Global Processed Meat Market is expected to grow at a CAGR of nearly 4% during 2020-2030

The consumption of meat has grown multifold with fast food consumption. However, COVID-19 outbreak has affected the demand for processed meat owing to bottlenecks in the supply chain and hurdles in production. Companies like Smithfield Farms and JBS USA have closed their operations in processing plants owing to the positive cases of COVID-19 found among their employees. However, the market is anticipated to regain traction post pandemic with safety guidelines instituted at facilities. The market is expected to witness modest growth at a CAGR of nearly 4% during 2020-2030, with demand is projected to revive during the third quarter of 2020.

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Beef Segment to Showcase Bullish Trend during Forecast Period

Beef consumption is anticipated to maintain its dominance in the processed meat market, growing 2X during the forecasted period. In North America, beef consumption is set to account for nearly 40% of the total processed meat consumption.

Processed beef is highly preferred as a snack in the form of sausages and beef jerky. The market trends suggest that the demand for processed beef snacks during to the COVID-19 will be moderately impacted owing to the limited shelf life of the products.

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Key Takeaways of Processed Meat Market:
• The demand for processed meat is expected to grow at a CAGR of nearly 5% during 2020-2030 owing to its higher shelf life.
• The organic processed meat segment is expected to grow nearly 3X during 2020-2030.
• Pork processed meat is expected to grow at a CAGR of nearly 3% during the forecasted period owing to high consumption from regions like Europe and APEJ. However, sheep processed meat is expected to grow 2X through 2030.
• Europe comprises nearly 40% of the processed meat demand owing to the growth of HoReCa in the region. However, North America has an absolute $ opportunity of nearly 28 Bn in the processed meat market.

“The market in APEJ is expected to be more lucrative owing to the proliferating food trends and recent ban on wet market by China who is one of the most significant consumers in the region.” says Fact.MR analyst

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Key players to Focus on Product Portfolio Expansion

The market is partially fragmented with key players holding a small portion of the market. The unorganized sector forms a major part of the processed meat market. Hence, to retain their market share the players are focusing on product launches. For instance; in April 2020, Applegate a plant based food brand of Hormel Brands launched new blended meat and vegetable burgers. In January 2020, Impossible Foods announced a test launch of meatless pork and sausage that will be tested in selected Burger King Restaurants.

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