The global processed meat market size isanticipated to reach USD 862.97 billion by 2027. The sizewas USD 519.41 billion in 2019 and is also likely to display adecent CAGR of 6.24% during the forecast period. As per ouranalysts, the growth of the market is on account of the rapid-paced lifestyleand rising population of salary workers, the consumption percentage ofpre-packed cooked food products has augmented, which further contributes as agrowth factor. This information is provided by Fortune BusinessInsights™, in its report, titled, “Processed Meat Market,2020-2027.”
COVID-19 Pandemic to Surge Sales ofPre-Cooked Foods and Processed Meat
The coronavirus disease hasadversely affected all industries worldwide. Due to the imposition of suddenstringent laws by the government regarding ban on transportation, the demandand supply chain cycle collapsed majorly disrupting the economy of all sectorsdependent on it.
However, the food & beveragesindustry was the least damaged one as people continued to purchase groceriesand food items amid the COVID-19 pandemic. For instance, according to astatement by the chief executive of ITC Ltd., the demand for ready-to-eat fooditems fuelled and sales increased by 20-30% in the market. Another exampleof progress observed is a statement by Grofers which is an online grocerydelivery service that saw a surge in its sales of about 170% in theready-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 growthfor the processed meat market amid pandemics.
Report Coverage
The report offers a holisticevaluation based on thorough research of the market. It further provides anin-depth analysis of the current market trends and future opportunities. The reportsheds light on the market drivers and restraints. Moreover, key players andtheir novel strategies to prosper in the market and dominate as prominentplayers are shared in the report. A detailed study of the regional dynamics andhow they shape the market is observed in the report
Segmentation
Based on animal type, the globalprocessed meat market is divided into poultry, beef and pig. On the basis ofdistribution channel, it is further segregated into hypermarkets orsupermarkets, specialty stores, convenience stores and online retail. In termsof region, the market is classified into North America, Europe, Asia Pacific,South America, and the Middle East & Africa.
By type, the market is categorizedinto frozen, canned and chilled. Among these, the frozen segment held thehighest share of 70.77% in 2019. This is owing to the factor that frozen meathas an advantage over fresh meat of having a longer shelf life and beingaccessible to all under the same roof as other groceries.
Drivers and Restraints
Rising Awareness of ConsumingOrganic Meat to Boost Demand for Organic Processed Meat
A major number of meat consumers areonly aware of the traditionally raised poultry, farm animals and cattle forprocuring meat. The awareness regarding consumption of chemical orpreservative-free meat is high among people, hence they opt for organicprocessed meat. This factor drives the demand for the application of organic ornatural animal agriculture. This has compelled the producers to obtain theirmeat from certified and organically reared animals or poultry birds. Theutilization of organic meat aids in maintaining the legitimacy of fooditems. The growing consumer base for organic and conventionally procuredmeat has resulted in the expansion of organic farms and suppliers. This isanticipated to fuel the processed meat market growth in the foreseeable future.
Regional Insights
North America to Dominate the MarketBacked by Growing Popularity of Meat Products
North America stood at USD212.05 billion in 2019 and is estimated to continue dominating the globalprocessed meat market share in the near future. The surging demand forpre-packed and ready-to-cook food along with protein-rich animal meat productshas fuelled the regional market growth. Additionally, North America is adeveloped region and there are many working adults present in this region. Thisresults in the consumption of pre-packed food or frozen processed meat. Thepopularity of beef, veal, pork, hot dog or even steak is major in the countriesof this region and is expected to lead to high sales of processed meat in theupcoming years.
Europe is expected to hold thesecond-largest market share in the market. The growth is attributed to theexisting of countries that are chief consumers of processed food items such asGermany, France, and Italy. The processed pork meat and minced beef are broadlyadopted in this region on account of being cost-effective and has an upgradedtaste.
Asia Pacific holds a substantialmarket share due to the vast population in the region. Due to rapidurbanization and extended provision of disposable income in developing nationssuch as China, India, South Korea, among others, residents of these countriesare switching to usage of processed meat.
Competitive Landscape
Acquisitions and Mergers to Help KeyPlayers Prosper in the Market
Key players in the market formeffective strategies along with the help from their expertise to conquermaximum shares in the market and establish a brand name for their brand. Onesuch strategy to extent their brand name is to acquire other companies to earnextra monetary gains. For instance, in April 2019, JBS S.A. announced theacquisition of Adelle Indústria de Alimentos, a native pork processor forreinforcing its position in the processed meat market in Brazil.
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