Packaged Foods to Boost Demand within Global Processed Meat Market
The adoption of a fast-paced life has initiated a new trend of fast food consumption. Longer working hours leaves limited time for young adults to have a home-cooked meal.
As a result modern retailers are witnessing the growth of packaged processed food items among high net worth income individuals. Amid, COVID-19, players with a strong distribution network in the processed meat market have been replenishing their stocks on shelves.
This is in response to panic buying behavior amongst customers. However, multiple companies like Smithfield Farms, JBS USA, Tyson Foods Inc. and Cargill Inc. have been shutting down their meat processing plants on account of the COVID-19 pandemic, and this is expected to limit raw material supply for processed meat. However, the market of processed meat is expected to revive in short term and is expected to grow at a CAGR of nearly 4% during 2020-2030.
Technological Advancements for Cost Management Is an Upcoming Area of Focus
Meat traceability is a major concern for the industry and to mitigate the cost a standardized platform is needed. Hence, to meet the costs of the company, players are now shifting towards block chain technology. The technology helps in tracing the farms and the methods used to raise the cattle.
Some of the key features to be provided by block chain are, grass-fed assurance, certification, end-to-end traceability, trade finance, consumer engagement and feedback.
Players like JBS USA have already been using the technology. However, Tyson foods and Perdue farms have been working on integrating block chain.
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Frozen Processed Meat to be Export Friendly with High Uptake in China
Frozen meat is witnessing swift advancements associated with freezing techniques such as rapid freezing and cryogenic freezing to extend the lifespan of meat products with no compromise on quality.
The market of frozen processed meat is expected to generate an absolute $ opportunity of nearly US $22 Bn during 2020-2030.
Moreover, processed frozen meat enables exporters to ship meat across larger distances, owing to its enhanced life-span. Among the emerging countries China is the largest consumer of frozen meat. China’s frozen meat import from Australia accounts for nearly 65% of its total import.
Regional Trends Suggest APEJ Market to Become Most Lucrative
Europe is expected to maintain its dominance in the market of processed meat consumption owing to the rising demand for conventional beef in the HoReCa sector which is growing in the region.
Moreover, North America is expected to grow at a CAGR of nearly 4% during 2020-2030 owing to the rising imports in the regions for processed meat. The United States is among the top consumers of processed meat with nearly 15% of the present global imports.
In emerging markets like MEA and Japan, demand for processed meat is expected to witness a high growth owing to the rising per capita spending on processed meat products.
Owing to it being the epicenter for Covid-19 outbreak, China has banned many live animal trades in the wet markets of the country. This is poised to leverage demand for processed meat.
APEJ has been emerging with innovative food solutions and rising tourism in the region. Moreover, processed meat consumption in the region is expected to grow by nearly 2X during 2020-2030.
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COVID-19 Impact on Processed Meat Market
During Covid-19, a significant number of consumers have shifted to a vegan diet due to the fear of transmission of virus. Owing to this the players are expected to register a significant drop in demand.
However, historically the market for meat has revived within a short duration after any outbreaks like HPAI, swine-flu, bird-flu etc.
The market for packaged meat will be the source of major earnings during this period. However, with shortages in supply, many market players will face a drop in production. The market is poised to recover after the third quarter in 2020 owing to the consumers’ shift towards their regular work-life balance and due to festival seasons like Christmas for Christian customers.
Under a probabilistic approach, the market is expected to face the impact of COVID-19 till the fourth quarter of 2020. Going by the pessimistic approach, the market is anticipated to reel under the negative impact of COVID-19 for the first two quarters of 2021.
To overcome the situation, companies are adding new promotional strategies like heavy discounting and refinements in processed meat products
“The players of processed meat are now shifting towards adoption of new technologies to reduce production costs. Furthermore, the market growth is expected to be stagnant over the period in spite of COVID-19 impact.”
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Global Processed meat Market: Scope of the Report:
The recent global processed meat market report by Fact.MR offers a 5-year forecast from 2020 to 2030. The report elaborates on the key drivers, restraints, opportunities and threats to the expansion of the global processed meat market. A detailed segmental analysis, based on product type, form, nature, buyer type, sales channel and region, has been provided in the report.
Regional analysis in terms of supply chain analysis, business execution and market value analysis provides an in-depth perspective about the future scope of the global processed meat market.
In addition, a separate section on market structure has also been provided. The section provides a detailed analysis of key market players and the strategies for expansion in the processed meat market.
Processed Meat market: Segmentation
FactMR’s study has done the segmentation of processed meat market on the basis of base product type, form, buyer type, nature, distribution channel and across 8 regions.
- Poultry Meat
- Sheep Meat
- Shelf Stable
- Food Processor & Manufacturers
- HoReCa Sector
- Household & Residential Buyers
- Traditional Grocery stores
- Supermarket/ Hypermarket
- Internet Retailing
- Convenience Stores/ Forecourt retailers
- Other Sales Channel
- North America
- Latin America
- CIS & Russia
Processed Meat Market: Report Summary
Study offers a comprehensive overview on diverse features that are inducing demand, revenue generation and sales in processed meat market across the globe.
A comprehensive estimate on processed meat market has also been made accessible by the experts, who have considered the market estimates on the basis of a likely scenario, an optimistic scenario, and a conservative scenario regarding sales of processed meat market during the forecast period. Analysis and estimation of price point comparison by region and by product with the global average price has been included in this study.
Processed Meat Market: Analysis on Market Size Evaluation
Predictions of processed meat market, encompassing current as well as forthcoming projected values estimate and analysis on region-wise demand trends and price index have been assimilated in the report.
Market estimates at the regional and global scale for processed meat market are available in terms of “US$ Mn.” A Y-o-Y growth contrast on prominent processed meat market segments, along with the market attractiveness valuation computes understandings brought in the report. Metrics mentioned above are also followed based on processed meat market applications where processed meat market witness a steady demand.
Processed Meat Market: Scrutinized Assessment on Regional Segments
Weighted sections have been elaborated in the report on processed meat market, which delivers projection on the regional markets. These chapters brighten the regional macros (political economic, and business environment outlook), which are expected to have a significant impact on the growth of processed meat market during period of forecast.
Country-specific valuation on demand for processed meat market has been offered for each regional market, along with the market scope estimate and forecast, price index, price point assessment, and impact analysis of dynamics of prominent regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Processed Meat Market: In-depth Analysis on Competitive Landscape
The report ends with a section on the competitive scenario of the processed meat market, along with the profiles of major companies contributing to the market expansion. Essential and up-to-date data as well as information correlated to the market performers, who principally engage in the production and supply of processed meat market, has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permit the report readers to plan preemptive steps to advance their businesses.
Company profiles have been shared with reports, which exerts essentials such as product portfolio, along with an all-inclusive SWOT analysis on each player recognized along with the company policies identification and analysis.
The company presence mapped and presented through the matrix for all the prominent players of the market functioning in the processed meat market offers readers with actionable intellect, which helps in thoughtfully presenting the market status, and making decisive predictions on the competition levels in processed meat market. Major companies operating in processed meat market are,
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