New York, USA, Dec. 08, 2020 (GLOBE NEWSWIRE) -- As per a newly published report by Research Dive, the Southeast Asia meat products market valued for $82,182.5 million in 2019 and is expected to garner $117,259.2 million by 2026, rising at a CAGR of 5.1% during the forecast period from 2019 to 2026.
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Market Dynamics
The rising popularity of frozen meat products, ready-to-eat meat products, and others is the major factor projected to boost the growth of the Southeast Asia meat product market by 2026. Moreover, the increasing prominence of newly emerging modern technologies such as meat culture is predicted to create massive opportunities for the Southeast Asia market growth in the coming years. On the contrary, an upsurge in the number of vegans in the Southeast Asian countries, especially in Thailand, Singapore, and Malaysia may restrict the market growth in the near future.
Impact of COVID-19 on the Industry
The outbreak of COVID-19 across the globe has impacted the Southeast Asia meat product market in a negative way. This is majorly due to lockdown imposed in the region to curb the spread of the coronavirus, which has affected every industry including production, transportation, supply chain, product manufacturing, and others.
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On the other hand, the various governments and government bodies of the Southeast Asian countries are helping food industries to sustain in the pandemic. For instance, in April 2020, Thailand’s Ministry of Commerce set up 7 joint rooms for appropriate working between government and industries to ensure an adequate supply of necessities including meat.
Beef Segment to Witness Fastest Growth by 2026
By meat type, the beef segment is expected to be the fastest growing segment and reach up to $33,382.5 million by 2026. This is mainly due to the rising demand for beef products in the region, owing to the growing popularity of innovative beef products like canned corned beef and chilled beef.
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Chilled Meat Packaging Segment to Hold Highest Market Share
By packaging, the chilled meat packaging segment is expected to surpass $57,360.5 million and hold the highest share in the market by the end of 2026. This can be majorly attributed to the surging demand for ready-to-eat foods, due to its longer shelf life.
Kebab Segment to Grow at Fastest Rate
By meat type, the kebab segment is expected to witness the fastest growth and garner a revenue of $25,437.2 million by 2026. This is mainly because kebab is one of the most popular products with superior taste in the SEA region.
Thailand to be Most Lucrative Country by 2026
By country, Thailand market for meat product is estimated to grow at a CAGR of 6.5% during the forecast period, owing to the enhancement in farm productivity and the strict animal disease and food safety control in the country.
Prominent Market Players
1. Charoen Pokphand Foods PCL.
2. Angliss Singapore Pte Ltd.
3. Bangi Agro Malaysia.
4. BETAGRO PUBLIC COMPANY LIMITED
5. GFPT Public Company Limited.
6. Thai-German Meat Product Company Limited
7. Saha Farms Co. Ltd
8. Centaco
9. F & G Food Pte Ltd
10. Chop Hup Chong Food Industries Pte Ltd.
Further, the report presents several aspects of these key players such as strategic moves, recent developments, business performance, product portfolio, and SWOT analysis.
Mergers & acquisitions, collaborations, business expansion, and many others are the growth strategies adopted by these key players to acquire a strong position in the global industry. For instance, in July 2020, Ayam Dindings, a Malaysia-based company launched a series of new look and better in taste frozen chicken that is processed with products ranging from fried chicken, frankfurters, marinated ready-to-cook chicken chops, nuggets, burger, meatballs, and meatloaf.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and recent strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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