The global processed meat market size is expected to reach USD 340.27 billion by 2028, registering a CAGR of 2.8% over the forecast period, according to a new report by Million Insights. The increasing production and consumption of processed meat products in developed and developing economies is accelerating market growth. The continuously evolving eating habits of the consumers are consequently driving innovation within the processed meat industry, which may accelerate the growth of the global market over the forecast period.
Consumers are increasingly demanding ready-to-cook meat products with better quality, and taste which is anticipated to propel the market growth. The rising consumer awareness and acceptance regarding convenience meat products is an important factor in the growth of the market. Moreover, the continuously changing dietary preferences and rising demand for premium quality and value-added meat products from consumers have expected to boost the market growth over the forecast period.
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The lockdown observed during the COVID-19 pandemic caused a slight decline in the market for processed meat due to the suspended supply chain of the products in various countries. Meat and meat product prices declined in 2020 due to the impact of COVID-19, temporarily shortening the demand for meat by some leading consuming and importing countries due to the limitations and closures of the market.
The poultry segment is expected to expand at the fastest CAGR of 3.6% from 2021 to 2028. The increasing demand for processing and treatment of poultry to enhance its tests and extend shelf life is expected to accelerate the growth of the market. Moreover, the rising demand for poultry products from developing countries due to the lower price of poultry processed meat as compared to other meat products is expected to drive the market growth.
The canned segment is anticipated to register the fastest CAGR of 3.1% from 2021 to 2028. The increasing demand for protein-rich and high-quality meat is accelerating the demand for the canned meat across the globe. Additionally, canned meat is gaining popularity among consumers has projected to drive market growth. Furthermore, the increasing demand for meat products, innovative processing technology, packaging, and distribution technology has led to significant market growth over the forecast period.
The online segment is expected to register the fastest CAGR of 3.9% from 2021 to 2028. The internet penetration rate has witnessed lucrative growth in recent years, which is accelerating the market growth of this segment. An upsurge in product sales through various company-owned websites and e-commerce platforms is expected to propel the growth of the online distribution channel segment during the forecast period.
North America made the largest revenue share of over 45% in 2020 due to changing lifestyles and rising urbanization. The increasing consumer awareness and acceptance regarding convenience meat products is an important factor in the growth of the market. In addition, the growing demand for premium quality meat products and protein-rich products have expected to boost the market growth over the forecast period.
Processed Meat Market Report Highlights
• North America held the largest revenue share of more than 45% in 2020 owing to increasing demand for premium quality meat products
• Poultry is expected to foresee the fastest CAGR of 3.6% from 2021 to 2028 due to rich protein sources for human consumption
• Offline distribution channel held the largest revenue share of more than 80% in 2020 due to well-established distribution network across the globe
• The canned form is expected to witness the fastest CAGR of 3.1% from 2021 to 2028 owing to the changing lifestyles and busy work schedules of the consumers
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