A recent report published by Infinium Global Research on the processed meat market provides an in-depth analysis of segments and sub-segments in the global as well as regional processed meat market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional processed meat market over the short term as well as long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global processed meat market. According to the report, the global processed meat market is projected to grow at a CAGR of about 5% over the forecast period of 2022-2028.
The global processed meat market was valued at over USD 500 Billion in 2022 and is expected to reach about USD 700 Billion in 2028, with a CAGR of about 5% during the forecast period. The meat which has been modified in order to either extend its shelf life or improve its taste is considered processed meat. Methods of meat processing include smoking, curing, and the addition of chemical preservatives, fermentation, and salting. Demand for processed meat is increasing as they contain high protein sources which are packed with key minerals and vitamins along with thiamin, zinc, iron, and B-vitamins, some of the factors projected to fuel market expansion over the forecast period include expanding industrial sector growth and rising packaged food consumption. Furthermore, increasing demand for nutritious and flavored meat products is expected to contribute to market growth.
The market is primarily driven by the rising global demand for meat products that are ready to eat. Rapid urbanization, rising per capita incomes, and changing food habits among the general public all contribute to this. The sales of processed meat products have also been boosted by the working professionals' hectic schedules and lifestyles. In addition, there has been a notable increase in consumer demand for animal-based proteins. This is due to customers becoming more aware of the benefits of consuming packaged food options that are high in nutrients. This, in addition to the increased convenience provided by these goods and the significant expansion of the food processing sector, is promoting the consumption of processed meat. The market is also being fueled by the expanding appeal of world cuisines. This is fostering a favorable view for the sector, which is aided by the quick rise of organized retail and internet sales across the globe. Along with this, a wide range of items with processed beef as the primary component is being sold in multiple quick service restaurant (QSR) chains, restaurants, hotels, as well as different retail and convenience stores. This is giving the market growth a boost, especially when combined with the flourishing food industry on a global scale.
The global processed meat market is segmented into North America, Europe, Asia Pacific, and the Rest of the World based on the regional analysis. The North American region holds the largest share of the market during the forecast period. A big consumer base for processed food and drinks, rising demand for convenience food, and high-protein animal meat products are all factors that have contributed to the growth of the North American region. The Asia Pacific region holds a significant share of the market owing to the increasing adoption of western culture in the region. Moreover, increasing disposable income and urbanization are projected to augment the market growth in the region during the forecast period.
The report on the global processed meat market covers segments such as meat type, product type, and distribution channel. On the basis of meat type, the sub-markets include poultry, beef, pork, and others. On the basis of product type, the sub-markets include frozen, chilled, and canned. On the basis of distribution channel, the sub-markets include HoReCa, supermarkets/hypermarkets, convenience stores, independent retailers, and others.
The report provides profiles of the companies in the market such as BRF SA, Cargill Inc., Foster Farms, Hormel Foods Corporation, JBS SA, Marfrig, Gray, OSI Group, Perdue Farms, and Pilgrim's Pride.
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the processed meat market. Moreover, the study highlights current market trends and provides forecasts from 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings insight into the market share of the leading players.
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