Albany, New York, Jan. 25, 2018 (GLOBE NEWSWIRE) --
High meat consumption recorded across several parts of the world has instrumented the shift towards adopting frozen meat products and maintain stocks in advance. Prominent restaurant chains and foodservice outlets are highly dependent on the stocks of frozen meat products available with them. Individual consumers are also increasing the presence of frozen meat products in their refrigerators. However, companies producing frozen meat products are unable to supply large volumes effectively. Supply chain discrepancies and lack of standardization of refrigeration techniques is costing million-dollar loses for several key players in the global frozen meat market.
Companies namely, Marfrig Group., BRF S.A., Kerry Group Plc., Pilgrim’s Pride Corporation, Associated British Foods Plc., Verde Farms, LLC, Tyson Foods, Inc., and Arcadian Organic & Natural Meat Co. are struggling to meet the brimming demands for frozen meat products. A recently published forecast study by Transparency Market Research observes that these companies, which are the key market players, will instrument the expansion of the global frozen meat market during the forecast period 2017-2026. While the expansion of the global frozen meat market is expected to be sluggish at a 3.4% CAGR, the report estimates that by the end of the forecast period, over US$ 30 Bn worth of frozen meat products will be sold globally.
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Factors Impacting the Growth of Frozen Meat Market
- Changing landscapes in the overall food & beverage industry will shape up the future of the global frozen meat market.
- Procuring above-average profit margins will remain a key challenge. However, companies will strive to overcome it by adopting cost-effective production and meat processing techniques.
- Cold storage services will sign tie-ups with market players to form consolidation of frozen meat supply chain.
- Affordable procurement of raw meat will be profitable for frozen meat producers, while several companies will be forced to spend millions on proper refrigeration.
- High costs of refrigeration and cold storage transportation will remain a key entry barrier for the global frozen meat market
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APEJ to Represent Largest Market for Frozen Meat Products through 2026
The report further reveals that majority of frozen meat products will be produced and sold in the Asia-Pacific excluding Japan (APEJ) region. In terms of global revenue share, the APEJ frozen meat market is pegged to hold more than 30% of global market value throughout the forecast period. Growing demand for frozen meat in the APEJ region will be factored by increasing need for protein-rich foods, upsurge in food tourism across India and China, and consolidation of cold storage chains. Europe and North America are also estimated to showcase considerable demand for frozen meat towards the end of the forecast period.
Frozen Beef and Frozen Chicken to Remain Top-sellers across Food Chain Services
Among the key products sold in the global frozen meat market, frozen beef products and frozen chicken products will register highest revenue growth. Collectively, these products will account for more than half of the revenues procured in the global frozen meat market throughout the forecast period. The report also reveals that frozen pork will register fastest revenue growth at a CAGR of 4.1%. The overall demand for red meat products in the global frozen meat market will continue to gain traction in the near future.
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With respect to the end-use of frozen meat products, food chain services will be at the forefront. In 2017, nearly US$ 9 Bn worth of frozen meat products were sold across food chain services in the world. The report also revealed a high sales growth for frozen meat products across modern trade outlets. By the end of 2026, frozen meat products used for online store sales will register fastest revenue growth at a CAGR of 5.1%.
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