The variable meat preservation techniques have resulted in the voluminous growth in the demand for fresh processed meat. To suit the fast-paced city life, urban consumers prefer eating Processed Meat.
The global processed meat market is expected to be valued at US$ 349.5 billion in 2023. The advent of new home delivery models has driven market growth and is expected to become a game changer during the forecast period. The overall demand for processed meat is projected to grow at a CAGR of 6.5% between 2023 and 2033, totaling around 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.
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.
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Key Takeaways
“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
Recent developments
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Key Segments Covered in the Processed Meat Industry Analysis
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market.
Feb 02, 2024