The desire for creative food options and consumers' growing inclination for organic meat products are expected to fuel significant expansion in the global processed meat market. According to a recent Fortune Business Insights report titled "Processed Meat Market Size, Share & Industry Analysis, By Type (Frozen, Canned, and Chilled), Animal Type (Poultry, Beef, Pork, and Others), Distribution Channel (Hypermarket/Supermarket, Convenience Stores, Specialty Stores, and Others), and Regional Forecast, 2020 – 2032," the processed meat market is expected to grow at a compound annual growth rate (CAGR) of 6.06% between 2020 and 2032. This is in addition to the market's 2019 valuation of USD 519.41 billion.
Processed beef products undergo modifications to improve their flavor and prolong their shelf life, hence increasing consumer convenience. These products, which include things like chicken sausages, canned tuna, corned beef, canned pork, and bacon, can vary from being fully meat-based to having very little meat in them. These goods are simple to make and take very little time to cook. The American Meat Institute (AMI) reports that 96% of Americans eat some form of meat or poultry in their diets.
Information Source: https://www.fortunebusinessinsights.com/industry-reports/processed-meat-market-100556
What does the Report Include?
The market study provides a thorough quantitative and qualitative analysis of the main drivers and constraints affecting the growth of the industry. It offers comprehensive geographical insights, highlighting the ways in which various areas have contributed to the market's growth. The study also looks at the competitive environment, showcasing top businesses and their creative approaches—like introducing new goods, collaborating with others, and building partnerships—that are anticipated to propel market expansion between 2019 and 2026.
In addition, the study makes use of a variety of approaches, including as PESTEL and SWOT analyses, to get information about market trends and industry advancements that are anticipated to spur growth in the years to come.
Drivers and Restraints:
Increasing Demand for Organic Processed Meat Products to Promote Growth
Increased quantities of nitrites and nitrates are frequently found in synthetic food products. Excessive consumption of these substances can have negative health effects, including an increased risk of cancer. This worry is fueling a growing market for wholesome and safe food substitutes, which is helping to propel the growth of organic animal husbandry. Processed meat products that are organic are favored over synthetic ones because of their longer shelf life, decreased pesticide content, and freshness. Furthermore, producers are being encouraged to use organic meat options by the rising consumer demand for ready-to-eat and convenient products. In the upcoming years, this trend is expected to support the expansion of the processed meat market globally.
COVID-19 TO Drive the Sales of the Product
The pandemic has had a significant impact on economies around the world, halting a lot of activity. Lockdowns enforced by the government in a number of areas have hindered growth potential in a number of industries. But these lockdowns have also resulted in an increase in demand for convenience food items with longer shelf lives and little preparation. The market is predicted to benefit from this change in customer behavior since processed meat products that are healthier and organic are becoming more and more popular. This tendency is expected to last for at least the next several years and is seen as a positive sign for market expansion.
Regional Insights:
High Demand for Healthy Convenience Food Products in North America to Foster Growth
With a valuation of USD 212.05 billion in 2019, North America dominated the worldwide processed meat market and is predicted to continue leading the revenue-generating region throughout the duration of the projection. This dominance is a result of a robust distribution network and rising consumer demand for high-protein meat products and convenience foods.
During the projection period, Europe is expected to be the second-largest market due to a sizable population that consumes processed meat, especially in nations like France, Germany, and Italy.
The Asia-Pacific area is expected to experience significant expansion due to factors such as growing urbanization and increased working-class disposable incomes. Between 2020 and 2032, this region's strong ready-to-eat food product adoption rate is anticipated to support market growth.
Competitive Landscape:
Dawn Farms Acquiring Haas GmbH to Stoke High Demand
The German prepared meat manufacturer Haas GmbH was acquired by Ireland-based Dawn Farms in October 2019. This calculated move marks Dawn Farms' first foray outside of Ireland and the UK and is intended to increase its market share in the lucrative German market. "Our Company has been serving the European market for the past 25 years, and this acquisition is a significant step in our efforts to establish our manufacturing presence in Germany and further consolidate our business," Dawn Farms CEO Larry Murrin said.
List of the Companies Proliferating in the Market:
- 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)
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