The global processed meat market size is anticipated to reach USD 862.97 billion by 2027. The size was USD 519.41 billion in 2019 and is also likely to display a decent CAGR of 6.24% during the forecast period. As per our analysts, the growth of the market is on account of the rapid-paced lifestyle and rising population of salary workers, the consumption percentage of pre-packed cooked food products has augmented, which further contributes as a growth factor. This information is provided by Fortune Business Insights™, in its report, titled, “Processed Meat Market, 2020-2027.”
The coronavirus disease has adversely affected all industries worldwide. Due to the imposition of sudden stringent laws by the government regarding the ban on transportation, the demand and supply chain cycle collapsed majorly disrupting the economy of all sectors dependent on it.
However, the food & beverages industry was the least damaged one as people continued to purchase groceries and food items amid the COVID-19 pandemic. For instance, according to a statement by the chief executive of ITC Ltd., the demand for ready-to-eat food items fuelled and sales increased by 20-30% in the market. Another example of progress observed is a statement by Grofers which is an online grocery delivery service that saw a surge in its sales of about 170% in the ready-to-eat segment, around 31% in the pre-cooked meals and mixes category, and about 41% in the frozen food attribute. This is estimated to boost growth for the processed meat market amid pandemics.
List of Key Players Covered in the Processed Meat Market Report
- Hormel Foods Corporation (United States)
- Conagra Brands Inc. (United States)
- Foster Farms (United States)
- JBS S.A. (Brazil)
- Tyson Foods Inc. (United States)
- Smithfield Foods, Inc. (United States)
- Cargill Incorporated (United States)
- Pilgrim's Pride Corporation (United States)
- The Kraft Heinz Company (United States)
- China Xiangtai Food Co., Ltd. (China)
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/industry-reports/processed-meat-market-100556
Competitive Landscape
North America stood at USD 212.05 billion in 2019 and is estimated to continue dominating the global processed meat market share in the near future. The surging demand for pre-packed and ready-to-cook food along with protein-rich animal meat products has fuelled the regional market growth. Additionally, North America is a developed region and there are many working adults present in this region. This results in the consumption of pre-packed food or frozen processed meat. The popularity of beef, veal, pork, hot dog, or even steak is major in the countries of this region and is expected to lead to high sales of processed meat in the upcoming years.
Europe is expected to hold the second-largest market share in the market. The growth is attributed to the existence of countries that are chief consumers of processed food items such as Germany, France, and Italy. The processed pork meat and minced beef are broadly adopted in this region on account of being cost-effective and having an upgraded taste.
The Asia Pacific holds a substantial market share due to the vast population in the region. Due to rapid urbanization and extended provision of disposable income in developing nations such as China, India, South Korea, among others, residents of these countries are switching to the usage of processed meat.
Key players in the market form effective strategies along with the help from their expertise to conquer maximum shares in the market and establish a brand name for their brand. One such strategy to extend their brand name is to acquire other companies to earn extra monetary gains. For instance, in April 2019, JBS S.A. announced the acquisition of Adelle Indústria de Alimentos, a native pork processor for reinforcing its position in the processed meat market in Brazil.
Industry Development
February 2020: Cranswick PLC acquired the pig farming operations of Buckle Farm Limited. This acquisition assists the corporation to expand its pork processing business and increase self-reliance by 30%.
