The processed meat market is expected to remain stable

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Seoul, South Korea, Aug. 11, 2022 (GLOBE NEWSWIRE) — According to a recent report by Fact.MR, a provider of market research and competitive intelligence,Sale of processed meat are expected to reach a valuation of US$356.5 billion by 2031 and grow at a CAGR of around 4.6% over the next decade.

The Processed Meat segment includes all types of processed meat. The segment is divided into the sub-segments Ham & Bacon, Sausages and Cold & Roast Meat Products. This segment does not include fresh meat or meat-based pre-cooked ready meals.

Increase in disposable income is the main factors expected to boost the growth of the global processed meat market during the forecast period. Furthermore, the reduction in the time required to cook meat at home due to busy lifestyles is estimated to further complement the growth of the global processed meat market.

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In the global food and beverage industry, innovation and new product creations are based on strong natural, healthy and sustainable credentials. Products made with healthy and nutritious ingredients and labeled with the assurance of minimal processing or proven health benefits from natural ingredients are more appealing to consumers, particularly in developed economies with higher incomes and aging populations.

Emerging economies such as China and India are likely to play a significant role in the global meat and poultry sector due to increasing wealth and healthy eating trends. Sold by established companies such as WH Group in China and Godrej Tyson Foods Ltd in India, packaged processed beef products are considered hygienic and of good quality. These manufacturers have gradually shifted their focus from shelf-stable processed meats to refrigerated processed meats in response to increased 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 meat continues to play an essential role in consumer diets. Protein is an evolving topic in nutrition research and meat remains the most popular source of protein among consumers. Although vegetarian diets and movements receive a lot of media attention (e.g. Meatless Monday), according to a recent Fact.MR survey, only about 3% of consumers go without meat for a 14-day period. However, meat seems to be used more as an ingredient than as a main dish these days, as the proportion of meals containing meat has steadily decreased, reaching 26% in 2019.

The COVID-19 pandemic has had a negative impact on meat production and the supply chain. Hotels, restaurants and cafes play an important role in the distribution channel of the processed meat market. Most importantly, quick service restaurant chains like McDonalds, KFC, Subway and Burger King have all had to temporarily or permanently close during the COVID-19 period. Dining options for customers of these restaurant chains were limited. Cafes were completely shut down while hotels were closed due to travel restrictions. The global processed meat market suffered during the lockdown period as this key distribution channel was not operational.

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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
  • Naturally
    • Organic processed meat
    • Conventionally processed meat
  • By form
    • Fresh or chilled processed meat
    • Frozen processed meat
    • Shelf Stable Processed Meats
  • After end use
    • Processed meat for the food industry
    • Processed meat for gastronomy
    • Retailing of processed meat
      • hypermarkets/supermarkets
      • Traditional grocery stores
      • convenience stores
      • discounters
      • online retail stores
      • Other

Who wins in this area?

Consumer preference for organic food products is expected to increase significantly in the coming years. Producers and retailers of processed meat adapt their product offerings to consumer demand. Due to high profit margins and consumer demand for natural products, more and more producers are entering the organic meat market. In the next 2 to 3 years, many companies are expected to bring organically processed meat to market.

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 Krone A/S
  • Cargill Meat Solutions Corp.
  • WH group
  • BRF SA
  • Smithfield Foods, Inc.

Key takeaways from Processed Meat market survey

  • The report provides a quantitative analysis of the current market trends, estimates and market size dynamics from 2020 to 2030 to identify the prevailing opportunities.
  • Porter’s Five Forces Analysis highlights the potential of buyers and suppliers to empower stakeholders to make profit-driven business decisions and strengthen their supplier-buyer network.
  • In-depth analysis along with market size and segmentation help 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 current position of market players in the meat processing industry.

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