Global Market
In the context of overall consumer attitude, processed meats continue to play an essential role in consumers' diets. Protein is a developing 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, just about 3% of consumers omit meat from their diet for a 14-day period. However, meat appears to be utilized more as an ingredient and less as a main dish these days, as the percentage of meals containing meat has steadily fallen, reaching 26% in 2019.
The COVID-19 pandemic adversely affected the meat production and supply chain. Hotels, restaurants, and cafes play an important role in the distribution channel of the processed meat market. Most importantly, the quick service restaurant chains such as McDonalds, KFC, Subway, and Burger King were all compelled to temporarily or permanently close during the COVID-19 period. Dine-in facilities were limited for customers at these restaurant chains. The cafes were completely closed, while the hotels were closed owing to travel restrictions. The global processed meat market experienced revenue losses during the lockdown period due to the non-operation of this important distribution channel.
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Key Segments Covered in the Processed Meat Industry Survey
By Product Type
Processed Beef
Processed Pork
Processed Poultry Meat
Processed Sheep Meat
By Nature
Organic Processed Meat
Conventional Processed Meat
By Form
Fresh or Chilled Processed Meat
Frozen Processed Meat
Shelf Stable Processed Meat
By End-use Application
Processed Meat for Food Processing Industry
Processed Meat for Food Service Industry
Retail Sales of Processed Meat
Hypermarkets/Supermarkets
Traditional Grocery Stores
Convenience Stores
Discount Stores
Online Retail Stores
Others
Who is Winning in This Space?
Consumer preference for organic food products is expected to witness significant increase over the next few years. Manufacturers and distributors of processed meat are tailoring their product offerings to meet consumer demand. Due to high profit margins and consumer demand for natural products, growing number of manufacturers are entering the organic processed meat market. In the next 2 to 3 years, many companies are expected to launch organic processed meat.
Some of the market players featured 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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Key players in the Processed Meat Market
JBA SA
Hormel Food
Harim Co Ltd.
Tyson Foods Inc.
Danish Crown A/S
Cargill Meat Solution Corp.
WH Group
BRF SA
Smithfield Foods, Inc.
Key Takeaways from Processed Meat Market Study
The report provides a quantitative analysis of the current market trends, estimations, and dynamics of the market size from 2020 to 2030 to identify the prevailing opportunities.
Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
In-depth analysis and the market size and segmentation assist to determine the prevailing market opportunities.
The major countries in each region are mapped according to their revenue contribution to the market.
The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the processed meat industry.
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