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Global Processed Pork Meat Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028
The Global Processed Pork Meat Market is projected to register a CAGR of 2.28%. Key Highlights. Largest Segment by Distribution Channel - On-Trade : The increasing number of restaurants, mainly fast-food channels and the varieties of pork items available are leading a higher number of consumers to visit on-trade channels.
New York, Jan. 24, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Processed Pork Meat Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028" - https://www.reportlinker.com/p06381263/?utm_source=GNW
Largest Segment by Region - Asia-Pacific : Improved economic development in the South-Asian region has expanded their access to high-quality goods as well as their spending power, leading to a rise in demand for pork.
Fastest-growing Segment by Distribution Channel - Off-Trade : The availability of a wide range of products with several brand options for processed pork and the ease of free checkout and delivery options are aiding the segmental growth.
Fastest-growing Segment by Region - Middle East : More international pork products, like smoked pork and sausages, are now available in the region as a result of the growing ex-pat population from Western and Asian countries.
Key Market Trends
On-Trade is the largest segment by Distribution Channel.
Sales of processed pork meat are primarily made through the on-trade channel, which is the major market segment. It registered a growth of 12.32% by value from 2016 to 2021. Pork is particularly popular in the foodservice sector, used in bacon burgers and fast food breakfasts. Restaurants are also introducing more dishes featuring pork belly, pork shoulder, pulled pork, and better chop cuts. Foreign demand for pork is also increasing, especially in markets such as Mexico, China, the United States, and Japan.
Off-trade is the fastest-growing channel in the processed pork market, which is projected to record a CAGR value of 2.62% during the forecast period. Key players such as JBS SA, Tyson Foods, Conagra Brands Incorporated, WH Group Limited, and Hormel Foods Corporation are focusing on product innovation and expansion through various retail channels, such as supermarkets and online stores. The growing working population is changing consumer food habits and spending patterns, whereas busy lifestyles are increasing the demand for processed pork.
Online is the fastest-growing distribution channel in the processed pork market. It is projected to register a growth of 9.07% by value during the forecast period. Online channels provide benefits such as quicker shipping, accessibility to payment gateways, refunds, and special deals. Online grocery purchasing is highly sought after worldwide. The major international companies, including Walmart, Kroger, Amazon Fresh, and Grofers, are focusing on growing their current customer bases. They are extensively engaging in promotional efforts, boosting the growth of the online grocery market.
Asia-Pacific is the largest segment by Region.
The sales of processed pork meat worldwide are growing moderately. The overall growth of processed pork stood at 14.27% from 2016 to 2021. The increase in the population, growing at 0.83% across the world, and the spike in protein demand due to increased health consciousness are fueling processed pork demand across the world. The per capita consumption of pork is increasing. For instance, in Europe, the per-capita consumption rose to 28.34 kg/annum in 2021 from 28.1 kg/annum in 2020.
The Asia-Pacific region occupies a significant market share of processed pork sales, 27.3% more than Europe, 40.07% more than North America, and 45.65% more than South America in 2021. Most of the processed pork is consumed in China, with the highest per capita consumption of 23 kg per annum recorded in 2021. The country also has one of the world’s largest populations, at 1,414 million as of 2021, accounting for 50% of pork and processed pork meat consumption in the world. The rest of the countries in Asia-Pacific are also increasing pork consumption due to higher disposal incomes with the increasing urban population. An increase in feed availability in Asian countries is attracting new poultry farms, which are, in turn, attracting pork processing industries.
The Middle East is projected to be the fastest-growing processed pork meat globally, with an anticipated CAGR of 10.68% by value during the forecast period. With the increasing ex-pat population (10 million) in the Middle East during 2021, international players are investing in expanding into new markets like the Middle East, thus attracting customers toward processed pork from all the channels, including on-trade and off-trade.
Competitive Landscape
The Global Processed Pork Meat Market is fragmented, with the top five companies occupying 15.29%. The major players in this market are Hormel Foods Corporation, JBS S.A, Sysco Corporation, Tyson Foods Inc. and WH Group Limited (sorted alphabetically).
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06381263/?utm_source=GNW
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