Beef consumption in North America to account for nearly 40% of the total processed meat consumption, bolstering the demand
NEW YORK, NY / ACCESSWIRE / March 25, 2021 / The latest report by Fact.MR on global processed meat market registered a moderate growth at nearly 4% CAGR through 2030. Following the outbreak of COVID-19, the players are investing heavily in the product innovation and funding strategies to recuperate from the loss witnessed during the pandemic.
According to the study by Fact.MR, with the revival of processed meat market in the third quarter of 2020, the demand is expected to reach a valuation of US$ 22 Bn during the forecast period. However, the panic among the consumers regarding the virus and preference of healthy vegan food products is likely to create a challenge for the market. Acknowledging the challenges, manufacturers and the key players are replenishing their footprints by offering heavy discount and refining on the processed meat products.
In addition to that, the heavy consumption of beef and pork in the form of snacks from the regions like Europe and North America is expected to negate the impact of COVID-19 on the market and stimulate the sales. Also, the friendly export-import of processed meat in the regions like China and Australia is further accelerating the sales of processed meat.
"Owing to the enhanced shelf life, the manufacturers are expecting a revival with the demand and supply of the processed meat products to ship meat across the globe enabling the demand from the exporters," says a Fact.MR analyst.
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Key Takeaways
- By product type, beef segment to double the sales during forecast period
- Organic processed meat segment to remain highly lucrative through 2021
- Owing to the high consumption from regions like APEJ and Europe, pork meat to expand at nearly 3% CAGR
- Europe to remain one of the most lucrative market
- China to emerge as a potential processed meat market, attributed to the ban of live animal trades in the country
- With rising tourism and consumption of meat products, APEJ processed meat products sales to grow two-fold through 2030
Prominent Drivers
- Increased demand for processed meat and premiumization of meat products to be a key driver
- Inclination towards technological advancement for cost production to aid the market growth
- Heavy discount and refinements offered by meat processing company expected to reverse the negative impact of COVID-19
- High demand for healthy convenience food products to spike the sales
Key Restraints
- Growing preference for vegan products likely to restrain the market
Discover more about the processed meat market with 226 figures and 140 data tables, along with the table of contents. You will also find detailed market segmentation on https://www.factmr.com/report/2360/processed-meat-market
Competitive Landscape
Prominent players profiled by Fact.MR includes Hormel Food Corp., Tyson Foods Inc., Sysco Corp., WH Group Ltd., JBS SA, Cargill Inc., Harim Co. Ltd., BRF S.A., and Danish Crown A/S among others. Leading players' collaboration and funding with prominent suppliers and product innovation is a strong key focus for the manufacturers to recover from the impact of COVID-19.
For instance, in March 2021, Eat Just, the alternative protein company formerly known as Hampton Creek, announced that it has raised US$ 200 million in the funding led by Qatar Investment Authority to build the largest protein plant in Singapore.
Likewise, an Israeli company, MeaTech 3D Ltd, that markets lab-meat technology has traded publically as the only public lab meat company in the U.S. with a raise of about US$ 25 million.
Also, Tyson Food on March 17th 2021, announced that it will convert and open a new plant in Columbia S.C., for a case-ready beef and pork pizza topping with an investment of US$ 42 million.
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More Valuable Insights on Processed meat Market
In its latest offering, Fact.MR provides a detailed study on global processed meat market. The study divulges essential insights on the processed meat market on the basis of product type (beef, pork, poultry meat, and sheep meat), form (chilled, frozen, shelf stable), buyer type (food processor & manufacturers, HoReCa sector, household & residential buyers), nature (organic and conventional), distribution channel (traditional grocery stores, supermarket/hypermarket, internet retailing, convenience stores/forecourt retailers, discounters, and other sales channel), and key regions (North America, Latin America, Europe, CIS & Russia, Japan, APEJ, and Middle East & Africa (MEA)).
Key Questions Covered in the Report
- Which region will remain the most lucrative for processed meat market?
- Which product type holds the major market share for processed meat?
- What will be the key drivers for the processed meat market?
- What will be the challenges that key players would face due to Covid-19?
- What will be the market outlook for processed meat in the upcoming years?
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SOURCE: Fact.MR