Jun 05, 2020
Sales of Hams to Expand at 3% CAGR Through 2030, Market Growth Stifles in 2020 Due to Mass Closures of Foodservice Industry, Finds Fact.MR
by Team Fact.MR
The global hams market is anticipated to reach a valuation of over US$ 47billion by 2030, growing at a CAGR of over 3% during the forecast period (2020-2030). A spike in number of food outlets and quick service restaurants (QSRs) across the globe continues to fuel the global hams market growth. Manufacturers of hams are benefiting directly from increased consumer demand for processed meat products and improved cold chain systems.
Presently, due to the Covid-19 outbreak, the hams market is experiencing significant setbacks. Disruptions in global supply chain, challenges in raw material procurement, and movement restrictions are creating sales and logistical nightmares for market players. Furthermore, mass closure of restaurants and foodservice markets, which account for almost half of the overall ham consumption, continues to generate stagnancy in the global hams market.
Key Takeaways of the Global Hams Market Study
- China leads the global hams market, capturing a market share of over 45% in 2020. The country holds a large number of established meat processors and emerging ham facilities.
- Fresh/chilled hams remain highly preferred over their frozen counterparts and are expected to account for over 65% of the total sales by 2030.
- Strong demand for fresh/chilled hams from households and retail and foodservice chains continues to offer tailwinds to the market growth.
- During the last five years, household demand for hams has been on a significant rise, attributing to robust expansion of retail chains and high popularity of e-Commerce platforms.
“Rising demand for ready-to-cook food is significantly augmenting the global hams market. Longer shelf-life of products allows producers to curb demand shocks by improving inventory control. Additionally, the ability to store the commodity would prevent producers from potential price crashes,” says the Fact.MR analyst.
Key Players Prioritize Product Portfolio Expansion to Gain Competitive Edge
The global hams market is highly fragmented in nature, characterized by the presence of a multitude of market players. Tier-1 companies include JBS, Yurun Group, Danish Crown, Tyson Foods, Smithfield Foods, Hormel Foods, Vion Food Group, Gordon, Food Service, OSI Group and Kaczanowski & Co Smallgoods.
These players have a global presence and are established in the foodservice realm. These companies are targeted towards a robust distribution network across the globe and have been recognized by most retailers and foodservices providers as the most reputed food processing firms. Other competitors are primarily focusing on developing robust supply chain networks locally.
Find More Valuable Insights on the Hams Market
Fact.MR, in its new offering, provides an unbiased analysis of the global hams market, with historical data on demand (2014-2019) and expected projections for period (2020-2030). The hams market report discloses compelling insights into demand for hams based on form (fresh / chilled, frozen), process (air dried cured hams, smoked hams), buyer (food processors & manufacturers, independent retailers, convenience stores, specialist retailers, online retailers), and different regions.
>>> To Get more insights on hams market, visit- https://www.factmr.com/report/4827/hams-market
About The Food & Beverages Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Fact.MR helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million plus data points, the team has analysed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.