Global Processed Meat Market to Witness Increase in Revenues by 2028

Posted on 2018-12-20 by Mark Hub in Food & Beverage // 0 Comments

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Top manufacturers in the processed meat market account for over 30% revenue share, andhave a diverse product portfolio and loyal consumer base across the globe. However, steadily declining meat prices and increasing demand for animal protein products has opened the market wide open, creating opportunities for new entrants. An increasingnumber of start-ups in the Processed Meat Market are gaining momentum by introducing sustainably produced, high-quality processed meat products.

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Furthermore, by introducing cost-effective and label-friendly processed meat products on the e-commerce platform,market players are focusing on meeting the considerations of a highly conscious consumers. . While the leading processed meat manufacturers are strengthening their position in the developed market by capitalizing on their wide-spread distributors’ networks, tier II and III companies are expanding their presence in emerging economies with their diverse and economical range of processed meat products.

Steadily Increasing Meat Production and Consumption Complement Processed Meat Market Growth

As diets of modern consumers have become more diverse and richer in high-value protein, demand for livestock products as increased, fueling the global production of meat, which is expected to prove remunerative for processed meat manufacturers. The world meat production increased, albeit steadily, to surpass 330 Mt in 2017, according to a report by the Food and Agriculture Organization. The report further predicts an increase of 48 Mt in the global meat production in the next decade to reach 367 Mt by the end of 2027.

Underpinned by improved economic conditions and herd expansions across the world, increased demand and consumption of meat is likely to boost meat production in the coming years. Manufacturers in the processed meat market are capitalizing on the rise in global meat production to offer competitive prices of processed meat products, and ultimately, gain an edge in the processed meat market.

Rapidly Growing Processed Food Industry Fuels Developments in the Processed Meat Market

The global demand for food has increased with an unprecedented rise in population, urbanization, and discretionary spending habits of consumers across the globe. Fast-pacing lifestyle is facilitating the needs for convenience at cooking, thereby the market for processed food and drinks accounts for a significant share in the global food industry.

Recent changes in consumers’ dietary preferences with changing lifestyle, and growing demand for processed food and resource-intensive animal products are reflected into the growth of the processed meat market. Thereby, manufacturers in the processed meat market are leveraging the recent developments in the processed food industry and consumer inclination towards consumption of animal-based proteins.

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Risk of Colorectal Cancer with the Consumption of Processed Meat Hampers Market Growth

A study published by the World Health Organization (WHO)’s International Agency for Research on Cancer (IARC) found the molecular mechanism in processed meat that underlie the carcinogenicity of processed meat, which can increase the risk of colorectal cancer in humans. Taking into consideration the potential risks of processed meat consumption, the American Cancer Society recommends limiting processed meat in the American Cancer Society Guidelines on Nutrition and Physical Activity for Cancer Prevention. Increasing prevalence of lifestyle diseases, including cancer, is encouraging consumers to modify their lifestyle and dietary habits. Thereby, growing awareness about the carcinogenicity of processed meat may impede the growth of the processed meat market in the upcoming years.

Stringent Regulations and High Levies on Processed Meat Products Create Challenges for Manufacturers

The growth prospects of the processed meat market are indirectly influenced by the availability of environmental resources, and high livestock supplies can improve the productivity of processed meat businesses. In order to mitigate the environmental footprint of processed meat products, government organizations have imposed laws and legislation, such as the Paris climate agreement and food safety regulations. The use of various ingredients in processed meat products is regulated by developing stringent food safety laws, such as Federal Food, Drug and Cosmetic Act. Conforming to the strict regulations and high levies can cause a significant rise in operational costs and production costs of processed meat products, which is likely to negatively impact the processed meat market growth prospects.

Leading Processed Meat Manufacturers Recall Their Products Due to Possible Foreign Matter Contamination

According to the recent announcements by the U.S. Department of Agriculture’s Food Safety and Inspection Service (FSIS), leading manufacturers in the processed meat market had to recall their processed meat products over consumer safety concerns. For example, Tyson Foods Inc. – an American processed meat manufacturers and a multinational corporation – recalled 3,120 pounds of frozen breaded chicken products due to possible extraneous material contamination. Another American manufacturer of processed meat – Hormel Foods Corporation recently recalled 228,614 pounds of canned pork and other processed meat products including poultry meat due to possible foreign matter contamination. Cargill Meat Solutions also featured in the list of processed meat manufacturers having to recall their processed meat products, as the company recalled around 25,288 pounds of ground beef products over the possibility of E. coli contamination.

Competitive Landscape

This section in the FactMR study aids readers to comprehend information about critical developments in the processed meat market along with insightful information about the growth of the leading processed meat manufacturers in the market. The report features a complete list of leading stakeholders in the processed meat market and provides useful information about recent developments in the winning strategies of leading players in the processed meat market.

Processed meat market players mentioned in the report are JBS SA, Tyson Foods, Inc., Harim Co Ltd., WH Group, Hormel Food Corporation, Cargill Meat Solutions Corp., BRF, Smithfield Foods, Inc., Danish Crown A/S, and Lotte Foods, Inc.

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