Meat Products Market Forecast and CAGR

According to the latest research by Transparency Market Research, the meat products market is set to witness steady growth during 2021-2031. The market growth is significant mainly due to the companies rearranging their operations and recovering from the COVID-19 impact and it is expected that the meat products market will grow with significant CAGR.

What is Driving Demand for Meat Products?

Meat is usually composed of pork, beef, and poultry, while it can also contain offal or meat by-products such as blood. Moreover, factors such as hectic lifestyle, rapid urbanization, adoption of new lifestyle trends, and food habits will drive the demand for packaged, ready-to-eat, and convenience food hence, the demand for processed meat products also being increased across the world.

The key players in the global meat product market are focusing on the expansion of the business in the developing regions by setting up new manufacturing plants to increase production capacity and also extending the product line. Mergers and acquisitions of small and medium-sized manufacturers to enter in overseas market is another strategy adopted by multinational players.

Siniora Food Industries acquired Diamond Meat Processing a UAE-based company for USD 12 million. The acquisition aims to diversify and expand the product portfolio of the company.

Increased awareness among the masses about the health hazards of processed meat such as high intake of processed meat products leads to an increase in obesity and diabetics which can hamper the market growth has slowed down the consumption rate of processed meat products which restrains the meat products market growth.

The rising number of meat-eating consumers has alarmed the manufacturers of meat products. To meet the consumer’s demand, the process for retaining the freshness of the meat, which consequentially affects the market growth.

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Convenience products are Likely to Augment Meat Products Sales

Growth in the foodservice and retail industry has led to an increased demand of processed meat products. Demand for processed meat products has also been influenced by the variety, prices, and services that the food retail firms have been offering to their customers.

Innovation in the manufacturing technology of meat products has led to the introduction of diverse product portfolio in the market thus ensuring a bigger consumer base. The growing demand for frozen food products across the globe will also drive the convenience meat product market.

The US and Canada Meat Products Market Outlook

The meat industry has been severely affected by the COVID-19 pandemic in the U.S. Outbreaks of the virus have taken place in factories operated by the meatpacking industry and the poultry processing industry. These outbreaks affected dozens of plants, leading to closures of some factories and disruption of others, and posed a significant threat to the meat supply in the United States.

The processed meat of rabbits and horses is considered an opportunistic product in the North American processed meat market. The meat products market is expected to witness high growth, during the forecast period. The U.S. is a key player in the beef and poultry meat of the global meat market in the world. Increased consumption of red meat in Mexico is observed to be the key factor for growth in this market.

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Asia Pacific Demand Outlook for Meat Products

In the Asia Pacific region, the demand for meat products is rising due to increased demand for high-value protein food and growth in the organized retail sector. China and India are the fastest-growing countries in the region. The market size of processed meat products also increasing rapidly due to the availability of various convenience meat products such as bacon, ham, hotdogs, sausages, salami, corned beef, beef jerky, canned meat, and meat-based sauces, etc.

Who are the Key Manufacturers and Suppliers of Meat Products?

Some of the promising key players which are working in the manufacturing of meat products include BRF, Cargill, Cherkizovo, Foster Farms, Hormel Foods, JBS, Koch Foods, Marfrig Group, National Beef, Nippon Meat Packers, Perdue Farms, Pilgrim’s Pride, Sadia, Sanderson Farms, Shuanghui International, Smithfield Foods, Tonnies Fleisch, Tyson Foods, Vion Group, Wayne Farms, and others.

Rapid industrial evolution has created fierce competition among players to expand their production units to increase production capacity and lower prices to attract a consumer base. The major manufacturers focusing on improvement in taste, mouthfeel, and appearance of their products, as well as improving nutrition content of the products.

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Key Segments

By Type of Meat

Poultry
Beef
Pork
Mutton
Sheep
Goats
Birds
Others

By Product Type

Processed Meat Products
Fresh Processed Meat
Raw Cooked Meat
Pre Cooked meat
Raw Fermented Sausages
Cured meat
Dries Meat
Cultured Meat Products
Plant based meat
Chilled
Frozen
Canned/Preserved

By End-use Industry

Food Beverages Industry
Convenience food products
Confectionary food products
Animal feed

By Distribution channel

Business to Business
Business to Consumer
Hypermarket/supermarket
Convenience stores
Specialty stores
Online retail

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