New York, USA, Sept. 27, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the Southeast Asia meat product market is expected to generate a revenue of $117,259.2 million by 2026, exponentially growing at a CAGR of 5.1% during the forecast period (2019-2026). The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Drivers: Increasing prevalence of ready-to-eat meat products, processed meat products, and frozen meat products due to its high demand and affordability are expected to drive the growth of the market during the forecast period. In addition, instant food products and innovative and smart packaging are further expected to bolster the growth of the market during the forecast period.
Restraints: Significant surge in vegetarianism is expected to impede the growth of the market during the forecast period.
Opportunities: Increasing prevalence of modern technologies like meat culture and lab-based meat products are expected to create massive opportunities for the growth of the market during the analysis period.
Segments of the Market
The report has divided the market into different segments based on meat type, packaging, processed meat type, and region.
Meat Type: Pork Meat Sub-segment to be Most Profitable
The pork meat type sub-segment is expected to generate a revenue of $43,636.9 million during the forecast period. High demand for pork meat and changing consumer preferences is expected to drive the growth of the sub-segment during the forecast period.
Packaging: Chilled Packaging Sub-segment to be Most Beneficial
The chilled packaging meat sub-segment is expected to generate a revenue of $57,360.5 million during the forecast period. Rising demand for ready-to-eat chilled meat and health concerns on diverse nutrient diet are expected to bolster the growth of the sub-segment during the forecast period.
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Processed Meat Type: Hamburgers Sub-segment to be Most Lucrative
The hamburgers sub-segment is expected to generate a revenue of $37,660.3 million during the forecast period. Development of various franchises and streamlined production are anticipated to accelerate the growth of the sub-segment during the forecast period.
Region: Vietnam Expected to Dominate the Market
The Vietnam meat market is expected to generate a revenue of $44,155.2 million during the forecast period. Increasing investments for the production of innovative meat products by prominent players, expanding population, and altering consumer preferences in this region are expected to drive the growth of the market during the forecast period.
COVID-19 Impact on the Market
The outbreak of COVID-19 has had an adverse impact on the southeast Asia meat market, owing to the lockdowns that were prevalent in various countries across the globe during the pandemic. Lockdowns immensely affected the production, supply chain, transportation, and various other aspects of the business, disrupting the flow of meat manufacturing. Thus, the pandemic has had a negative impact on the market.
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Key Payers of the Market
The major players of the market include
- Charoen Pokphand Foods Plc
- Centaco
- Thai-German Meat Product Company Limited
- Angliss Singapore Pte Ltd
- F&G Food Pte Ltd
- Bangi Agro Malaysia
- GFPT Public Company Limited
- Saha Farms Co. Ltd
- Chop Hup Chong Food Industries Pte Ltd
- BETAGRO PUBLIC COMPANY LIMITED, and many more.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
For instance, in August 2021, Shiok Meats, a Singaporean alt-protein startup company, acquired Gaia Foods, a cell-based red meat company, in order to extend Shiok Meat’s reach into cultivated beef and other product ranges so as to penetrate the cell-based meat technology market.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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