The processed meat market is predicted to develop at an impressive 6.5% CAGR from 2023 to 2033, exceeding the lower 6.1% CAGR witnessed between 2018 and 2022. This significant rise shows the rise in demand for the processed meat industry, increasing the market value from US$ 349.5 billion in 2023 to US$ 634.5 billion by 2033.
The demand for fresh processed meat has been driven by varying preservation methods and urban consumers’ preference for convenience. Hot dogs’ popularity and fast-paced lifestyles both contribute to the potential for growth in the worldwide processed meat business, which is supported by current fast-food standards.
The rapid growth of fast-food chains in developed areas, together with low-cost meal plans and promotions, has greatly aided in the rise in processed meat consumption. The inclination for quick meal options and the rising incomes of urban populations have helped to increase the demand for processed meat on the global market.
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The demand for ready-to-eat meat fuels the expansion of the processed meat industry, but problems like elevated cholesterol and fat levels, which cause unhealthy lifestyles and rising obesity rates, limit market growth. The industry is further hampered by the difficulty of supplying the rising demand without sacrificing the freshness of the meat.
Key Takeaways
- The processed meat industry in India is expected to develop at a 6.4% CAGR by 2033, driven by changing consumer preferences, urbanization, and rising disposable incomes.
- The market for processed meat in the United Kingdom is projected to increase at a CAGR of 4.6% by 2033, indicating stable expansion supported by rising convenience food demand and changing dietary preferences.
- China’s processed meat industry is expected to expand significantly due to changing lifestyles, a growing middle class, and a need for various dietary options, with an outstanding 10.9% CAGR.
- Australia’s processed meat industryis expected to develop at a relatively slower rate, 2.4% CAGR by 2033, due to increased health awareness, interest in plant-based alternatives, and higher regulatory standards.
- Japan’s processed meat market has moderate growth potential, with a CAGR of 3.5% predicted by 2033, thanks to changing consumer preferences, an aging population, and a move towards higher-end, healthier goods.
“Processed meat market research survey, FMI has conducted a thorough and comprehensive analysis of all the significant factors influencing market growth at both regional and global levels.” opines an analyst at FMI.
Competitive landscape
Leading multinational corporations with a significant presence in the processed meat business include Tyson Foods, Inc., JBS SA, Hormel Foods Corporation, and WH Group Limited (formerly Shuanghui International Holdings). To keep a competitive edge, these businesses make use of their broad distribution networks, well-known brands, and economies of scale. In order to launch new product varieties and enhance production procedures, they also make research and development investments.
The competitive environment has taken on a new dimension as plant-based substitutes and vegetarian/vegan diets have become more popular. In order to appeal to the burgeoning market of environmentally conscious and health-conscious consumers, businesses are now diversifying their product lines to include plant-based alternatives to processed meat.
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Key Companies Profiled in the Processed Meat Market are
- JBS
- NH Foods Ltd
- Smithfield Foods, Inc.
- Cargill Incorporated
- ConAgra Foods Inc.
- National Beef Packing Company, LLC
- Tyson Foods Inc.
- Cherkizovo Group PJSC
- OSI Group
Recent developments
- The largest cultured meat company in Spain was fully acquired by JBS SA in May 2022, and the company has also chosen a location for a new biotech R&D facility. In a purchase that was first disclosed in November of last year, JBS now holds a 51% share in BioTech Foods, a Spanish producer of cultured meat. On the northern coast of Spain, close to the French border, San Sebastián will have a production facility for cultivated meat. When it starts operating in the middle of 2024, the US$ 40 million factory should have a 1,000-ton capacity annually.
- In place of standard processed meats, a variety of plant-based alternatives have been developed by Beyond Meat that mimic their flavor, texture, and appearance. These goods satisfy the rising demand among consumers looking to cut back on their use of goods derived from animals for healthier and more environmentally friendly solutions.
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Key Segments Covered in the Processed Meat Industry Analysis
By Type:
- Hamburgers
- Fried Sausages
- Kebab
- Chicken Nuggets
By Packaging:
- Chilled
- Frozen
- Canned
By Meat Type:
- Beef
- Pork
- Chicken
- Mutton
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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