Processed Meat Market Overview:
The processing of meat improves its shelf life, maintains freshness and quality of meat products. The busy life of people has resulted in changing preference for food which requires less time and efforts for cooking. The processed meat is segmented on the basis of product type includes frozen processed meat and chilled processed meat. Burgers, nuggets and others fall under chilled processed meat. Hot dogs, mortadella, salami and others come under frozen processed meat. Chilled and Frozen processed meat accounts high shares in this market where chilled processed meat was the leading segment in the processed meat market. Processed meat in terms of packaging is divided into retail package and bulk package. Processed meat is witnessing significant growth in food industry.
Processed Meat Market was valued at USD XX million in 2015 and projected to reach USD XX million by 2023 growing at a CAGR of XX% during the forecast period 2015 to 2023.
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Processed Meat Market Drivers and Restraints:
The major driving factor for the growth of processed meat is increasing in the income of urbanization population. Hectic life style especially in urban areas people prefer convenient and easy process of cooking which is also a factor that increasing the demand of processed meat. Consuming ready-to- eat meat is considered as key factor driving the growth of processed meat. However, there are several factors restraining the growth of the fresh processed meat like increasing obesity levels and unhealthy lifestyle. As processed meat is of high proteins and fat people who opt for less proteins and fat will not prefer processed meat. The consciousness towards health and awareness regarding the fresh processed meat are lowering the demand.
Processed Meat Market Geographical Segmentation:
Geographically the processed meat market is segmented into North America, Asia Pacific, Middle East and Africa. North America holds the largest share in processed meat as there is high demand for protein rich food stuff. It accounts over 37% of the worldwide sales of processed food. Due to increasing population and strengthening of retail segment Asia Pacific also holds shares in processed meat market. China is one of the largest consumers of the product. The living standards and disposable income makes Middle East and African countries shares grow. However, North America itself is expected to share 70% of processed meat market.
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Key Players of Processed Meat Market:
JBS, NH Foods Ltd, Smithfield Foods, Inc., Cargill Incorporated, ConAgra Foods Inc., National Beef Packing Company, LLC, Tyson Foods Inc., Gulf Food Industries, National Food Co., Hormel Foods, Smithfield Foods, BRF S.A, Cherkizovo Group PJSC and OSI Group, Synopsis, among others are the key players in the processed meat market.
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