Meat Products Market Flourishing with Growing Demand for Ready-to-Eat ProductsMeat Products Market Flourishing with Growing Demand for Ready-to-Eat Products Introduction: The global meat products market is poised for significant growth, driven by the increasing popularity of ready-to-eat meat products and the widespread acceptance of processed meat consumption. Market Dynamics: The demand for ready-to-eat meat products, such as hamburgers and pork sausages, is on the rise due to their convenience and nutritional benefits. Additionally, the growing disposable income of consumers in developing countries is contributing to the market’s growth. However, concerns about health risks associated with processed meat consumption pose a potential challenge. COVID-19 Impact: The COVID-19 pandemic disrupted the meat products market due to supply chain disruptions and reduced demand from restaurants. However, post-pandemic recovery has seen a resurgence in demand, driven by increased consumer spending on food products. Market Segments: By Processed Meat Type: – Hamburger meat products – Sausage meat products By Meat Type: – Beef products – Pork products By Packaging: – Chilled meat products – Frozen meat products By Region: The European meat products market is expected to dominate, driven by high disposable income and strong consumer preference for processed meat products. Key Players: Major market players include BRF SA, Cargill, Inc., JBS SA, and Tyson Foods, who are implementing strategies such as product innovation and expansions to gain market share. Industry Innovations: To cater to consumer demand, companies are introducing innovative products such as healthy and low-fat meat options and plant-based meat substitutes. Conclusion: The meat products market is poised for continued growth, fueled by evolving consumer preferences and the expansion of the ready-to-eat meat products segment. Market players are expected to focus on innovation and strategic partnerships to maintain their competitive edge in this dynamic market.
Market for meat products
The global meat products market is expected to witness a remarkable growth during the forecast period due to rising demand for ready-to-eat meat products and growing acceptance of processed meat across the world. The European market is expected to witness a significant growth during the analysis period.
According to Research Dive, the global meat products market is estimated to generate revenue of USD 387.6 billion by 2030, growing at a compound annual growth rate (CAGR) of 3.95% over the forecast period (2022 to 2030).
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Market dynamics
The major factor driving the growth of the global meat products market is the rising demand for ready-to-eat meat products that are not only rich in nutrients due to their high protein content and low cholesterol and calorie content but also tasty and flavorful. Moreover, the growing number of people preferring ready-to-eat meat products due to their busy work schedules and hectic lifestyles is expected to create lucrative opportunities for the market growth during the forecast period. However, health-related concerns such as fear of contracting diseases like cancer due to frequent consumption of processed meat products and the growing popularity of vegan diets among people are expected to hamper the market growth.
COVID-19 Impact on the Meat Products Market
The COVID-19 pandemic has had a disruptive impact on the growth of the global meat products market. The implementation of the lockdown has halted the operation of restaurants, cafes, and hotels across the world. Moreover, there has been a significant decline in the production of meat products due to issues in the supply of raw meat due to disruptions in the supply chains during the crisis period. All these factors are greatly hampering the growth of the market during the pandemic period. However, as the pandemic situation subsides, both the production and demand for ready-to-eat meat products are increasing. This is likely to fuel the growth of the meat products market post the pandemic period.
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Segments of the market
The report has segmented the meat products market into processed meat type, meat type, packaging and region.
By type of processed meat, the hamburger meat products subsegment is expected to grow significantly and generate USD 169.7 billion during the forecast period. This growth is mainly due to the widespread popularity and demand for hamburgers among young consumers worldwide.
By meat type, the pork products subsegment is expected to hold a leading market share and reach $149.5 billion during the forecast period. This growth is mainly due to the rising consumption of pork products as they are tasty and rich in nutrients.
In terms of packaging, the chilled meat products subsegment is expected to witness leading growth and generate USD 219.9 billion during the forecast period. This is mainly due to the rising purchases of chilled meat products as they are safe to consume due to their low temperature, which prevents the growth of harmful microorganisms and bacteria in the meat products.
By region, the European meat products market is expected to generate a revenue of USD 142.6 million by 2030 and dominate the meat products market during the forecast period. The rising growth of the region can be attributed to the growing demand for processed meat products rich in proteins and rising disposable income of people in this region.
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Prominent market players
Some of the top players operating in the global meat products market are BRF SA, Clemens Food Group, Cargill, Incorporated, Conagra Brands Inc., JBS SA, Hormel Foods Corporation, Minerva Foods SA, Sysco Corporation, NH Foods Ltd. and Tyson Foods. These players are employing various strategies to gain a competitive edge and strong position in the global industry.
For example, Prasuma, a leading chilled meat and frozen food producer in India, introduced a new range of snacks in April 2022, including frozen lamb and chicken shammi skewers, chicken nuggets, vegetable and chicken mini samosas, frozen vegetable and chicken spring rolls, and lamb and chicken skewers and bacon, added to its frozen product line.
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