Processed Meat Market Size, Share, Report, Growth & Forecast to 2032

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The processed meat market is projected to reach USD 1,101.94 billion by 2032, growing at a compound annual growth rate (CAGR) of 6.06% from 2020 to 2032. The market was valued at USD 519.41 billion in 2019.

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.According to 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 processed meat market is projected to reach USD 1,101.94 billion by 2032, growing at a compound annual growth rate (CAGR) of 6.06% from 2020 to 2032. The market was valued at USD 519.41 billion in 2019.

Processed meat products undergo modifications to enhance taste and extend shelf life, making them more convenient for consumption. These products can be made entirely of meat or contain minimal amounts of meat. Examples include chicken sausages, canned tuna, corned beef, canned meat, and bacon. These items are easy to cook and require minimal preparation time. According to 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 delivers a thorough quantitative and qualitative analysis of various factors influencing market growth, including key drivers and restraints. It provides detailed regional insights, highlighting the contributions of different areas to the market's expansion. The report also explores the competitive landscape, featuring leading companies and their strategies for innovation, such as launching new products, forming partnerships, and collaborating. These efforts are expected to drive market growth from 2019 to 2026.

Additionally, the research incorporates multiple methodologies, including PESTEL and SWOT analyses, to gather information on current trends and industry developments likely to propel market 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 pose health risks, including an increased risk of cancer. This concern is fueling a rising demand for safe and healthy food options, which is contributing to the growth of organic animal husbandry. Organic processed meat products are preferred for having fewer pesticides, being fresher, and offering a longer shelf life compared to their synthetic counterparts. Additionally, the growing demand for convenience and ready-to-eat products is prompting manufacturers to opt for organic meat options. This trend 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 top revenue-generating region throughout the forecast period. This dominance is due to the increasing demand for convenience food and high-protein animal meat products, along with a robust distribution network that supports market growth.

Europe is projected to be the second-largest market during the forecast period, driven by a substantial population that consumes processed meat, particularly in countries like Italy, Germany, and France.

The Asia-Pacific region is set 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 drive 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 aims to establish Dawn Farms' footprint in the lucrative German market and marks its first foray outside Ireland and the UK. Larry Murrin, CEO of Dawn Farms, stated, “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: