Nearly 1/4th of Processed Meat Sales to be Held by Germany with Emergence of Polarized Snacking Trend
The latest study from Fact.MR provides a thorough analysis of the processed meat industry by segmenting it into different categories such as product type, nature, form, and end-use application, and region. It offers persuasive insights into factors impacting processed meat sales, including growth drivers, constraints, and consumer needs.
NEW YORK, Aug. 10, 2022 /PRNewswire/ -- The global processed meat market is anticipated to grow at a CAGR of 4.6% during the forecast period from 2021 to 2031. The global market is likely to be valued at US$ 356.6 Billion in 2031 from a valuation of US$ 219.1 Billion in 2020.
Increasing demand for various processed meat products such as sausages, hot dogs, jerky, and pepperoni, especially in developed countries, including the U.K. and the U.S. would push growth in the market. Besides, rising number of fast food outlets across the globe owing to high disposable income and changing lifestyles of the millennial population is expected to aid growth.
Moreover, key manufacturers are nowadays adding several preservatives to the meat to protect it from spoilage due to harmful organisms such as bacteria. Fast food outlets are also providing affordable meal packages and huge discounts, which is significantly contributing to growth.
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As per the Centers for Disease Control and Prevention (CDC), nearly 36.6% of adults in the U.S. consumed fast food on a given day during 2013-2016. In addition, the percentage of adults who consumed fast food decreased with age: 24.1% aged 60 and over, 37.7% aged 40-59, and 44.9% aged 20-39 years.
Increasing population of youngsters in both developed and developing countries is thus projected to augment growth in the next decade. Also, surging consumption of ready-to-eat and ready-to-cook food items with growing rate of employment worldwide is set to boost growth.
As per Fact.MR, Germany generated about 23.7% of the Europe processed meat market share in 2021. Increasing shift towards the polarized snacking trend and high demand for organic processed meat are likely to drive growth in Germany.
Key Takeaways:
- By product type, the processed beef industry accounted for nearly 46.6% of the global processed meat market share in 2021.
- Based on form, the fresh or chilled processed meat segment reached a valuation of around US$ 141.3 Billion in 2021.
- By end-use application, online retail sales of processed meat are anticipated to grow at a CAGR of 5.8% in the next ten years.
- The hypermarkets/supermarkets category accounted for approximately 36% of the retail sales segment in 2021.
- The frozen processed meat segment is likely to surpass a valuation of US$ 60.8 Billion by 2031 and exhibit a CAGR of 6.2% over the forecast period.
Growth Drivers:
- Rising demand for flavorful and nutrient-dense meat products is likely to push growth in the global market.
- Popularity of regional cuisines, as well as adoption of numerous meat-processing and preservation methods would significantly contribute to market expansion.
Restraints:
- Excessive consumption of processed and red beef can result in colorectal cancer, which may hamper sales.
- Many local companies use artificial preservatives in their processed meat, which can have a detrimental effect on the human body.
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Competitive Landscape:
Key players operating in the global processed meat market are focusing on implementing a wide range of developmental strategies to strengthen their presence. A few other companies are striving to enhance market profitability by introducing innovative products and gain a large consumer base.
For instance,
- In January 2021, Ingemar Johansson was purchased by Danish Crown's KLS Ugglarps in Sweden. With this acquisition, the company was able to strengthen its position in the Swedish market for processed foods like sausages.
- In January 2021, in order to strengthen its position in Belgium, Vion Food Group declared that it would buy Adriaens, a beef producer situated in Zottegem. The new deal would enable the business to build a robust supply chain and ensure that the market for beef is transparent.
Key Companies Profiled by Fact.MR
- JBA SA
- Hormel Food
- Harim Co Ltd.
- Tyson Foods Inc.
- Danish Crown A/S
- Cargill Meat Solution Corp.
- WH Group
- BRF SA
- Smithfield Foods, Inc.
- SYSCO Corp.
- OSI Group
- ConAgra Foods Inc.
- Cherkizovo Group PJSC
- Others
More Valuable Insights on Processed Meat Market
In the latest study, Fact.MR offers a detailed study on global processed meat market for the forecast period of 2021 to 2031. This study also highlights key drivers promoting the sales of processed meat through detailed segmentation as follows:
By Product Type:
- Processed Beef
- Processed Pork
- Processed Poultry Meat
- Processed Sheep Meat
By Nature:
- Organic Processed Meat
- Conventional Processed Meat
By Form:
- Fresh or Chilled Processed Meat
- Frozen Processed Meat
- Shelf Stable Processed Meat
By End-use Application:
- Processed Meat for Food Processing Industry
- Processed Meat for Food Service Industry
- Retail Sales of Processed Meat
- Hypermarkets/Supermarkets
- Traditional Grocery Stores
- Convenience Stores
- Discount Stores
- Online Retail Stores
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
Key Questions Covered in the Processed Meat Market Report
- What is the projected value of the processed meat market in 2021?
- At what rate will the global processed meat market grow until 2031?
- Which are the factors hampering the growth in the processed meat market?
- Which region is expected to lead in the global processed meat market during 2021-2031?
- Which are the factors driving the processed meat market during the forecast period?
- What is the expected market value of the processed meat market during the forecast period?
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