New York, USA, June 20, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the Southeast Asia meat product market is projected to generate a revenue of $1,17,259.2 million and rise at a CAGR of 5.1% during the analysis timeframe from 2019 to 2026.
As per our analysts, with the increasing use of emerging technology in maintaining the high-quality of frozen meats, ready-to-eat meats, and processed meat products at an affordable price because of the enormously increasing urbanization and standard of living, the Southeast Asia meat product market is expected to experience progressive growth during the forecast period. Moreover, the growing prominence of modern technologies such as meat culture is expected to create expansive growth opportunities for the market during the estimated period. However, the increasing number of vegans in Southeast Asia countries may hinder the growth of the market over the analysis period.
Segments of the Southeast Asia Meat Product Market
The report has divided the market into segments based on meat type, packaging, processed meat type, and region.
Meat Type: Beef Sub-Segment to be Most Productive
The beef meat-type sub-segment is expected to garner a revenue of $33,382.5 million over the forecast timeframe. The rising popularity of innovative beef products such as canned corned beef, and chilled beef, and the increasing awareness about beef as a vital source of protein in the Southeast Asia region are predicted to bolster the growth of Southeast Asia meat product market sub-segment during the analysis period.
Packaging: Chilled Sub-Segment to be Most Lucrative
The chilled meat packaging sub-segment is predicted to garner $57,360.5 million in revenue throughout the estimated period. The constantly rising demand for foods that can be kept in chilled form for a longer shelf-life. In addition, the growing health concerns among individuals together with the huge demand for a diverse nutrient diet, are expected to fortify the growth of the market sub-segment over the analysis period.
Processed Meat Type: Hamburgers Sub-Segment to be Most Profitable
The hamburgers sub-segment is expected to generate a revenue of $37,660.3 million during the forecast timeframe. This is mainly due to the high demand for hamburgers in Southeast Asia countries. Furthermore, the fast-paced life, development of multiple franchises, and efficiency in production are the factors expected to amplify the growth of the market over the estimated period.
Region: Vietnam Region to Have Extensive Growth Opportunities
The Vietnam region of the Southeast Asia meat product market is expected to generate a revenue of $44,155.2 million during the forecast period. This is mainly because of the heavy investments made by the key players in the production of innovative meat products. Moreover, the changing cultural preferences, increasing new trade agreements, and surging population of the country are expected to drive the regional growth of the market throughout the analysis period.
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Covid-19 Impact on the Southeast Asia Meat Product Market
The outbreak of the Covid-19 pandemic has badly impacted the Southeast Asia meat product market, likewise several other industries. This is mainly because of the disruption in the supply chain, production, transportation, and various other activities during the pandemic period. However, the supportive government initiatives to overcome the loss of the Southeast Asian countries have boosted the growth of the market during the period of crisis.
Key Players of the Southeast Asia Meat Product Market
The major players of the Southeast Asia meat product market include
- Thai-German Meat Product Company Limited
- BETAGRO PUBLIC COMPANY LIMITED
- Centaco
- Saha Farms Co. Ltd
- GFPT Public Company Limited.
- F & G Food Pte Ltd
- Bangi Agro Malaysia.
- Chop Hup Chong Food Industries Pte Ltd.
- Charoen Pokphand Foods PCL.
- Angliss Singapore Pte Ltd. And many more.
These players are widely working on the development of new business strategies such as partnerships and collaborations, mergers and acquisitions, and product development to procure leading positions in the industry. – Grab the Full Report here
For instance, in August 2021, Shiok Meats, renowned cultivated meat, and Seafood Company acquired Gaia foods, the first cell-based red meat company in Southeast Asia. With this acquisition, Shiok Meats aimed to expand its business by providing cell-based meats with the implementation of new technologies and adding value to the industry.
In addition, the report also summarizes other crucial aspects including SWOT analysis, the financial performances of the key players, product portfolio, and the latest strategic developments.
More about Southeast Asia Meat Product Market:
- Food Safety, Nutritional Benefits, and Everything You Must Know Before Consuming Meat or Meat Products
- Southeast Asia Meat Product Market to Grow Exponentially During the Forecast Period Owing to New Product Launches
