New York, USA, Dec. 19, 2022 (GLOBE NEWSWIRE) -- According to the newly published Research Dive report, the global processed meat market is expected to gather $4,79,472.50 million by 2028 and rise at a stable CAGR of 7.20% in the 2021-2028 timeframe. This comprehensive Research Dive report presents a brief outlook of the current framework of the processed meat market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2021-2028. The report also contains all the crucial market figures to help new entrants understand the market easily.
Dynamics of the Market
Drivers: Strategic alliances among key market players in the form of mergers or acquisitions are predicted to be the primary growth driver of the processed meat market in the forecast period. Additionally, growing demand for processed meats across the globe is predicted to help the market grow substantially in the forecast period.
Opportunities: Increasing demand for ready-to-eat processed meat products is predicted to offer numerous growth opportunities to the market in the forecast period. Furthermore, rising demands for animal proteins among the young population is anticipated to push the market forward.
Restraints: However, according to market analysts, disadvantages associated with processed meat might become a restraint in the growth of the processed meat market.
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Impact of Covid-19 on the Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The processed meat market, too, faced tremendously negative impact of the pandemic. Due to the lockdowns, various restaurants and fast-food chains were shutdown which led to massive decline in the demand for processed meat products. Additionally, the food processing industries also halted their production cycles due to the pandemic which further impacted the market.
Segments of the Market
The Research Dive report has fragmented the processed meat market across different segments such as meat type, product, distribution channel, and region.
Meat Type: Poultry Sub-segment to be the Most Profitable
By meat type, the poultry sub-segment is expected to be the most dominant and fastest growing sub-segment and generate a revenue of $1,95,272.50 million by 2028. Poultry is one of the most consumed meats as it has high nutritional value and is available at a relatively cheaper rate. This high consumption is expected to boost the sub-segment in the forecast period.
Product: Frozen Sub-segment to be the Most Lucrative
By product, the frozen sub-segment of the processed meat market is predicted to be the most profitable one and garner a revenue of $2,90,669.30 million by 2028. The growing demand for frozen processed meat products is predicted to boost the growth of the sub-segment in the forecast period.
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Distribution Channel: Supermarkets/Hypermarkets Sub-segment to Have the Highest Market Share
By distribution channel, the supermarkets/hypermarkets sub-segment is expected to be the most dominant and generate a revenue of $2,95,508.80 million by 2028. People across the globe prefer buying processed meat products from supermarkets as there is wide variety of such products available which provides the customers with many choices. This trend of shopping in supermarkets is expected to boost the growth of this sub-segment in the forecast period.
Region: Market in the North America Region be the Most Lucrative
By regional analysis, the processed meat market in North America region is predicted to register a revenue of $1,85,076.40 million by 2028, thereby being the most lucrative one. The increasing demand for processed meat products due to changing appetite and eating habits of people in this region is predicted to be the primary driver of the market in the forecast period.
Prominent Market Players
Some prominent players in the processed meat market are
- JBS S.A.
- American Foods Group
- LLC.
- Koch Foods
- Smithfield Foods, Inc.
- Cargill Incorporated
- OSI Group
- Perdue Farms, Inc.
- Hormel Foods Corporation
- Swiss Meat & Sausages Co
- Tyson Foods
These players are introducing and coming up with new technological advancements and innovations to gain a primacy in the market.
For instance, in April 2021, Agthia Group, a UAE-based food and beverage company, announced that it was acquiring an Egyptian food company named Ismailia Investments. Ismailia Investments specializes in processed chicken and beef products and this acquisition is predicted to help Agthia gain an advantage over its market rivals.
Finally, this comprehensive report also summarizes many crucial facets of the global market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
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More about Processed Meat Market:
- 3 Easy-to-Prepare Processed Meat Recipes To Try At Home
- What is Processed Meat and What Are the Factors Responsible for Driving Its Demand in the Near Future?
- The Processed Meat Market to Grow Remarkably with the Rising Demand for Ready-To-Eat Meat Products Worldwide
