SEATTLE, April 23, 2019 (GLOBE NEWSWIRE) -- The global frozen meat market was valued at US$ 22.18 billion in 2018 and is projected to exhibit a CAGR of 4.9% over the forecast period (2019–2027).
Key Trends and Analysis of the Frozen Meat Market:
Increasing meat consumption globally is fueling growth of the frozen meat market. For instance, as per the Food and Agriculture Organization (FAO), the global meat consumption was 41.3 kg per capita in 2015 and is expected to reach 45.3 kg per capita by 2030.
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Frozen meat offers advantages such as longer shelf life and food safety. Furthermore, changing lifestyle, rising disposable income, and increasing demand for packaged food is expected to drive growth of the frozen meat market over the forecast period.
Various key players are focused on increasing their consumer base and global footprint by adopting strategies such as mergers and acquisitions. For instance, in 2017, Verde Farms LLC acquired Estanica Beef, Inc., producer of grass fed beef who also offers frozen beef steaks. The acquisition will help Verde Farms to meet increasing demand for grass fed beef.
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Key Market Takeaways:
- The global frozen meat market is expected to exhibit a CAGR of 4.9% during the forecast period (2019–2027)
- North America held significant market share in the global frozen meat market in 2018, owing to rising meat consumption in the region due to demand for protein rich food. Moreover, growing frozen food industry is driving growth of frozen meat market in the region.
- As per National Chicken Council (U.S.), total red meat & poultry consumption in the U.S. was 99.2 kg per capita in 2018, which is expected to reach 100 kg per capita in 2019
- As per American Frozen Food Institute, the U.S. frozen food industry was at US$ 57 billion in 2018, which increased by 2.6 % from 2017
- Therefore, rising meat consumption is expected to create opportunities for global and local key players to tap potential market for frozen meat, both in developed and emerging economies
- Some of the major players operating in the global frozen meat market include Kerry Group Plc., Associated British Foods Plc., BRF S.A., Verde Farms LLC, JBS S.A., Marfrig Global Foods S.A., Cargill Inc., Tyson Foods, Inc., Pilgrim’s Pride Corporation, and V H Group
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