Processed Meat Market Expected to Touch Worth 1,567.00 Billion USD by 2022
United States, 10 November 2017 -- Global processed meat market is expected to reach USD 1,567.00 billion by 2022, growing at a CAGR of 14.0% between 2017 and 2022.
Zion Market Research has published a new report titled “Processed Meat Market (Cured Processed, Uncured Processed and Others) by Meat Type (Poultry, Pork, Mutton, Beef and Other); by Types (Chilled Processed Meat, Frozen Processed Meat, Canned/Preserved Meat and Meat Products and Frozen Processed Red Meat): Global Industry Perspective, Comprehensive Analysis and Forecast, 2016 – 2022”. According to the report, the global processed meat market was valued at around USD 714.00 billion in 2016 and is expected to reach approximately USD 1,567.00 billion by 2022, growing at a CAGR of around 14.0% between 2017 and 2022.
Processed meat is derived from the processing and treatment of meat to prolong its shelf life and to enhance its taste. Meat is mainly processed to improve its shelf life, quality and preserve it from decay and to add flavors to its original composition.
Processed meat is expected to exhibit high gains in light of increasing demand for processed meat coupled with increasing disposable income in emerging countries. Moreover, rising consumer awareness regarding animal protein-rich diet and large varieties of processed meat available in the market at lower prices is further expected to boost the demand for processed meat. However, health awareness regarding consumption of processed meat due to its side effects may curb the market growth. Nonetheless, meat consumption in developing countries is continuously increasing. Thus, increasing demand from emerging economies is expected to open up new growth opportunities within the forecast period.
Some of the key products include cured processed, uncured processed and others. In terms of volume, cured processed was the largest segment and is expected to witness exponential growth in the near future. These products contain nitrites, which used to prevent the growth of pathogenic bacteria and increase the shelf life of the meat. Uncured poultry meat is another key outlet of this market.
Processed meat market can be categorized on the basis of meat type into poultry, pork, mutton, beef and other processed meat. Processed poultry dominated the segment of this market and it accounted for significant share of the overall market in 2016. Processed pork is expected to witness the fastest growth over the years to come. This growth can be attributed to growing demand for differently processed pork products such as sausages, bacon, hamburgers, and trotters.
Based on types, the processed meat market can be segmented into chilled processed meat, frozen processed meat, canned/preserved meat and meat products and frozen processed red meat. The chilled processed meat was the leading segment and is expected to show strong growth within the forecast period. This is mainly due to increasing demand for quick meal. Frozen processed meat is also expected to show significant growth in the years to come.
North America was another leading segment and is expected to exhibit significant growth in the year to come. Asia Pacific was the second largest regional market led by China. In addition, these countries are also expected to witness significant growth in consumptions of processed meat in the years to come. This growth is mainly attributed to increasing demand for meat coupled with higher disposable income. The processed meat market in Europe is anticipated to moderate growth on account increasing awareness among the people about the health hazards of processed meat.
Some of the key players operating in this market such as JBS SA, Pilgrims Pride Corp., Sysco Corp., Advance Pierre Foods, Hormel Food, Tyson Foods Inc., Cargill Inc., Keystone Foods, Sanderson farms, BRF S.A., Marfrig Group and others. The major players in the market are focused on the expansion of the business by different new strategies such as setting up the new plant to increase production capacity and also extending the product line.
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