Processed Meat Market Size, Share & Trends Analysis Report By Product (Beef, Pork, Poultry, Mutton), By Form (Canned, Cured), By Distribution Channel, By Region, And Segment Forecasts, 2021 - 2028

Report Overview

The global processed meat market size was valued at USD 275.07 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 2.8% from 2021 to 2028. The rising demand and consumption of processed meat products in developed and developing economies is propelling the growth of the market. Moreover, rising disposable income and growing urbanization around the globe are the major factors driving the market growth over the forecast period. Additionally, the increasing population and immigrants in developed nations are accelerating demand for flavored processed meat which in turn will support industry demand over the forecast period. 

Continuous changing consumers eating behavior is evolving globally and this consequently drives the innovations within the processed meat industry, which may accelerate the market growth over the forecast period. Moreover, the rising demand from consumers for convenience food products and high-value animal protein is projected to fuel the growth of the market. However, the high consumption of processed meat causes various health issues like kidney damage, aging, and many other health-related problems which will hamper the market growth.

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.

The COVID-19 pandemic impacted meat production, transportation, and meat prices across the globe. The processed meat product supply chain is susceptible to being disrupted or stopped by measures arising from COVID-19 restrictions. These products are highly dependent on international trade, which is suffered quite early from a pandemic due to the limitations and closures of the global market.

Form Insights

The cured segment contributed to the largest market share of more than 60% in 2020 and is expected to expand at a CAGR of over 2.0% from 2021 to 2028. The rising demand for flavored ingredients based ready to cook meat is driving the growth of this segment. Moreover, continuously changing lifestyles coupled with the busy life schedules of consumers are expected to accelerate the demand for cured products.

The canned segment is anticipated to expand at the fastest CAGR of over 3.0% from 2021 to 2028. The increasing demand for protein-rich and high-quality meat is accelerating the demand for canned meat products 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.

Distribution Channel Insights

The offline channels held a revenue share of more than 80% of the global processed meat market in 2020. The offline segment includes hypermarkets and supermarkets, convenience stores, specialty stores, and retail stores, among others. Suppliers of processed meat products use the traditional retail channel for sales. Consumers are preferring offline channels for purchasing goods, grocery as well as meat food products, where they can physically verify product quality.

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.

Product Insights

The pork segment contributed to the largest revenue share of more than 40% in 2020 and is expected to register a CAGR of over 2.0% from 2021 to 2028. Technological advancements in pork processing equipment to produce better quality are anticipated to drive the growth of the segment. Moreover, the growing demand for protein-rich and high nutrition value meat is projected to boost the market growth. Additionally, the increasing consumers' interest and dietary preferences associated with culture and region are further projected to drive the market growth during the forecast period. 

The poultry segment is expected to register 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.

Regional Insights

North America made the largest contribution to the global market for processed meat with a revenue share of over 45% in 2020 due to changing lifestyles and rising urbanization in the region. 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 is expected to boost the market growth over the forecast period.

Asia Pacific is expected to be the fastest-growing regional segment with a CAGR of 3.5% from 2021 to 2028. The increasing consumption of processed meat products in China, India, and Japan owing to consumers inclined towards a healthy lifestyle and the rising disposable income will accelerate the regional market growth. Moreover, the growing popularity of ready-to-cook meat has expected to accelerate the regional demand for processed meat over the forecast period.

Key Companies & Market Share Insights

The market is fragmented with the presence of various established market players and suppliers of processed meat across the globe. Some of them are Tyson Foods Inc.; Hormel Foods; BRF S.A.; and Conagra Brands Inc. coupled with numerous domestic players. Various manufacturers and suppliers have expected to focus on the development of innovative packaging, logistic development, and strengthening of the distribution channel to grow their business. Such initiatives have expected to boost the adoption rate of the product among consumers around the globe. Some of the key players operating in global processed meat market are:

• Tyson Foods Inc.
• Hormel Foods
• BRF S.A.
• Conagra Brands Inc.
• Cherkizovo Group
• Foster Farms
• Marfrig Group
• National Beef
• NH Foods Ltd
• Perdue Farms
• National Beef Packing Company LLC

Processed Meat Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segment from 2017 to 2028. For this study, Million Insights has segmented the global processed meat market report based on product, form, distribution channel, and region:

• Product Outlook (Revenue, USD Billion, 2017 - 2028)
  • Beef
  • Pork
  • Poultry
  • Mutton
  • Others
• Form Outlook (Revenue, USD Billion, 2017 - 2028)
  • Canned
  • Cured
• Distribution Channel Outlook (Revenue, USD Billion, 2017 - 2028)
  • Offline
  • Online
• Regional Outlook (Revenue, USD Billion, 2017 - 2028)
  • North America
    • U.S.
  • Europe
    • Germany
    • U.K.
    • France 
  • Asia Pacific
    • China
    • Japan
    • India
  • Central & South America
    • Brazil
  • Middle East & Africa
    • South Africa