The global processed meat market is expected to experience significant growth, driven by an increasing preference for organic meat products and rising demand for innovative food options worldwide. This information is detailed in 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." The report projects that the market will reach USD 1101.94 billion by 2032, with a compound annual growth rate (CAGR) of 6.06% from 2020 to 2032. In 2019, the market was valued at USD 519.41 billion.
Processed meat typically undergoes modifications to enhance its taste and extend its shelf life, making it more suitable for consumption. These products can be made entirely of meat or, in some cases, contain a minimal amount of meat. Examples of processed meat include chicken sausages, canned tuna, corned beef, canned meat, and bacon. These products are convenient to cook and can be consumed quickly, requiring minimal preparation time. According to a report by the American Meat Institute (AMI), 96% of Americans include meat and poultry products in their diet.
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 also provides detailed insights into the regional analysis, highlighting the different regions contributing to the market's expansion. Additionally, the report examines the competitive landscape, featuring leading companies and their strategies for driving innovation, such as launching novel products, forming partnerships, and collaborating—efforts expected to fuel market growth between 2019 and 2026.
Moreover, the research analyst employed multiple research methodologies, including PESTEL and SWOT analyses, to gather information on current trends and industry developments that are likely to propel the market's growth in the coming years.
Drivers and Restraints:
Increasing Demand for Organic Processed Meat Products to Promote Growth
Synthetic food products often contain higher levels of nitrites and nitrates, which, when consumed in large quantities, can have harmful effects on the human body, including an increased risk of cancer. This concern is driving a growing demand for safe and healthy food options, leading to a rise in organic animal husbandry. Organic processed meat products are favored for containing fewer pesticides, being fresher, and having a longer shelf life compared to their synthetic counterparts. Additionally, the increasing demand for convenience and ready-to-eat products is pushing manufacturers to choose organic meat options, a trend that is expected to drive 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 significantly impacted economies worldwide, bringing many activities to a halt. Government-imposed lockdowns in several regions are hindering growth prospects across various sectors. However, the lockdowns resulting from the novel coronavirus have led to a surge in demand for convenience food products that require minimal preparation time and offer a longer shelf life. This shift in consumer behavior is expected to benefit the market, as there is a growing preference for healthy organic processed meat products. This trend is seen as a positive indicator for market growth, likely to persist for at least the next couple of years.
Regional Insights:
High Demand for Healthy Convenience Food Products in North America to Foster Growth
Among the regions, North America led the global processed meat market, with a valuation of USD 212.05 billion in 2019. It is expected to maintain its position as the highest revenue-generating region during the forecast period. This dominance is attributed to the increasing demand for convenience food and high-protein animal meat products. Additionally, the region benefits from a strong distribution network, further supporting market growth.
Europe is anticipated to be the second-largest market during the forecast period, driven by a large population that consumes processed meat, particularly in countries like Italy, Germany, and France.
The Asia-Pacific region is poised for significant growth, fueled 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 growth between 2020 and 2032.
Competitive Landscape:
Dawn Farms Acquiring Haas GmbH to Stoke High Demand
In October 2019, Dawn Farms, an Ireland-based meat-producing firm, announced its acquisition of Haas GmbH, a German cooked meat producer. According to the company, acquiring the German Haas will enable it to gain a footprint in the lucrative German market, while exploring its business acumen outside Ireland and the UK for the first time. Larry Murrin, CEO of Dawn says, “Our Company has been serving the European market for the past 25 years and this acquisition is an important step for our endeavors to establish our manufacturing presence in the German market and continue to 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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