The global processed meat market is projected to rise at a moderate 4% CAGR between 2020 and 2030. The Fact.MR report states that, health risks to production plant workers during the coronavirus crisis is a major factor hindering operations in the processed meat industry. In addition, the market is also facing short term challenges in terms of supply chain disruptions, owing to issues in the livestock industry.
“Various processed meat products are available in the market at increasingly lower prices. In addition, the rapid expansion of the retail industry will propel the expansion of the processed meat market once the pandemic is brought under control,” says the FACT.MR report.
Processed Meat Market- Key Takeaways
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Processed Meat Market- Driving Factors
Processed Meat Market- Major Restraints
COVID-19 Impact on Processed Meats Market
The coronavirus outbreak is projected to temporarily affect the operations of the processed meat market. Supply chain disruptions, arising from the livestock industry, in addition to contagion scares among meat processing plant workers are holding back the processed meat industry. On the other hand, recovery of the industry is likely to be steady towards early 2021 as demand for meat products remains strong on a global scale.
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The processed meat market players are pushing for strategic mergers and acquisitions in addition to product launches to strengthen market presence. For instance, Industrias Bachoco SAB has acquired a majority stake in pork processor Sonora Agropecuaria S.A. de C.V. Cargill Inc., Hormel Food Corp., JBS S.A., Tyson Foods Inc., WH Group Ltd., and Sysco Corp are some major processed meat manufacturers in the global market.
About the Report
This study offers readers a comprehensive market forecast of the processed meat market. Global, regional and country-level analysis of the top industry trends impacting the processed meats market is covered in this study. The report offers insights on the processed meats market on the basis of product type (beef, pork, poultry, and sheep), form (chilled, frozen, and shelf stable), buyer type (food processor & manufacturer, HoReCa sector, and household & residential buyers), nature (organic and conventional) and distribution channel (traditional grocery stores, supermarket/hypermarket, internet retailing, convenience stores, discounters, and others) across seven regions (North America, Latin America, Europe, CIS & Russia, Japan, Asia Pacific excluding Japan, and MEA).
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