The global processed meat market is anticipated to witness substantial growth, driven by a growing preference for organic meat products and increasing demand for innovative food options worldwide. A recent report by Fortune Business Insights, 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," forecasts that the processed meat market will reach USD 1,101.94 billion by 2032, with a compound annual growth rate (CAGR) of 6.06% from 2020 to 2032, up from a valuation of USD 519.41 billion in 2019.
Processed meat products are modified to enhance flavor and extend shelf life, making them more convenient for consumers. These products can range from being entirely meat-based to containing minimal amounts of meat, including items like chicken sausages, canned tuna, corned beef, canned meat, and bacon. These products are easy to prepare and require minimal cooking time. According to the American Meat Institute (AMI), 96% of Americans incorporate meat and poultry products into their diets.
Information Source: https://www.fortunebusinessinsights.com/industry-reports/processed-meat-market-100556
What does the Report Include?
The market report offers a comprehensive quantitative and qualitative analysis of various factors influencing market growth, including key drivers and restraints. It provides in-depth regional insights, showcasing the contributions of different regions to the market's expansion. Additionally, the report examines the competitive landscape, highlighting leading companies and their innovative strategies, such as launching new products, forming partnerships, and engaging in collaborations, which are expected to drive market growth from 2019 to 2026.
Furthermore, the research employs a range of methodologies, including PESTEL and SWOT analyses, to gather insights into current trends and industry developments that are likely to fuel market growth in the coming years.
Drivers and Restraints:
Increasing Demand for Organic Processed Meat Products to Promote Growth
Synthetic food products often contain elevated levels of nitrites and nitrates, which, when consumed in large amounts, can pose health risks, including a heightened risk of cancer. This concern is driving an increasing demand for safe and healthy food alternatives, contributing to the expansion of organic animal husbandry. Organic processed meat products are preferred due to their lower pesticide content, freshness, and longer shelf life compared to synthetic options. Moreover, the growing consumer demand for convenience and ready-to-eat products is encouraging manufacturers to choose organic meat options. This trend is anticipated to fuel the growth of the global processed meat market in the coming years.
COVID-19 TO Drive the Sales of the Product
The global pandemic has profoundly affected economies worldwide, bringing numerous activities to a standstill. Government-imposed lockdowns in several regions have hampered growth prospects across various sectors. However, these lockdowns have also led to a surge in demand for convenience food products that require minimal preparation and offer longer shelf life. This shift in consumer behavior is expected to positively impact the market, as there is an increasing preference for healthy, organic processed meat products. This trend is viewed as a favorable indicator for market growth and is likely to continue for at least the next few years.
Regional Insights:
High Demand for Healthy Convenience Food Products in North America to Foster Growth
North America led the global processed meat market with a valuation of USD 212.05 billion in 2019 and is expected to retain its position as the top revenue-generating region throughout the forecast period. This dominance is attributed to the growing demand for convenience foods and high-protein meat products, supported by a strong distribution network.
Europe is anticipated to be the second-largest market during the forecast period, driven by a significant population that consumes processed meat, particularly in countries like Italy, Germany, and France.
The Asia-Pacific region is poised for substantial growth, driven by rising urbanization and increasing disposable incomes among the working population. The high adoption of ready-to-eat food products in this region is also expected to contribute to market expansion between 2020 and 2032.
Competitive Landscape:
Dawn Farms Acquiring Haas GmbH to Stoke High Demand
In October 2019, Dawn Farms, an Ireland-based meat producer, announced its acquisition of Haas GmbH, a German cooked meat producer. This strategic move is designed to expand Dawn Farms' presence in the lucrative German market and represents its first expansion beyond Ireland and the UK. Larry Murrin, CEO of Dawn Farms, remarked, “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.”
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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