The processed meat market will envisage a moderate 2.2% volume y-o-y growth in 2018 over 2017, opines a recent market study published by Fact.MR. The study finds that steadily growing meat industry and increasing growth of the food processing industry is majorly contributing to the growth of the processed food market.
The report finds that despite their preference for fresh food products, consumers are looking for convenience as it is becoming challenging for them to prepare elaborative meals at home due to the fast-paced lifestyle the lead. Growing meat production, increasing demand for affordable animal protein, and preference for convenience is expected to provide an impetus to growth of the processed meat market. However, demand is likely to witness moderate growth, as growing vegan trend and growing colorectal cancer concerns stall consumption.
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Pork and Poultry, Together Account for over 3/4th Share in Processed Meat Market
The Fact.MR study finds that, poultry and pork are the top-selling processed meat products globally. Sufficient poultry supplies at relatively low prices and a significant rise in per-capita pork consumption in emerging nations, especially in China, is fueling demand for processed pork and poultry, which is influencing processed meat manufacturers’ leading strategies.
According to a report published by the United States Department of Agriculture (USDA), pork and chicken exports are likely to increase by 3% and 4% respectively in 2019, buoyed by bolstering demand in emerging nations. Robust demand for pork and chicken is expected to drive their production across the globe to reach 114.6 million tons and 97.8 million tons by 2019, according to the USDA report.
Fact.MR finds that processed meat manufacturers are modifying their business strategies to leverage approximately 75% market share of processed poultry meat and pork in envisage incremental growth in the processed meat market in the upcoming years.
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Why Consumers are Choosing Conventional Processed Meat over Organic Processed Meat
Contrary to the popular belief that organic food products are healthier than their conventional variants, conventionally processed meat products are witnessing higher demand than that for organic processed meat products. According to Fact.MR, the key reasons why a majority of consumers are more inclined towards purchasing conventionally processed meat include,
- Organic meat tends to be more expensive than conventional meat
- Nearly similar amount of contaminants found in organic and conventional processed meat drives consumers to choose an economical option
- Conventionally processed meat is readily available in a majority of local grocery or retail store
- Consumers are becoming aware of the fact that organic does not mean cruelty-free
- Growing consumer awareness about the relatively higher carbon footprint of organic processed meat
A majority of consumer are health-as well as label-conscious. As consumers are becoming highly conscious while purchasing food products, including processed meat, the safety and affordability of conventionally processed meat is influencing recent trends in the processed meat market.
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Asian Markets for Processed Meat Attract Investments from Leading Processed Meat Market Players
According to a report published by the Food and Agriculture Organization of the United Nations (FAO), China is one of the world’s largest meat producer and per capita meat consumption rate has increased in key developing Asian countries. Increasing meat import demand in ASEAN countries, which is attributed to the increased domestic demand for processed meat, is expected to generate numerous lucrative opportunities for processed meat market players across the world.
Tyson Food Inc., a US-based processed meat market player, recently acquired Keystone Foods, an American food service company, and the deal included eight processed meat production facilities and three innovation centers in leading Asian countries, including Australia, China, Malaysia, South Korea, and Thailand. The company has invested over US$ 2.16 billion in this deal to expand its sales and distribution networks in high-growth Asian processed meat markets.
BRF S.A., a Brazilian player in the processed meat market, recently partnered with COFCO meats, a Chinese food company, to tap lucrative business opportunities in Chinese processed meat market, leveraging growing demand for animal protein in China by improving quality and food safety in the country.
Another Chinese player in processed meat market – WH Group Limited – announced that its subsidiary Smithfield Foods, Inc., with Henan Shuanghui Investment and Development Co., Ltd. and JD.com, China’s largest retailer, jointly launched a Tripartite Strategic Partnership Agreement boost online sales of Smithfield’s processed meat products, including pork products, in Chinese processed meat market. With a mounting number of processed meat market players investing in Asia, the Asian processed meat market is likely to witness relatively faster growth in the upcoming years.
The Fact.MR report tracks the processed meat market for the period 2018-2028 to find that it is likely to grow at over 2.6% volume CAGR through 2028.
Sneha Varghese is an experienced food & beverage consultant. She covers the latest trends and analysis impacting the food & beverages industry, informing and educating audiences through her writing.