Processed Meat Market | Size , Analysis , Development , Revenue , Future Growth , Business Prospects and Forecasts 2027
The global
processed meat market size is anticipated to reach USD 862.97 billion by 2027 . The size was USD 519.41 billion in 2019 and is also likely to display a decent CAGR of 6.24 % during the forecast period . As per our analysts , the growth of the market is on account of the rapid-paced lifestyle and rising population of salary workers , the consumption percentage of pre-packed cooked food products has augmented , which further contributes as a growth factor . This information is provided by Fortune Business Insights™ , in its report , titled , “ Processed Meat Market , 2020-2027 .”
COVID-19 Pandemic to Surge Sales of Pre-Cooked Foods and Processed Meat
The coronavirus disease has adversely affected all industries worldwide . Due to the imposition of sudden stringent laws by the government regarding ban on transportation , the demand and supply chain cycle collapsed majorly disrupting the economy of all sectors dependent on it .
However , the food & beverages industry was the least damaged one as people continued to purchase groceries and food items amid the COVID-19 pandemic . For instance , according to a statement by the chief executive of ITC Ltd ., the demand for ready-to-eat food items fuelled and sales increased by 20-30 % in the market . Another example of progress observed is a statement by Grofers which is an online grocery delivery service that saw a surge in its sales of about 170 % in the ready-to-eat segment , around 31 % in the precooked meals and mixes category , and about 41 % in the frozen food attribute . This is estimated to boost growth for the processed meat market amid pandemics .
Report Coverage
The report offers a holistic evaluation based on thorough research of the market . It further provides an indepth analysis of the current market trends and future opportunities . The report sheds light on the market drivers and restraints . Moreover , key players and their novel strategies to prosper in the market and dominate as prominent players are shared in the report . A detailed study of the regional dynamics and how they shape the market is observed in the report
Segmentation
Based on animal type , the global processed meat market is divided into poultry , beef and pig . On the basis of distribution channel , it is further segregated into hypermarkets or supermarkets , specialty stores , convenience stores and online retail . In terms of region , the market is classified into North America , Europe , Asia Pacific , South America , and the Middle East & Africa .
By type , the market is categorized into frozen , canned and chilled . Among these , the frozen segment held the highest share of 70.77 % in 2019 . This is owing to the factor that frozen meat has an advantage over fresh meat of having a longer shelf life and being accessible to all under the same roof as other groceries .
Drivers and Restraints
Rising Awareness of Consuming Organic Meat to Boost Demand for Organic Processed Meat
A major number of meat consumers are only aware of the traditionally raised poultry , farm animals and cattle for procuring meat . The awareness regarding consumption of chemical or preservative-free meat is high among people , hence they opt for organic processed meat . This factor drives the demand for the application of organic or natural animal agriculture . This has compelled the producers to obtain their meat from certified and organically reared animals or poultry birds . The utilization of organic meat aids in maintaining the legitimacy of food items . The growing consumer base for organic and conventionally procured meat has resulted in the expansion of organic farms and suppliers . This is anticipated to fuel the procesed meat market growth in the foreseeable future .
Regional Insights