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The Processed Meat Market Is Expected to Witness Steady Growth at A CAGR of 4.6% Through 2031; States Fact.MR

·8-min read

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.

Explore Fact.MR's Coverage on the Food & Beverages Domain-

Microparticulated Whey Protein Market- Most recent released report on the global microparticulated whey protein market by Fact.MR evaluates that the market accounted for US$ 302.3 Mn in 2021, and is expected to witness noticeable growth at a CAGR of 8.3% to touch a valuation of US$ 670.4 Mn by 2031.

Flavor Enhancers Market- Flavor enhancers market, According to the study, the market is anticipated to reach US$ 3.3 Bn by 2021. In the long haul, prospects appear further optimistic, with the industry expected to reach US$ 5.4 Billion by the end of the assessment period 2021-2031.

Liquid Dietary Supplements Market- The global market for liquid dietary supplements is forecast to be valued at US$ 39.2 Bn by 2021-end, expected to further accelerate to US$ 92.8 Bn by the end of the 2021-2031 forecast period.

Snacks Market- Global demand for snacks is expected to proliferate at a CAGR of 6.5% from 2021 to 2031, according to a recently published study by Fact.MR. By the end of the aforementioned forecast period, the market is likely to be valued at US$ 751 Bn, with consumer inclining towards organic snacks consumption. By 2021-end, demand for snacks is expected to reach US$ 400 Bn.

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Vegan Egg Market- The global vegan egg market enjoyed year-on-year (YoY) growth of 6.9% and accounted for US$ 1.5 Bn in 2021, and is expected to witness a high CAGR of 8.3% through 2031. Retail/household vegan egg sales are slated to surge at 11.5% CAGR to be valued at close to US$ 1.2 Bn by 2031.

Sports Nutrition Market- The global sports nutrition market report indicates that sales of overall sports nutrition enjoyed year-on-year (YoY) growth of 5.3% in 2021. Fact.MR estimates that the sports nutrition market accounted for US$ 15.8 Bn in 2021, and is expected to witness a prominent CAGR of 7.9% over the decade.

Tahini Market- Global tahini market will accelerate at a value CAGR worth 6% from 2021-2031. By the end of the aforementioned forecast period, sales of tahini are likely to reach US$ 3.2 Bn. As of 2021, tahini sales are expected to be valued at US$ 1.8 Bn, with the Middle East & Africa expected to capture over 4/5th of the global revenue.

Lactase Enzyme Market- The global lactase enzyme market enjoyed year-on-year (YoY) growth of 3.7% in 2021. The U.S. lactase enzyme market grew 3.4%, settling initial scepticism about how the market would perform during a global pandemic.

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