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According to the latest report by IMARC Group, titled "Processed Meat Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global processed meat market size reached US$ 523.10 Billion in 2020. Processed meat refers to meat products that include the use of additives to improve their taste, quality and overall flavor. They are enriched with oil, salt, sugar, acidifiers, minerals, flavoring agents, preservative mixtures and seasonings that aid in extending the shelf life of the food items. They can be processed via cooking, smoking and fermenting to inhibit the growth of unwanted microorganisms on the processed product. These meats are rich in proteins, choline, vitamins, minerals, niacin, selenium, and riboflavin. They are increasingly available in the market in canned and frozen variants that are obtained by processing red and white meat from swine, cattle, poultry, or sea animals. Some of the commonly consumed processed meat items include bacon, sausages, salami, hot dogs, and meat-based snacks.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Processed Meat Market Trends:
The global market is majorly driven by the rising preference for ready-to-eat meat products among the masses. Supported by the inflating disposable income levels and the shifting dietary preferences of the masses, these convenience products are gaining widespread popularity among working professionals with busy schedules and hectic lifestyles. Along with this, the escalating popularity of international cuisines across the globe due to rapid urbanization has impelled numerous restaurants and food joints to utilize processed meat products in a variety of their food preparations. The market is further driven by the increasing availability of organic variants free from antibiotics and chemical residues in the market that are gaining widespread prominence among the masses. Several players are now replacing synthetic preservatives with natural alternatives and procuring meat from organic-certified farms in an attempt to retain the authenticity of the meat products. Moreover, the rising concerns regarding the risks associated with the increasing usage of nitrate during the production of processed meat products have encouraged manufacturers to substitute it with cherry celery powder, which is a natural curing agent. This, coupled with extensive research and development (R&D) activities conducted by players to formulate safer alternatives to the synthetic chemicals used for curing, is anticipated to provide a positive outlook for the market. Some of the other factors contributing to the market growth include the widespread preference for frozen processed meat, advancements in meat preservation techniques and easy product availability through online and offline organized retail channels. On account of the aforementioned factors, the market is anticipated to reach US$ 737.2 Billion by 2026, growing at a CAGR of 5.80% during 2021-2026.
Market Summary:
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