Processed Meat Market to Hit US$ 567.8 Billion by 2028: IMARC Group

Processed Meat Market to Hit US$ 567.8 Billion by 2028: IMARC Group

According to IMARC Group, the global processed meat market size reached US$ 567.8 Billion in 2022. Looking forward, the market is expected to reach US$ 787.4 Billion by 2028, exhibiting a growth rate (CAGR) of 5.7% during 2023-2028.

Factors Affecting the Growth of the Processed Meat Industry:

  • Changing Consumer Preferences:

Consumer preferences play a crucial role in shaping the processed meat market. There is an increasing demand for convenience foods due to busy lifestyles, which is leading to the popularity of ready-to-eat and easy-to-prepare meat products. This trend is particularly strong in urban areas where time-constrained consumers seek quick meal solutions. Additionally, there is a growing interest in diverse flavors and ethnic cuisines, prompting manufacturers to innovate with product varieties and taste profiles. However, there is also a rising awareness about healthy eating, which is leading some consumers to reduce meat consumption or switch to alternative protein sources. This shift poses a challenge to the processed meat industry, which necessitates adaptations in product offerings.

  • Health and Safety Concerns:

Health considerations significantly impact the processed meat market. The association of processed meats with health issues like heart disease and cancer, as highlighted by various health organizations, is leading to increased consumer scrutiny. This concern is driving demand for healthier options, such as low-fat, low-salt, and organic processed meats. Additionally, food safety is a paramount concern, with outbreaks of foodborne illnesses and recalls affecting consumer trust. Regulatory bodies are becoming more stringent, which is leading to tighter control and inspection processes in the meat processing industry. These factors influence consumer choices and industry practices, which is impacting the market growth.

  • Technological Advancements in Processing and Packaging:

Technological innovations in meat processing and packaging play a significant role in the market growth. Advanced processing technologies are improving the efficiency, safety, and quality of meat products. Innovations in packaging, such as modified atmosphere packaging and vacuum skin packaging, are extending the shelf life of products while maintaining freshness. These advancements are crucial in reducing waste and ensuring the consistent quality of products. Additionally, technology is enabling producers to meet the growing demand for traceability and transparency in the supply chain, which enhances consumer confidence in the products.

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Leading Companies Operating in the Global Processed Meat Industry:

  • BRF SA
  • Cargill Inc.
  • Foster Farms
  • Hormel Foods Corporation
  • JBS SA
  • Marel hf
  • Marfrig
  • National Beef
  • Nippon Ham Foods Ltd.
  • Perdue Farms
  • Pilgrim’s Pride
  • Sadia
  • Sanderson Farms Inc
  • Sysco
  • Tyson Foods

Key Market Segmentation:

The report is organized into distinct sections as follows:

Breakup by Meat Type:

  • Poultry
  • Beef
  • Mutton
  • Pork
  • Others

Poultry is the largest meat type segment in the processed meat market due to its widespread availability, affordability, perceived health benefits compared to red meats, and versatility in various cuisines.

Breakup by Product Type:

  • Fresh-Processed Meat
  • Raw Fermented Meat
  • Raw-Cooked Meat
  • Pre-Cooked Meat
  • Cured Meat
  • Dried Meat
  • Others

Fresh-processed meat dominates the largest product type segment in the processed meat market because of its convenience, versatility in cooking, and preference among consumers for fresh over frozen or shelf-stable meat products.

Breakup by Processing Type:

  • Chilled
  • Frozen
  • Canned

Chilled processing is the largest segment in the processed meat market as it offers a balance between freshness and convenience, appealing to consumers seeking quick meal solutions without compromising on the quality of meat.

Breakup by Distribution:

  • Institutional Sales (HoReCa)
  • Retail Sales
    • Supermarkets and Hypermarkets
    • Grocery Stores
    • Specialty Retailers
    • Online Stores
    • Others

Retail sales form the largest distribution segment in the processed meat market because they offer consumers wide accessibility, variety, and the convenience of purchasing various processed meat products for home cooking.

Regional Insights:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

North America is the largest region in the processed meat market due to its high consumer demand for convenience foods, well-established meat processing industry, and diverse product offerings catering to a variety of dietary preferences.

Global Processed Meat Market Trends:

The growing consumer preference for organic and natural meat products represents one of the key factors driving the growth of the market across the globe. This is primarily attributed to the increasing health consciousness and concerns about additives and preservatives which is leading to an increase in demand for clean-label processed meats, with transparent ingredient lists and minimal processing. The market is also driven by innovation in product flavors and formats, catering to diverse taste preferences and dietary needs, including gluten-free and low-fat options.

Additionally, sustainability is becoming increasingly important, with a focus on ethical sourcing and environmentally friendly packaging. The expansion of online retail channels is also notable, providing consumers with greater convenience in purchasing processed meats. Apart from this, there’s a rising trend of plant-based alternatives, reflecting a shift in consumer preferences towards more sustainable and health-conscious eating habits.

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Other Key Points Covered in the Report:

  • COVID-19 Impact
  • Porters Five Forces Analysis
  • Value Chain Analysis
  • Strategic Recommendations

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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