Processed Meat Market – An Introduction
Processed meat can be defined as a meat that has been modified to extend its shelf life or to change or improve its taste by various processing methods such as curing, fermentation, salting and smoking. Processed meat includes hot dogs, salami, corned beef, beef jerky, bacon, sausages and ham.
It also includes canned meat and meat based sauces. The history of processed meat can be traced back to Babylonians some 3500 years ago before the advent of refrigeration techniques. The processed meat products are a favorite food in United States ever since the colonial times.
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Global Processed Meat Market – An Overview
Processed meat is popular across the globe with its consumption varies from region to region. The global processed meat market is valued at around $714 billion during 2016 and is expected to reach $1,567 billion by the end of 2022 growing at a CAGR of around 14% between 2017 and 2022. Chilled meat is the single largest contributor to global processed meat market share. Chilled meat contributed 74% of absolute market value growth between 2009 and 2014 thereby carrying the highest price point.
The major factors that are contributing to the growth processed meat market share can be attributed to the factors such as changing life styles, increase in human age, growth in disposable incomes of families especially in Asia-Pacific and South America. In addition, the growth in food industry and retail industry in Asia is leading to an increased supply of processed meat products.
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Meat processing industry statistics – Recent Trends
According to the meat processing industry statistics, United States, China and Russia together accounted for half of the global value growth in the processed meat in 2014 with China alone accounted for 34% of growth in the processed meat market share driven by strong performance in chilled processed meat and canned or preserved meat. North America’s dominance in the processed meat market is expected to continue in the years to come primarily driven by the U.S. market.
U.S. Processed Meat Market – Regional Outlook
The United States continues to dominate the processed meat market with the US processed meat market is expected to grow at a modest CAGR rate of around 2% by 2020, which is fostered by the consumer’s augmented demand for convenience of food products during the forecast period. The high nutritional benefits of processed meat products are a major factor that is boosting the market growth. The rapid urbanization and shortage of time due to hectic daily schedules is another factor that is the cause of an increased demand for processed meat products.
Meat Processing Industry Analysis of US Processed Meat Market
The U.S. Processed Meat Market is segmented or categorized into four categories which are-
- Chilled Processed Meat
- Frozen Processed Meat
- Canned/Preserved Meat and Meat Products
- Frozen Processed Red Meat
The child-processed meat is the largest segment that accounted for more than 82% of total market size during 2015 that is expected to grow further in the years to come. In addition, an increasing consumption of red meat in Mexico is expected to have a positive impact on the growth of the U.S. processed meat market. This growth can be attributed to the strong economic growth of U.S. economy coupled with increased demand for processed meat.
The processed meat of animals such as rabbits, horses among other animals is an opportunity segment in the matured market of North America and Europe. The consumption rate of processed beef is showing a steady rise in recent years in the U.S. processed meat market. The present meat processing industry trends is slowly shifting towards cured meat, which is now widely consumed, and accounting for 65% of the global processed meat market.
Asia-Pacific region is slowly emerging as the next leading processed meat market due an increased demand for high value protein food and growth in the organized trade. China and India are emerging as key players for the demand for processed meat products.
Key players in the global processed meat market
Companies like Tyson Foods Inc, Cargill Inc, JBS S.A. Gulf Food Industries, Sunbulah Group, National Food Company and others, dominate the global processed meat market. These companies or vendors compete based on price differentiation, pricing, portfolio to gain maximum market share of the processed meat market. The rate of growth of the U.S. processed meat market is bound to increase due to factors such as convenience, taste, and nutritious values that meet a range of taste preferences and nutrition needs of the consumers.