Global Hams Market Insights: High Demand from Foodservice Sector to Keep theMarket Afloat
The global hams market has seen a historical CAGR of nearly 2.3% during the period (2014-2019) and is further projected to create a valuation of about US$ 47 Bn by 2030. The global hams market is poised to expand at a CAGR of over 3% during the forecast period (2020-2030). Rapid expansion of the foodservice industry, especially in developing countries, in line with strong demand for on-the-go meals is primarily boosting the demand for hams.
Ham is widely used in many dishes and its demand from households continues to defy gravity. However, due to the Covid-19 outbreak, several meat processing and packaging industries have been affected tremendously with lowering meat supply. Despite strong demand for food products during the pandemic, the ham supply chain has seen a host of disruptions that are preventing manufacturers from getting their products to the market. Mass closures of foodservice outlets, which account for large demand for hams, have affected hundreds of ham processing facilities, resulting in the closure of some meat processing plants.
E-Commerce to Create New Pathways for Hams Market Growth
In recent years, major investments by e-commerce firms in cold-chain storage and logistics have fueled sales for fresh produce, including meat, through the platform. Sales of hams through E-commerce channels continue to gather pace across the globe, as more number of consumers is ordering processed meat and other food products via smartphone applications.
Robust growth in consumption of pork and subsequent increase in demand for processed meat products will continue to create lucrative opportunities for manufacturers capitalizing on omni-channel sales strategies.
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Regional Insights: China Takes the Lead with Burgeoning Per-Capita Meat Consumption
Since the last decade, per capita meat consumption has increased about 5% annually in developing and emerging economies, while the growth in developed countries remained close to 0.5%. Globally, China’s hams market accounts for relatively high revenue share as compared to Europe and North America. This is attributed to a strong production footprint of all key market participants in the country. In terms of value, China’s hams market is projected to expand at a CAGR of over 3.5% during the forecast period.
Competitive Analysis: Hams Market Shows High Level of Fragmentation
Due to the Covid-19 outbreak, two Brazilian meat processing plants were forced to suspend operations, which were BRF (Brazil Foods), and JBS. Demand for hams from restaurants and other foodservice firms fell drastically, leaving vendors with large quantities of unsold stock.
Tyson Foods informed its investors about a 50% decline in the U.S. pork production. Costco also announced restrictions on fresh meat sales, limiting customers to buy not more than three items from poultry, beef, and pork products. Considering the situation, the U.S. Food & Drug Administration (FDA) has relaxed its guidelines on food labeling to allow ham manufacturers to directly sell products to retailers originally intended for the foodservice industry.
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COVID-19 Impact Analysis
Recognizing the ripple effects of COVID-19 across the food & beverage industry, key players in the hams market are taking necessary steps to respond to the current situation. In 2020, the market registered a fall in revenue by almost 1/3rd during the first two quarters, owing to closure of pigmeat processing plants and decrease in demand from foodservice and retail industries.
Under the optimistic scenario, the hams market is expected to recover soon from the third quarter owing to resumption of foodservices operations. However, under the probabilistic scenario, the market will continue to experience sluggish growth in third quarter, due to consumer reluctance to meat consumption and significant changes in the dine-out culture. Under the pessimistic scenario, the hams market will remain affected throughout all four quarters, in the view of reduced production capabilities during the pandemic.
The hams market is set to experience significant growth due to rapid expansion of the foodservice industry. Moreover, implementation of quality meat processing systems with economical pricing will be the forte of key players in the global hams market.
Global Hams Market: Scope of the Report:
The recent global hams market report by Fact.mr offers forecast representation from 2020 to 2030. The report elaborates on key drivers, restraints, opportunities and threats influencing expansion of the global hams market. A detailed segmental analysis, based on form, process, buyer, sales channel and region has been provided in the report. The report also covers a chapter on the COVID-19 impact analysis to arm stakeholders with necessary information.
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 hams market. In addition, a section providing a detailed analysis of key market players and strategies have been added.
Global Hams Market – Scope of the Report
The global hams market is expected to witness a notable upsurge during the forecast period (2020-2030), conferring to a new Fact.MR study. The study promotes crucial trends that are presently determining the hams market growth. This newly published and perceptive report sheds light on vital dynamics, which are likely to convert the future of the hams market into generating worthwhile opportunities for key companies as well as new entrants who are interested in the manufacturing of hams.
The hams market study is a detailed market intellect on key revenue progression factors, challenges, industry trends, and opportunities, which will eventually influence the growth of the hams market. The report primarily conveys a summary of the hams market, considering present and upcoming hams industry scenarios, to reveal striking sides relating to the acceptance of hams across prominent regional markets.
A detailed assessment on a few of the raw material suppliers mentioned in the report allows report readers to obtain detailed findings that have resulted from hams supply chain analysis, business execution, and value chain analysis across the regional markets incorporated in the report. A list of prominent companies functioning within the hams market provided in the report enhances reliability of this ample research study.
Hams Market: Report Summary
Study offers a comprehensive overview on diverse features that are inducing demand, revenue generation and sales in hams market across the globe.A comprehensive estimate on the hams 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 hams 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.
Hams Market: Segmentation
The FactMR’s study has done the segmentation of hams market on the basis of form, process, buyer, sales channel across eight regions.
Predictions of hams 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 hams are available in terms of value “US$ Mn” and volume “000’ Tons”. A Y-o-Y growth contrast on prominent hams market segments, along with the market attractiveness valuation computes understandings brought in the report. Metrics mentioned above are also followed based on hams applications where hams witness a steady demand.
Hams Market: Scrutinized Assessment on Regional Segments
Weighted sections have been elaborated in the report on hams 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 hams market during the forecast period.
Country-specific valuation on demand for hams 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.
Hams Market: In-depth Analysis on Competitive Landscape
The report ends with a section on the competition scenario of hams market, along with the profiles ofmajor 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 hams, has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent playersprovided in the report permits the report readers to plan preemptive steps to advance their businesses.
Company profiles have beensharedwith report, 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 hams market offers readers with actionable intellect, which helps in thoughtfully presenting the market status, and making decisive predictions on the competition levels in hams market.Majorcompanies operating in hams market are JBS S.A., Tyson Foods, Inc.,Hormel Foods Corp, OSI Group, L.L.C., Gordon Food Servicesand others.
Impact of Covid-19 on Hams Market
The report includes a scenario based assessment of impact of Covid-19 across key regions for all four quarters of 2020. The report discusses the market forecast under optimistic, probabilistic and pessimistic scenario. Under the three scenarios, the demand loss and recovery has been illustrated and described through L-shaped and U-shaped recovery curves. Alongside, the Covid-19 impact has been benchmarked with previous crisis including sub-prime crisis, Eurozone crisis and SARS pandemic.
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