According to a recent report by Fact.MR, a market research and competitive intelligence provider, sales of processed meat are expected to reach a valuation of US$ 356.5 Bn by 2031, rising at a CAGR of around 4.6% over the next ten years.
In the global food & beverage industry, innovation and new product creations are based on strong natural, health, and sustainability credentials. Products made with healthy and nutritious components and labeled with assurances of minimal processing or demonstrable health benefits from natural ingredients appeal more to consumers, especially in developed economies with higher incomes and an aging population.
Due to rising affluence and healthy eating trends, emerging countries such as China and India are likely to play a significant role in the global meat and poultry sector. Because they are sold by well-established corporations such as the WH Group in China and Godrej Tyson Foods Ltd in India, packaged processed beef products are deemed hygienic and of good quality. These manufacturers have gradually moved their focus from shelf-stable processed meat to chilled processed meat in response to increased consumer demand for more fresh and healthful processed meat products.
Key Takeaways from Market Study
- The U.S. is estimated to account for more than 80% of the North American market in 2021, supported by increased demand for meat-based breakfast items.
- According to Fact.MR analysis, China is estimated to account for around 46.6% of the East Asian market share in 2021, backed by increased online retailing of processed meat.
- Germany is one of the prominent countries in the European market with a share of 23.7% in 2021, mainly due to increased demand for convenient food and packaged food products.
- Processed beef is estimated to account for nearly 49% of market share in 2021, on the back of its wide range of application.
“Manufacturers are focusing on continuous innovation to enhance the quality of food products. They are adapting various technologies such as biotechnology and nanotechnologies to further ease the required process to produce processed meat,” says a lead analyst at Fact.MR.
Increased Demand for Essential Nutrition Driving Global Market
In the context of overall consumer attitude, processed meats continue to play an essential role in consumers’ diets. Protein is a developing topic of nutritional study, and meat remains the most popular source of protein among consumers. Although vegetarian diets and movements receive a lot of media attention (Meatless Monday, for example), according to a recent Fact.MR survey, just about 3% of consumers omit meat from their diet for a 14-day period. However, meat appears to be utilized more as an ingredient and less as a main dish these days, as the percentage of meals containing meat has steadily fallen, reaching 26% in 2019.
