The global processed meat market is expected to register a CAGR of 6.8% during the forecast period of 2018 to 2023. Processed meat consumption was always high, mostly because it was always considered to be a product of convenience. Due to its easy availability and convenience, most of developing countries are accepting it as a staple food product.
Convenience products are the future
Factors such as hectic lifestyle, rapid urbanization, adoption of new lifestyle trends and food habits will drive the demand for packaged, ready-to-eat, and convenience food such as processed meat. Growth in food service and retail industry has led to increased supply of processed meat products. Demand for meat products has also been influenced by variety, prices and services that the food retail firms have been offering to their customers. Innovation in meat processing technologies has led to the introduction of diverse products in the market thus ensuring bigger consumer base. The growing demand for frozen food products across the globe will also drive the processed meat market.
Increasing obesity level due to high intake of processed food is the main factor which is hampering the adoption rate of processed meat.
Frozen Meat is the fastest Growing Segment
The chilled and frozen meats segment accounted for the highest market share and will continue to dominate the market. Chilled meat was the leading segment and is expected to show strong growth.
Poultry meat is the Most Preferred Type
Processed poultry is the largest segment in processed meat industry and accounts for around 40% of the market share. Processed meat of rabbit, horses among others is the opportunity segment in the matured market like Europe and North America. Although the consumption rate of beef has been declining, the consumption of processed beef has shown a steady rise. Cured meat is widely consumed and accounts for 65% of the market share. Fully cooked and formed meat type is the major segment in cured meat.
North America Leading at the Regional Front
In terms of geography, North America holds the highest share of 38% during 2016 and will continue to dominate the market for the next four years. Asia-pacific region has high potential mainly due to increasing demand for high-value protein food and growth in organized retail. China and India are the fastest growing countries in the region. Increased awareness among the masses about the health hazards of processed meat has slowed down the consumption rate of processed meat in Europe.
The key players in the global processed meat market are focused on the expansion of the business in the developing regions by setting up new plants to increase production capacity and also extending the product line. Mergers and acquisitions of small and medium-sized manufacturers to enter in overseas market is another strategy adopted by multinational players. For instance, Siniora Food Industries acquired Diamond Meat Processing a UAE based company for USD 12 million. The acquisition aims to diversify and expand their product portfolio of the company. Moreover, Costco invested USD 180 million to develop poultry farm so that the farm can produce one-third of all its chickens including raw meat.
Key vendors are: JBS, BRF, CARGILL, HORMEL FOODS, NH FOODS, TYSON FOODS, SMITHFIELD FOODS, ADVANCEPIERRE FOODS, CONAGRA FOODS, FLANDERS PROVISION, KEYSTONE FOODS, NATIONAL BEEF PACKING, OSI, SYSCO.
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1.1 Key Deliverables of the Study
1.2 Study Assumptions
1.3 Market Definition
2. Research Approach & Methodology
2.2 Research Designs
2.3 Study Timelines
2.4 Study Phases
2.4.1 Secondary Research
2.4.2 Discussion Guide
2.4.3 Market Engineering and Econometric Modelling
2.4.4 Expert Validation
3. Market Overview
3.1 Market Trends
4. Market Dynamics
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Consumer Behavior Analysis
4.5.1 Consumer Demand Analysis
4.5.2 Target Market Identification
5. Market Segmentation
5.1 By Type
5.2 By Product Type
5.3 Processing Type
5.3.3 Canned and Preserved
5.4 By Distribution Channel
5.4.1 Hypermarkets/ Supermarket
5.4.4 Convenience Store
5.4.5 Specialist and Independent Retailers
5.5 By Geography
5.5.1 North America
5.5.4 South America
188.8.131.52 South Africa
6. Competitive Landscape
6.1 Most Active Companies
6.2 Market Share Analysis
6.3 Most Adopted Market Strategies
7. Company Profiles
7.1 BRF S.A.
7.2 Cargill Inc.
7.3 Cherkizovo Group
7.4 Foster Farms
7.5 Hormel Foods
7.6 JBS S.A.
7.7 Koch Foods
7.8 Marfrig Group
7.9 National Beef
7.10 Nippon Meat Packers Inc.
7.11 Perdue Farms
7.12 Pilgrim’s Pride
7.13 Sadia S.A.
7.14 Sanderson Farms Inc.