In 2022, the market for processed meat is projected to be worth US$328.8 billion. New home delivery models have fueled market expansion and are anticipated to change the game during the projected period. The overall demand for processed meat is projected to grow at a CAGR of 6.3% between 2022 and 2032, totaling around 605.14 Billion by 2032.
The variable meat preservation techniques have resulted in the voluminous growth in the demand for fresh processed meat. In order to suit the fast-paced city life, urban consumers prefer eating fresh processed meat products. The time required to cook raw meat and then serve will continue to opportunely aid the growth in demand for fresh processed meat products.
Furthermore, hot dogs and other processed meat products are expanding prominence in the global food sector, creating ample growth opportunities for fresh processed meat products. Fresh processed meat products are widely accepted as the ideal fast food products, and are popular among the working class of the society. The global fresh processed meat products market is expected to witness an upsurge, owing to the dominance of existing fast food practices.
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Global Fresh Processed Meat Products Market: Drivers & Restraints
The growing income of urbanised population has fuelled the demand in the global market for fresh processed meat products. Additionally, the busy urban life has resulted in consumers opting for convenient food that do not expend more time for cooking or preparation.
The rising preference of consuming ready-to-eat meat is also considered as the key factor driving the growth of the global fresh processed meat products market. However, there are several factors restraining the growth of the fresh processed meat products market. The key restraints of the global market for fresh processed meat products include,
- Increasing obesity levels & unhealthy lifestyle
Consumption of processed food products triggers the upsurge of cholesterol and fat levels in the body, forcing the consumer to live an unhealthy lifestyle. Rising obesity levels are generating more awareness about the drawbacks of processed food consumption, thereby hampering the demand for fresh processed meat products.
- Growing number of meat-eaters
The mounting rise in the number of meat eating consumers has alarmed the manufacturers of fresh processed meat products. In order to meet the brimming demand, the process for retaining the freshness of the meat is hampered, which consequentially affects the impending demand.
- Demand for high-protein & fat-free meat
Fresh processed meat products are derived from preservation through curing, smoking, canning, drying or salting the raw meat. As a result, the processed meat holds high percent of fat and moderate levels of protein. Hence, the demand for fresh processed meat products is not prominent among a large segment of consumers who opt for high-protein and fatless meat products.
- Rising inclination towards Cancer & Heart Disease risks
The health consciousness among consumers is restraining the growth of the fresh processed meat products, owing to the high awareness of its disadvantages on the health. The high incidence rate of Cancer and cardiovascular disorders among consumers of fresh processed meat products is lowering the demand, and keeping the manufacturers reluctant about business expansion.
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Key Players
The key companies participating in the global market for fresh processed meat products include JBS, NH Foods Ltd, Smithfield Foods, Inc., Cargill Incorporated, ConAgra Foods Inc., National Beef Packing Company, LLC, Tyson Foods Inc., Cherkizovo Group PJSC and OSI Group, among others. Ever since WHO classified processed meat as Group 1, carcinogenic to humans, the global leaders in fresh processed meat manufacturing have faced ultimatum with context to their production capacity. Nevertheless, the companies are expected to boost the demand by developing advanced processing that renders the product meat harmless and prevents post-consumption stomach ailments.
Key Segments Covered in the Processed Meat Industry Analysis
Processed Meat Market by Type:
- Hamburgers
- Fried Sausages
- Kebab
- Chicken Nuggets
Processed Meat Market by Packaging:
- Chilled
- Frozen
- Canned
Processed Meat Market by Meat Type:
- Beef
- Pork
- Chicken
- Mutton
- Others
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