Conventional Frozen Meat to Account for Over 90% Market Share: Fact.MR Study
Published : 25 Nov 2021 Industry: Food & Beverage
According to a recent report by Fact.MR, a market research and competitive intelligence provider, sales of frozen meat are expected to top a value of US$ 61.5 Bn by 2031, rising at a CAGR of around 6.5% through the decade.
To keep ahead of the competition curve, frozen meat producers are investing millions in research & development. This is helping manufacturers in understanding the need for the product along with changing trends (demand for food with minimum preparation time, retained quality of meat for longer duration, etc.), leading to heightened investments in the frozen meat market by companies.
- For example, Kerry Group Plc. invested a significant amount of money in its research & development team to understand the market in-depth. The team consists of sensory science experts, technicians, dieticians & nutritionists, food scientists, biochemists, flavorists, engineers, etc.
Key Takeaways from Market Study
- The U.S. is estimated to account for more than 83% of the North American market share in 2021, supported by growing demand for ready-to-eat food items.
- China is estimated to account for 46.6% of the East Asian frozen meat market share, supported by heightened manufacturing capabilities.
- Thailand is one of the prominent countries in the South Asian regions with a market share of 11.9%, due to high number of trading partners and growing export demand.
- Conventional frozen meat reflects approximately 90.2% market share in 2021; however, the organic type is expected to witness a CAGR of 7.7% over the forecast period due to rising environmental concerns.
- Frozen meat sales are estimated to account for a CAGR of nearly 6.5% through 2031 on the back of its wide range of end-use applications in the food processing industry, food service industry, and retail sector.
“The market is driven by convenience, upgraded storage qualities, ease of use, and longer shelf-life properties of frozen meat. Frozen meat is a good source of protein and other vital nutrients, and technical improvements such as IQF technologies have improved its efficiency to a great extent,” says a lead analyst at Fact.MR.
Who is Winning?
Many companies have re-evaluated their portfolios and re-thought their strategy in 2020 and 2021 as a result of the global upheaval generated by COVID-19. This resulted in both, strategic acquisitions and divestitures, and companies in the frozen meat market have redirected their management efforts and capital into those parts of the organization with the greatest development potential to have a clear competitive advantage.
Some of the leading companies offering frozen meat are Kerry Group Plc., Associated British Foods Plc, BRF S.A., Marfrig Group., Tyson Foods, Inc., Arcadian Organic and Natural Meat Co., Pilgrim`s Pride Corporation, Verde Farms, Cargill Beef, and Xiamen Yinxiang Group Co., Ltd.
Get More Valuable Insights
Fact.MR, in its new offering, provides an unbiased analysis of the frozen meat market, presenting historical demand data (2016-2020) and forecast statistics for the period (2021-2031).
The study divulges compelling insights on the frozen meat based on product type (beef, pork, poultry meat, and sheep meat), based on nature (organic and conventional), and based on end use application (food processing industry, food service industry, and retail), across seven major regions of the world.
About the Food & Beverage 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+ 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.
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Sr. Consultant - Food & Beverages