The global processed meat market is expected to witness decent growth in the upcoming period; thanks to the surge in need for easy-to-eat food. This could, in turn, lead to growth in the manufacturing sector; especially in Asia Pacific owing to initiatives such as “Made in China” by the government of China and “Make in India” by the Government of India. Rising disposable income coupled with increase in the share of working-class professionals will propel growth in processed meat over the forecast period.
The processed meat industry by type could constitute beef, poultry, and lamb. The poultry-based products are expected to pose the highest growth rate owing to their low cost and preferential shift of consumers toward white meat instead of red meat. The pork and beef processed meat market growth is expected to be negatively affected because of the research output of the International Agency for Research on Cancer (IARC). It states that the consumption of red meat could cause cancer in humans. The results were backed by strong mechanistic evidence.
The processed meat industry by type of processing could be segmented as processed and frozen processed meat. The frozen processed category is likely to hold a larger market share; especially in GCC; as it encompasses outstation workers; who vie for protein without much spending. As such, hot dogs, packaged products based on salami are in great demand.
The processed meat products are distributed through various distribution channels such as supermarkets and hypermarkets, local retail stores, specialty stores, online, and fast-food restaurants. For instance, St Helen’s Meat Packers offers products through Costco Wholesale Corporation., Longo Brothers Fruit Markets Inc., Metro Inc., and Loblaws Inc. Danish Crown has an agreement with Alibaba and another Chinese online marketplace.
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The processed meat industry is expected to be witness a significant decline owing to consumers being cautious of meat consumption during the pandemic outbreak. We at GVR are trying to quantify the impact of this pandemic on the processed meat market. Get your copy now to gain deeper insights on the same.