Packaged food sales are witnessing an uptick as modern retail is expanding. This is supported by a developing cold chain infrastructure for fresh, chilled and processed foods across the globe. Heightened trade between major producing and consumer markets for processed meat is projected to create an absolute dollar opportunity of US$ 86 Bn during forecast period 2019 – 2029.
Globally, chilled processed meat products have benefitted directly from stronger consumer demand for processed meat and improved cold-chain systems in developed countries such as United States, Canada, Germany, Australia etc. Emergence of advanced transportation infrastructure for processed meat in developing countries such as China, India, Brazil, etc is projected to escalate demand of processed meat in the coming years.
Key Takeaways of Global Processed Meat Market
- Beef processed meat segment accounts for more than one third market share and is expected to indicate a rising growth curve in processed meat market during period of forecast 2019 – 2029. This can be attributed to the increased consumption of beef stews, meat-filled burritos, and beef burger patties.
- Fresh or chilled form of processed meat is a major contributor within the global processed meat market and is likely to grow 1.3X over period of forecast 2019 – 2029, owing to increased fresh or chilled form of processed meat in Europe, United States and Asian countries in the past-half decade.
- North America and Europe processed meat market together hold around two thirds of market share. However, Middle East, Africa & Latin American markets are projected to grow at a higher CAGR than the global average owing to shifting consumer preferences for processed meat.
High Consolidation to Stifle Competition
Several tier 1 players in processed meat market such as Cargill Inc and BRF SA are collectively holding more than 15% of market share in processed meat market. Moreover, these market players are expanding their wings in emerging markets through strategic investments to expand production facility and set up new processing facilities. For instance, in year 2019, BRF SA announced investments of US$ 120 Mn in Saudi Arabia market to build chicken processing plants to cater to the demand of halal chicken from Saudi Arabia market.
Cargill Inc. is the market leader and has plans to export poultry and sheep processed meat to different regions directly from company’s meat processing facilities based in United States and United Kingdom through expansion of its distribution network. Moreover, company has received approvals for export of its processed meat to several countries such as Turkey, Brazil, and Mexico etc.
These insights are based on a report on Processed Meat Market by Fact.MR.
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