The processed meat market is expected to grow at a robust 6.5% CAGR from 2023 to 2033, surpassing the 6.1% CAGR recorded between 2018 and 2022. This notable growth reflects a rising demand for processed meats, driving the market value from USD 349.5 billion in 2023 to USD 634.5 billion by 2033.
Demand for fresh processed meat has been fueled by diverse preservation methods and urban consumers’ desire for convenience. The popularity of hot dogs, combined with fast-paced lifestyles, creates significant growth potential for the global processed meat industry, particularly in light of current fast-food trends.
The rapid expansion of fast-food chains in developed regions, along with affordable meal plans and promotions, has significantly boosted processed meat consumption. The preference for quick meal options and rising incomes among urban populations have further driven the global demand for processed meat.
The demand for ready-to-eat meat is driving growth in the processed meat industry; however, challenges such as high cholesterol and fat levels, which contribute to unhealthy lifestyles and rising obesity rates, are hindering market expansion. Additionally, the industry faces difficulties in meeting the increasing demand while maintaining the freshness of the meat.
Key Takeaways
- The processed meat industry in India is expected to develop at a 6.4% CAGR by 2033, driven by changing consumer preferences, urbanization, and rising disposable incomes.
- The market for processed meat in the United Kingdom is projected to increase at a CAGR of 4.6% by 2033, indicating stable expansion supported by rising convenience food demand and changing dietary preferences.
- China’s processed meat industry is expected to expand significantly due to changing lifestyles, a growing middle class, and a need for various dietary options, with an outstanding 10.9% CAGR.
- Australia’s processed meat market is expected to develop at a relatively slower rate, 2.4% CAGR by 2033, due to increased health awareness, interest in plant-based alternatives, and higher regulatory standards.
- Japan’s processed meat market has moderate growth potential, with a CAGR of 3.5% predicted by 2033, thanks to changing consumer preferences, an aging population, and a move towards higher-end, healthier goods.
Competitive landscape
Leading multinational corporations in the processed meat industry include Tyson Foods, Inc., JBS SA, Hormel Foods Corporation, and WH Group Limited (formerly Shuanghui International Holdings). To maintain their competitive edge, these companies leverage extensive distribution networks, strong brand recognition, and economies of scale. They also invest in research and development to launch new product lines and improve production processes.
The competitive landscape is evolving with the rising popularity of plant-based substitutes and vegetarian/vegan diets. To cater to the growing market of environmentally and health-conscious consumers, these companies are diversifying their product offerings to include plant-based alternatives to processed meat.
Key Companies Profiled in the Processed Meat Market are
- JBS
- NH Foods Ltd
- Smithfield Foods, Inc.
- Cargill Incorporated
- ConAgra Foods Inc.
- National Beef Packing Company, LLC
- Tyson Foods Inc.
- Cherkizovo Group PJSC
- OSI Group
Recent developments
- In March 2021, Smithfield Foods Inc. acquired a meat processing company called Mecom Group from parent company Penta Investments. Financial details of the transaction were not disclosed and are subject to approval by regulators in Hungary and Slovakia, where Mecom operates meat processing plants.
- In December 2021, Organic Prairie launched organic seasoned ground beef, pre-seasoned with organic spices. Ground beef is raised without artificial pesticides, fertilizers, antibiotics, synthetic hormones, GMOs, or other synthetic contaminants and is USDA-organic certified
- In March 2021, UK-based Young’s Seafood launched a new line of fish fillet strips at Tesco stores. The new product line includes three different flavors – southern fried, crispy battered, and salt and vinegar
- Founded in Brooklyn, New York, and specializing in supporting consumer brands at retail, RodeoCPG’s research and development team was bought by JPG Resources in January 2023. JPG Resources is a food and beverage innovation and commercialization business.
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Key Segments Covered in the Processed Meat Industry Analysis
By Type:
- Hamburgers
- Fried Sausages
- Kebab
- Chicken Nuggets
By Packaging:
- Chilled
- Frozen
- Canned
By Meat Type:
- Beef
- Pork
- Chicken
- Mutton
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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