Processed Meat Global Market Report 2023
Major players in the processed meat market are Cargill, Tyson Foods, National Foods, Hormel Foods Corporation, Smithfield Foods Inc., Pilgrim’s Pride Corporation, Conagra Foodservice Inc., BRF SA, Foster Farms, JBS S.
New York, March 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Processed Meat Global Market Report 2023" - https://www.reportlinker.com/p06244986/?utm_source=GNW
A., Koch Foods, Marfrig, National Beef Packing Company LLC, Sanderson Farms, Marel hf, Perdue Farms, Sadia S.A., and Danish Crown.
The global processed meat market grew from $699.7 billion in 2022 to $790.62 billion in 2023 at a compound annual growth rate (CAGR) of 13.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The processed meat market is expected to grow to $1,138.51 billion in 2027 at a CAGR of 9.5%.
The processed meat market consists of sales of processed pork meat, processed mutton meat, processed beef meat, processed chicken meat, processed turkey meat, processed ducks meat, processed crustaceans meat, processed fish meat, and other processed meat.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Processed meat is defined as any meat that has been altered to increase its flavor or prolong its shelf life.Processed meats are cured with sodium nitrite to avoid the growth of the clostridium perfringens and stored in chilling and cold storage during the preservation process.
High barrier materials such as polyvinylidene dichloride or ethylene-vinyl alcohol are used for the vacuum packing of processed meat.
North America was the largest region in the processed meat market in 2022.Europe was the second-largest region in the processed meat market.
The regions covered in the processed meat market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of products in processed meat are chilled, frozen, canned, or preserved.The Chilled meat is preserved to avoid microbial deterioration and spoilage of the meat product.
Chilled meat is allowed to freeze in the atmosphere at -4 degrees Celcius and is cured with nitrite, antioxidant, and flavoring properties. The different processing includes fresh processed meat, raw cooked meat, precooked meat, raw fermented sausages, cured meat, dried meat, and others and involves various meat types such as poultry, beef, mutton, pork, and others. it has both organic and conventional nature and is distributed through various channels such as supermarket/hypermarkets, grocery stores, specialty retailers, online stores, and others.
The increasing consumption of various processed food products is expected to propel the growth of the processed meat market going forward.Food that has been frozen, canned, cooked, packaged, or modified in nutritional composition through fortification, preservation, or preparation in various ways is considered processed food.
Processed meat provides several advantages, including a better taste, a lower risk of meat-borne infections, a longer shelf life, and a high degree of portability. For instance, according to Standard Process Inc., a US-based food supplements company report published in 2020, processed foods account for about 70% of the American diet. Additionally, according to the agricultural and processed food products export development authority, During the fiscal year 2020-21, India exported 774.11 Megatonne (MT) of processed meat to the world, valued at 1.62 million dollars. Therefore, the increasing consumption of various processed food products drives the growth of the processed meat market.
Plant-based meat is a key trend gaining popularity in the processed meat market.Plant-based meats are foods made from plants that are meant to be a substitute for animal-based meats, such as sausages, steaks, burgers, fillets, bacon, nuggets, and a plethora of other variations of popular cuisines.
For instance, in December 2021, ITC Limited, an India-based conglomerate company launched plant-based meat products in recognition of India’s growing demand for meat alternatives and vegan meals. To begin, ITC will introduce plant-based burger patties and nuggets that taste like chicken which are the two most popular non-vegetarian frozen food groups.
In April 2021, Agthia Group PJSC, a UAE-based food, and beverage company acquired a 75.02% stake in Ismailia Investments for an undisclosed amount. This acquisition is part of Agthia’s ambition to position itself as the region’s top fast-moving consumer goods (FMCG) company. Ismailia Investments is an Eqypt-based company that produces frozen chicken and beef products that are sold in Egypt under 4 various brands including Meatland, Atyab, Furat, and Shiketita.
The countries covered in the processed meat market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The processed meat market research report is one of a series of new reports that provides processed meat market statistics, including processed meat industry global market size, regional shares, competitors with a processed meat market share, detailed processed meat market segments, market trends and opportunities, and any further data you may need to thrive in the processed meat industry. This processed meat market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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