North America to Dominate the Market Backed by Growing Popularity of Meat Products
North America stood at USD 212.05 billion in 2019 and is estimated to continue dominating the global processed meat market share in the near future . The surging demand for pre-packed and ready-to-cook food along with protein-rich animal meat products has fuelled the regional market growth . Additionally , North America is a developed region and there are many working adults present in this region . This results in the consumption of pre-packed food or frozen processed meat . The popularity of beef , veal , pork , hot dog or even steak is major in the countries of this region and is expected to lead to high sales of processed meat in the upcoming years .
Europe is expected to hold the second-largest market share in the market . The growth is attributed to the existing of countries that are chief consumers of processed food items such as Germany , France , and Italy . The processed pork meat and minced beef are broadly adopted in this region on account of being costeffective and has an upgraded taste .
Asia Pacific holds a substantial market share due to the vast population in the region . Due to rapid urbanization and extended provision of disposable income in developing nations such as China , India , South Korea , among others , residents of these countries are switching to usage of processed meat .
Competitive Landscape
Acquisitions and Mergers to Help Key Players Prosper in the Market
Key players in the market form effective strategies along with the help from their expertise to conquer maximum shares in the market and establish a brand name for their brand . One such strategy to extent their brand name is to acquire other companies to earn extra monetary gains . For instance , in April 2019 , JBS S . A . announced the acquisition of Adelle Indústria de Alimentos , a native pork processor for reinforcing its osition in the processed meat market in Brazil .
Industry Development
February 2020 : Cranswick PLC acquired the pig farming operations of Buckle Farm Limited . This acquisition assists the corporation to expand its pork processing business and increase self-reliance by 30 %.
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