The global processed meat market was valued at USD 519.41 billion in 2019 and is anticipated to reach USD 1101.94 billion by 2032, reflecting a CAGR of 6.06% during the forecast period, according to our analysis. In 2019, North America led the processed meat market, accounting for a 40.83% share. The U.S. market is projected to witness substantial growth, reaching an estimated USD 398 million by 2032, fueled by rising consumer demand for convenient, protein-rich, ready-to-eat, or ready-to-cook meat products.
Market growth is driven by the rising consumption of packaged food and beverages. Techniques such as salting, curing, and smoking enhance the flavor and preserve the quality of these meat products. With a fast-paced lifestyle and a growing number of salaried workers, the demand for ready-to-eat foods has risen, supporting overall market expansion.
Information Source: https://www.fortunebusinessinsights.com/industry-reports/processed-meat-market-100556
What Does the Report Include?
This report offers a comprehensive quantitative and qualitative analysis of key factors influencing market growth, including drivers and restraints. It also provides regional insights highlighting the areas contributing to market expansion. Additionally, it covers the competitive landscape, detailing leading companies and their strategies, including innovation, partnerships, and collaborations expected to propel market growth from 2019 to 2026. The research methodology involves PESTEL and SWOT analyses to uncover current trends and industry developments that will shape future growth.
Drivers and Restraints:
Rising Demand for Organic Processed Meat Products to Drive Growth
Synthetic food products contain high levels of nitrites and nitrates, which can have harmful health effects and potentially cause cancer. As a result, there is increasing demand for safer, healthier alternatives, boosting the popularity of organic animal husbandry. Organic processed meats contain fewer pesticides, maintain freshness, and offer a longer shelf life compared to synthetic counterparts. Additionally, the rising preference for convenience and ready-to-eat products is encouraging manufacturers to adopt organic options, which is expected to drive global market growth in the coming years.
COVID-19 to Accelerate Product Sales
The global pandemic has significantly impacted economies worldwide, bringing many operations to a halt. Government-imposed lockdowns in various regions have hindered market growth. However, the increased demand for convenient, long-lasting food products due to lockdowns has benefited the processed meat sector. Consumers are turning toward healthy, organic processed meats, which is expected to positively influence the market over the next few years.
Regional Insights:
Strong Demand for Nutritious Convenience Foods in North America to Boost Market Growth
North America held a market value of USD 212.05 billion in 2019 and is projected to maintain the highest revenue share in the global processed meat market throughout the forecast period. This is due to the growing demand for convenience and high-protein meat products, supported by a robust distribution network. Europe is expected to follow, driven by widespread consumption of processed meat in countries such as Italy, Germany, and France.
The Asia-Pacific region is anticipated to experience considerable growth due to rapid urbanization and higher disposable incomes among the working population. The region’s increasing adoption of ready-to-eat foods will further support market growth from 2020 to 2027.
Key Companies Operating in the Market:
- Hormel Foods Corporation (United States)
- Conagra Brands Inc. (United States)
- Foster Farms (United States)
- JBS S.A. (Brazil)
- Tyson Foods Inc. (United States)
- Smithfield Foods, Inc. (United States)
- Cargill Incorporated (United States)
- Pilgrim’s Pride Corporation (United States)
- The Kraft Heinz Company (United States)
- China Xiangtai Food Co., Ltd. (China)
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Competitive Landscape:
Dawn Farms Acquires Haas GmbH to Meet Rising Demand
In October 2019, Ireland-based meat producer Dawn Farms announced its acquisition of Haas GmbH, a cooked meat producer in Germany. The acquisition aims to establish Dawn Farms’ presence in the German market and expand operations beyond Ireland and the UK. CEO Larry Murrin stated, “Our company has served the European market for 25 years, and this acquisition marks a crucial step in establishing our manufacturing presence in Germany and further consolidating our business.”