Processed Meat Market

Processed Meat Market was valued at USD 331.0 billion in 2022 and is forecast to touch USD 456.5 billion in 2030, and the market is expected to grow at a CAGR of 4.1% from 2023-2030.

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Market Dynamic

Key Drivers and Emerging Trends

The global processed meat industry is predicted to witness strong growth over the coming years due to the continuous growth in the food sector. Despite the health and environmental issues, the processed meat consumption is rising at a significant rate in various countries of the world. This is mainly due to the rising meat consumption and slight fall in the consumption of fruit, vegetables, and cereals, especially in the urban cities. The consumption of processed meat remains high in economies with high-income rate such as the United States. People are now actively looking for meat-based breakfast options, due to the increasing willingness to try new products.  However, the preference for a specific type of processed meat has changed.

The accelerating number of working women population is another factor that is responsible for the growth of the processed meat market size. According to a report published by the U.S. Bureau of Labor Statistics, around 57.1% of all the women population participated in the labor force in 2018, which has increased as compared to 2017 by 1%. Moreover, the strong demand for ready-to-eat and ready-to-cook food products is further opening new doors for the processed meat market growth. With the fast-paced lifestyle, individuals now prefer to spend less time cooking, which is encouraging them to opt for ready-to-eat food products that require no or less cooking. The rising consumption and wide acceptance of ready-to-eat meat processed food products, particularly among the millennials, will further drive the market growth. In addition to this, the accelerating demand for flavored and nutritious meat products has helped in driving the market growth. The leading players are focusing on introducing new technologies to cater to the changing demand of the market. For instance, in 2019, John Beat Technologies introduced new technology HPP (high-pressure processing), to kill microbes and increase the shelf life of the meat products. People are now shifting towards organic processed meat products as they are becoming aware of healthy, safe, free from antibiotics and chemical residue food products. The United States Department of Agriculture approved the usage of celery powder, and cherry powder are considered as safe in replacement to nitrates and nitrites for the preservation of meat products. This factor will have a positive impact on the market’s demand.

Restraint in the Processed Meat Market

As per the World Health Organization (WHO) instruction, the consumption of processed and red meat under the group 1 carcinogen can lead to cancer. These food products are high in dietary cholesterol, which is related to abnormal glucose metabolism in the body.

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Product Type – Segment Analysis

Based on the product type, the pre-cooked ready-to-eat products segment is anticipated to grow at a higher CAGR during the forecast period. The pre-cooked ready-to-eat food products offer easy storage and transportation, have a longer life span, and fewer chances of microbial contamination. Numerous food chains are providing a wide range of pre-cooked ready-to-eat food products due to their availability and convenience of cooking.

Animal Type – Segment Analysis

Based on the animal type, the poultry segment is projected to witness a faster CAGR during the forecast period. The significant shift in the consumer’s preference from red meat to processed poultry meat is one of the major factors that is surging the demand of the segment in the market. The poultry eggs and meat are considered as a great source of protein and the relatively low and competitive pricing of the poultry as compared to other meat is further attracting consumers towards the segment.

Distribution Channel – Segment Analysis

Based on the distribution channel, the supermarkets/ hypermarkets segment is expected to dominate the market during the forecast period. This type of store offers a wide range of products from different brands, thus providing large product choices for the consumers. Moreover, they offer attractive discounts, schemes and provides a convenient shopping experience to individuals. The products are displayed on the shelves, which helps the consumers to get information related to the products, such as manufacturing date, ingredients used, and other information.

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Regional – Segment Analysis

Based on the region, North America region is expected to dominate the global processed meat market during the forecast period. This is attributed to the presence of large working professionals followed by the strong demand for convenience food products and high-protein animal meat products. Moreover, the decline in the prices of poultry processed meat is another factor that is enhancing the market growth. For example, beef recorded USD 5.36 per pound, while on the other hand, broiler chicken amounted to USD 2.03 per pound in 2020. The United States is one of the largest exporters of poultry meat and major egg producer in the world. A high population of the U.S. consumers bacon as a breakfast meal, which is helping in the expansion of the bacon meat industry. Moreover, the government is supporting the producers and processes of meat products. In 2016, the Canadian government and Manitoba invested USD 5.9 million in Maple Leaf Food’s Winnipeg-based facility to accelerate the production of bacon by eight million kilograms every year.

Top Market Players

Various notable players operating in the market include Hormel Foods Corporation, Conagra Brands, Inc., Foster Farms, JBS, Tyson Foods, Inc., Smithfield Foods, Inc., Cargill, Incorporated, Pilgrim’s, The Kraft Heinz Company, and China Xiangtai Food Co., Ltd., among others. 

Key Developments:

• • In 2020, JBS acquired a local pork processor Adelle Industria de Alimentos, with an aim to strengthen its position in the pork processing market in Brazil.

Segments Covered in the Report:

The global processed meat market has been segmented based on product type, animal type, distribution channel, processing technique, and regions. Based on product type, the market is segmented into cured meat, pre-cooked ready-to-eat products, and dried meat. Based on animal type, the market is segmented into poultry, beef, pork, mutton, and others. The distribution channel is segmented into supermarkets/hypermarkets, discount stores, convenience stores, traditional grocery retailers and others. Based on processing technique, the market is segmented into curing, smoking, fermentation, and others. 

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Key questions answered in this research report:

• • At what pace is global processed meat market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in processed meat market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global processed meat market?
  • Which product type generated maximum revenues in 2021 and identify the most promising product type during the forecast period?
  • What are the various animal type areas of global processed meat market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Processed Meat Market by Product Type

• • Cured Meat
  • Pre-cooked ready-to-eat product
  • Dried meat

Global Processed Meat Market by Animal Type

• • Poultry
  • Beef
  • Pork
  • Mutton
  • Others

Global Processed Meat Market by Distribution Channel

• • Supermarkets/ Hypermarkets
  • Discount Stores
  • Convenience Sores
  • Traditional Grocery Retailers
  • Others

Global Processed Meat Market by Processing Technique

• • Curing
  • Smoking
  • Fermentation
  • Others

Global Processed Meat Market by Region

• • North America Processed meat Market (Option 1: As a part of the free 25% customization)

    • By Product Type
    • By Animal Type
    • By Distribution Channel
    • By Processing Technique
    • US Market All-Up
    • Canada Market All-Up

  • Europe Processed meat Market (Option 2: As a part of the free 25% customization)

    • By Product Type
    • By Animal Type
    • By Distribution Channel
    • By Processing Technique
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Processed meat Market (Option 3: As a part of the free 25% customization)

    • By Product Type
    • By Animal Type
    • By Distribution Channel
    • By Processing Technique
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Processed meat Market (Option 4: As a part of the free 25% customization)

    • By Product Type
    • By Animal Type
    • By Distribution Channel
    • By Processing Technique
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Processed Meat Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Hormel Foods Corporation
  • Conagra Brands, Inc.
  • Foster Farms
  • JBS
  • Tyson Foods, Inc.
  • Smithfield Foods, Inc.
  • Cargill, Incorporated
  • The Kraft Heinz Company
  • China Xiangtai Food Co., Ltd.
  • Pilgrim’s