Processed Pork Market

Processed Pork Market Size, Growth, Forecast (2023-2028)

The Global Processed Pork Market size was worth US$ 10.2 billion in 2022 and is predicted to reach a valuation of US$ 18.4 billion by 2028 with an annual expansion rate of 5.4% between 2023 and 2028.

Market Overview:

The processed pork is the meat that has been preserved to improve flavor or extend shelf life. The meat is smoked, seasoned, or processed with certain chemicals to convert it into a processed form that enhances the flavor of the pork. It also makes pork less susceptible to microbes. Processed pork is preferred over fresh meat in the catering industry, fast food restaurants, and fast casual restaurants due to benefits such as year-round availability, convenience, and improved shelf life. Some of the main meat processing methods include hardening or salting, smoking, and the addition of chemical preservatives.

Processed Pork Market Growth:

The global processed pork market is expected to show a stable growth rate during the anticipated period due to increasing demand from emerging markets.

REPORT COVERAGE:

Drivers:

The main drivers of the global processed pork market include technological advancements in pork production, high household disposable income, and the growth of the catering industry, especially fast food and fast casual dinners. Also, the wide variety of processed meats available at low prices in the market is expected to drive market growth in the coming years. The frozen food market is expected to grow and will complement the growth of the processed pork market in many regions of the world. Successful new product launches will provide better support for players to increase their revenue share and provide leverage and a strong market presence. Globally, increasing per capita pork consumption is one of the promising factors for the growth of the global pork market. Additionally, innovations in machine efficiency are expected to accelerate and increase demand for products due to an increase in automated handling systems. The processed pork market is expected to be driven by increased consumer consumption in North America and Asia Pacific. The demand for tender equipment is mainly driven by higher consumption of beef and pork. These meats are considered difficult to process after slaughter and must first be tenderized. The industry shows an increasing trend of technological advancement through the development of fully automated integrated sensor systems. To improve product quality, the use of advanced technology options, such as sensors built into equipment to detect foreign objects, is expected to benefit the industry. The transition to smart technology and automation is expected to increase the demand for innovative equipment.

The increase in new pork products on the market is mainly due to the higher demand for pork by consumers. Additionally, new product launches will provide a platform for players to differentiate themselves from competitors in the market. The global processed pork market is driven by the increasing consumption of fast food products such as hamburgers, pizzas, nuggets, meatballs, sausages and hot dogs. In addition, increased spending on fast food by millennials will drive demand for pork, driving the growth of the pork processing market. Besides, increasing urban population, rising disposable income, and growing consumer interest in protein-rich meat are expected to further drive the growth of the pork processing market. In addition, the growing demand for packaged foods and processed pork strengthens the market for pork processing. Also, the global trade flow of pork has increased, which has driven the growth of the processed pork market. Major drivers of the global processed pork market include technological advancements in pork production, high household disposable incomes, and a growing restaurant industry, especially fast food and casual fast food. The market is largely driven by increased consumption of processed meats along with increased disposable income in emerging countries. Therefore, growing demand from emerging economies is expected to open up new avenues for growth in the near future. Meat consumption in developing countries continues to increase. Increasing disposable household income along with strengthening purchasing power will support the growth of the global processed pork market.

Restraints:

Some of the limiting factors for the worldwide processed pork market are obesity concerns and government regulations on animal husbandry and meat processing. Also, in regions such as the Middle East, pork is considered a traditional taboo and the consumption of pork products is strictly prohibited. Health risks associated with consuming processed meat can hamper market growth within the forecast period. Besides, the presence of social and religious regulations in certain economies is expected to slow down industrial growth. The industry faces challenges such as increased product recalls and bans on the consumption of pork, and increased animal welfare regulations such as piglet castration are some of the main challenges facing the food sector in the actuality. The market does not show a high level of attractiveness to encourage a notable entry into the market. Furthermore, the threat of new entrants to the market is low due to the presence of many equipment manufacturers.

Processed Pork Market Segmentation Analysis:

The global processed pork market can be classified into raw-fermented, dried, fresh processed, pre-cooked, raw-cooked, cured and others.

Depending on the application, the global market can be segmented into pork chops, bacon, sausage, ham. Of all types, the sausage and ham segments are foreseen to develop with a considerable CAGR in the coming years.

The global processed meat market can be segmented by distribution channel supermarket/hypermarket, grocery stores, specialty retailers, online channels and others. Of these, the supermarket/hypermarket segment accounted for a significant share in the international market and is likely to expand with a notable CAGR in future.

Geographical Segmentation Analysis:

• North America - the United States and Canada
• Europe - United Kingdom, Spain, Germany, Italy, and France
• The Asia Pacific - India, Japan, China, Australia, Singapore, Malaysia, South Korea, New Zealand, and Southeast Asia
• Latin America  - Brazil, Argentina, Mexico, and Rest of LATAM
• The Middle East and Africa - Africa and Middle East (Saudi Arabia, UAE, Lebanon, Jordan, Cyprus)

Regional Analysis:

Asia Pacific created high demand for processed pork, representing the largest market share in total consumption in 2019. The Asia Pacific processed pork market is dominated by China. However, Asia Pacific is expected to show the fastest growth during the forecast period due to population growth and rapid economic growth. North America was another important regional market in 2019. North America and Europe lead consumers of this equipment with a total share of 66.3% of the market in 2019. Increasing consumer demand for locally processed pork is driving the market North American. It is also expected to drive growth in the industry as demand for these products increases due to the eating habits of consumers in the region. This may be due to the presence of a large meat industry in the region. Consumer perception of convenience products is one of the most influential factors contributing to the growth of the pork processing industry, especially in developing countries. The increase in fast food consumption through the ease of purchasing products through retail chains is also expected to have a positive impact on the industry. The health risks associated with consuming processed pork are slowing down consumption rates in Europe. Russia is expected to experience the fastest growth rate in Europe.

Key Players in the Market:

Major Key Players in the Global Processed Pork Market are

• Pilgrim's Pride Corp
• JBS SA
• Smithfield Foods, Inc
• BRF SA
• Keystone Foods
• Advance Pierre Foods
• Hormel Foods Corp
• Sysco Corp
• Cargill Inc
• Tyson Foods Inc
• Marfrig Group
• Sanderson