Increase in the smartphones use, of the internet, and growth of online food delivery and grocery platforms are expected to boost the sales of processed meat.
PORTLAND, OR, UNITED STATES, January 4, 2022 /EINPresswire.com/ — Processed Meat Market by Meat Type (Poultry, Beef, Pork, and Others), Product Type (Frozen, Chilled, and Canned), Application (Commercial and Residential), and Distribution Channel (HoReCa, Supermarkets/Hypermarkets, Convenience Stores, Independent Retailers, and Others): Global Opportunity Analysis and Industry Forecast 2021-2030.” According to the report, the global processed meat industry was estimated at $319.6 billion in 2020, and is anticipated to hit $497.1 billion by 2030, registering a CAGR of 4.8% from 2021 to 2030.
Rapid urbanization, high-end technological advancements that facilitate transportation, and increasing penetration of retail chains in the emerging markets drive the growth of the global processed meats market. On the other hand, the carcinogenic content in processed meat hampers the growth to some extent. However, rise in preference for organic meat is projected to create lucrative opportunities in the sector.
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Hotels, restaurants, and cafes play an important role in the distribution channel of the processed meat market. But, the global lockdown, especially during the initial phase of the pandemic, disrupted the entire supply chain, thereby impacted the processed meat market negatively. Dine-in facilities were limited for customers at the restaurant chains. The cafes were completely closed, while the hotels were closed owing to travel restrictions. These factors affected the market significantly. However, as the global situation is getting better, the market is anticipated to recoup soon.
On the basis of meat type, the poultry segment held the major share in 2020, garnering around two-fifths of the global processed meat market, due to the presence of higher protein content in the items. The pork segment, on the other hand, is expected to register the fastest CAGR of 5.1% throughout the forecast period. This is because processed pork meat has prolonged shelf life and offers high convenience to the consumers.
On the basis of product type, the frozen segment contributed to the lion’s share in 2020, holding more than two-thirds of the global processed meat market. Growing need to increase the shelf life of frozen meat products propels the growth of the segment. However, the canned segment is projected to manifest the fastest CAGR of 5.9% from 2021 to 2030, due to increasing demand for convenience food products.
On the basis of the application, the commercial segment dominated the processed meat market in 2020, accounting for 85.0%. The commercial segment has grown significantly growth in the past few decades due to the increased popularity of fast-food chains, restaurants, and cafes such as KFC, McDonalds, Dominos, Burger King, and Yum Brands. Moreover, hotels, restaurants, and cafes at local level plays a significant role in processed meat consumption.
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By region, the market across North America dominated in 2020, garnering nearly two-fifths of the global processed market. Higher demand for ready-to-cook and ready-to-eat food products in the region boosts the market growth. Simultaneously, the Asia-Pacific region is expected to cite the fastest CAGR of 6.9% throughout the forecast period. This is attributed to rapid urbanization, rise in disposable income, and growing penetration of e-commerce in the region.
Players operating in the global processed meat market have used a variety of developmental strategies to expand their market share, focus on processed meat market opportunities, and boost market profitability. The key players profiled in this report include American Foods Group, LLC., Cargill, Incorporated, Hormel Foods Corporation, JBS S.A., Koch Foods, LLC., OSI Group, Perdue Farms, Inc., Smithfield Foods, Inc., Swiss Meat & Sausages Co., and Tyson Foods, Inc.
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