Revenues from GCC Processed Meat Market will Surpass US$1.5 bn by 2024-End
An increasing number of vendors in the processed meat market have been concentrating on diversifying their product portfolio through product innovation and development. Understanding the requirements of the consumers and end users is key in this regard. In July 2015, BRF SA brand Perdigão introduced its line of smoked sausages, hams, and pork cuts.
The opportunity in the GCC processed meat market was pegged at US$760.7 mn in 2015 and, rising at an 8.4% CAGR, is estimated to be worth US$1.5 bn by 2024.
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Rest of GCC to Continue its Lead in GCC Processed Meat Market
Based on type of meat, the GCC processed meat market was led by poultry, which accounted for over 43% in 2015 in terms of revenue. Lamb, on the other hand, is anticipated to register a strong growth rate of 8.9% from 2016 to 2024. In terms of volume as well, poultry leads the GCC process meat market while the lamb segment will expand at a rapid pace.
By type of product, frozen processed meats held the dominant share in terms of sales and demand, while the others segment, which comprises shelf-stable meat, will register a CAGR higher than the any of the segments from 2016 to 2024. On the basis of package type, the GCC processed meat market was led by retail packaging and bulk packaging, on the other hand, is projected to expand at a high CAGR during the forecast period.
Geographically, the processed meat market in segmented into Qatar and Rest of GCC. The latter accounted for a whopping 87.7% share in 2015 in terms of revenue. Qatar, on the other hand, will present an 8.8% CAGR from 2016 to 2024, higher than that exhibited by the Rest of GCC segment.
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Sales of Processed Meat on the Rise in Developing Economies
Retail is the largest distribution channel for processed meat products across the GCC and the rapidly growing retail sector has played a significant role in the growth of this market. “Modern grocery retailers such as supermarkets, hypermarkets, and convenience stores and traditional retailers such as independent small grocers are both contributing to the sales of processed meat in the GCC region,” the lead analyst states. Developing economies have been witnessing the highest development as far as the retail sector is concerned and this is a key characteristic of the GCC processed meat market.
Product innovation and the rising inflow of tourists also act as major growth drivers. In contrast, the rising cost of raw materials for animal feed serves as a key deterrent to the expansion of the GCC processed meat market.
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