Selbyville, Delaware, March 01, 2022 (GLOBE NEWSWIRE) -- According to the report published by Global Market Insights Inc., the Western Europe Ready-To-Eat Meat Market was estimated at USD 37.5 billion in 2020 and is projected to be valued at more than USD 63.5 billion by 2027, registering with a CAGR of 7% from 2021 to 2027. The report provides a detailed analysis of the market size & estimations, major investment pockets, top winning strategies, drivers & opportunities, competitive scenario, and wavering market trends.
Ready-to-eat meals are considered convenient, time-saving, and cost-efficient meals. These meals have gained massive popularity among working individuals and students as a practical food option. The prevalent “Do-it-Yourself” trend has encouraged consumers to cook various cuisines or dishes at home without any prior preparations, particularly in light of COVID-19-induced lockdowns. Additionally, meat is considered a good source of protein, minerals, and vitamins. Growing awareness of the benefits of including meat in the diet has boosted product demand. Furthermore, surging consumer preference for convenient, ready-to-eat meals with optimal nutritional value is likely to fuel market growth through the forecast period.
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Breaded fish products include principal seafood such as fish balls, fish fillets, and fish fingers. To avoid rancidity and discoloration, these products are either processed fresh or processed frozen and appropriately packaged. The growing focus of manufacturers towards proper product packaging and storage, along with the surging consumption of fish and fish products, is estimated to boost product adoption. Owing to these factors, the breaded fish product type segment is speculated to see substantial progress to be worth over USD 4.05 billion by the end of 2027.
On the other hand, the cooked ham segment is projected to be valued at above USD 11.10 billion by the end of 2027. Cooked hams are known to be a great source of vitamin B, proteins, minerals, and are rich in energizing nutrients, including iron and choline, which is expected to accelerate product demand.
Key reasons for Western Europe ready-to-eat meat market growth:
- Surge availability in independent stores.
- Increasing demand for ready-to-eat breaded fish products.
- Growing ready-to-eat meat market in Italy.
2027 forecasts show the ‘independent retailers’ segment retaining its dominance:
With respect to distribution channels, the Western Europe ready-to-eat meat market share from the independent retailers segment is poised to witness robust growth by 2027, expanding at a CAGR of more than 6% through the analysis period. The ability of independent stores to easily adapt to the changes & trends to accommodate consumer needs, coupled with shifting consumer shopping behavior, is likely to propel segmental expansion over the study timeline.
Italy to continue its top status in terms of revenue:
From the regional perspective, the Italy ready-to-eat meat market is slated to progress at a CAGR of approximately 6.1% over the assessment timeline to reach a considerable valuation by the end of 2027. This growth is attributed to the rising expenditure on packaged food products, and the increasing popularity of conservable products like frozen meat.
Moreover, the COVID-19 pandemic has impelled consumers to buy products from online distribution channels rather than hypermarkets and supermarkets owing to the increased risk of exposure to diseases in crowded public areas. In addition, burgeoning ready-to-eat meat sales, as well as booming online grocery delivery services, are set to drive regional market development in the coming time period.
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Impact of COVID-19 on the Western Europe ready-to-eat meat market:
The COVID-19 pandemic had a significant impact on meat production, supply chain, and meat pricing, resulting in a major socio-economic crisis in the region. Meat and meat product prices initially increased because of supply shortages and higher demand owing to panic buying. However, since the onset of COVID-19, the retail industry witnessed a surge in online grocery shopping and novel applications, which has supported the growth of the ready-to-eat meat market during the pandemic.
Leading market players:
Key market players operating in the Western Europe ready-to-eat meat industry include Ifantis SA, Tyson Foods, Plukon Food Group BV, Vismara SpA, Smithfield Foods, Inc., OSI Group, Cargill Meat Solution, and JBS Food, among others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
