Global Processed Meat Market to Reach US$ 933.4 Billion by 2032, Propelled by Rising Popularity of Ready-to-Eat Meat Products

April 24, 2023 | Food & Beverages

IMARC Group's latest report, titled "Processed Meat Market Report by Meat Type (Poultry, Beef, Mutton, Pork, and Others), Product Type (Fresh-Processed Meat, Raw Fermented Meat, Raw-Cooked Meat, Pre-Cooked Meat, Cured Meat, Dried Meat, and Others), Processing Type (Chilled, Frozen, Canned), Distribution (Institutional Sales (HoReCa), Retail Sales), and Region 2024-2032," finds that the global processed meat market size reached US$ 599.6 Billion in 2023. Processed meat refers to meat products enriched and modified with various additives, such as salt, sugar, oil, minerals, acidifiers, flavoring agents, preservative mixtures, and seasonings. Meat curing is done to enhance the quality and taste, extend shelf life, and improve the overall flavor of the meat. Some common methods used for meat processing include cooking, smoking, and fermenting, which also help reduce the chances of unwanted microorganism growth. Processed meat products are a rich source of essential nutrients, including proteins, vitamins, minerals, selenium, choline, niacin, and riboflavin. Various types of fresh meat, such as red and white meat from poultry, swine, cattle, or sea animals, can be combined and processed to create bacon, sausages, salami, hot dogs, beef jerky, canned meat, and meat-based snacks. Currently, processed meat is gaining immense traction across the globe as they offer enhanced flavor and convenience. 

Global Processed Meat Market Trends:

The rising popularity of ready-to-eat (RTE) meat products among consumers represents the primary factor driving the market growth. Moreover, the shifting preferences of busy working individuals toward processed meat due to their convenience and changing dietary habits are positively influencing the market growth. Additionally, the escalating demand for international cuisines and the increasing use of processed meat products in various food preparations at restaurants and food joints have catalyzed market growth. Besides this, several key players are procuring meat from organic-certified farms and using natural preservatives instead of synthetic ones. In line with this, the easy availability of organic product variants free from antibiotics and chemical residues is propelling the market growth. Furthermore, the rising consumer concerns about the health risks associated with using nitrates while producing processed meat products have led to the development of safer alternatives, such as cherry celery powder. In addition, the availability of processed meat through online and offline organized retail channels is contributing to the market growth. Other factors, including ongoing advancements in meat preservation techniques, increasing consumer preferences for frozen processed meat, and rising penetration of online platforms, are also anticipated to provide a positive thrust to the market growth. Looking forward, IMARC Group expects the market value to reach US$ 933.4 Billion by 2032, growing at a CAGR of 4.9% during 2024-2032. 

Market Summary:

  • Based on the meat type, the market has been divided into poultry, beef, mutton, pork, and others. Among these, poultry represents the most preferred meat type.
  • On the basis of the product type, the market has been categorized into fresh-processed, raw fermented, raw-cooked, pre-cooked, curated, dried, and other meat types. At present, fresh-processed meat dominates the market, holding the largest market share.
  • The market has been segmented based on the processing type into chilled, frozen, and canned. Amongst these, chilled holds the largest market share. 
  • On the basis of the distribution, the market has been bifurcated into institutional sales (HoReCa) and retail sales (supermarkets and hypermarkets, grocery stores, specialty retailers, online stores, and others). Currently, retail sales account for the majority of the market share.
  • Region-wise, North America (the United States and Canada) holds the leading position in the market. Other major regions include Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Asia Pacific ( China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru, and others), and Middle East and Africa (Turkey, Saudi Arabia, Iran, the United Arab Emirates, and others).
  • The competitive landscape of the market has also been examined, with some of the key players being BRF SA, Cargill Inc., Foster Farms, Hormel Foods Corporation, JBS SA, Marel hf, Marfrig, National Beef, Nippon Ham Foods Ltd., OSI Group, Perdue Farms, Pilgrim's Pride, Sadia, Sanderson Farms Inc, Sysco, and Tyson Foods.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Meat Type, Product Type, Processing Type, Distribution, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico, Argentina, Colombia, Chile, Peru, Turkey, Saudi Arabia, Iran, United Arab Emirates
Companies Covered BRF SA, Cargill Inc., Foster Farms, Hormel Foods Corporation, JBS SA, Marel hf, Marfrig, National Beef, Nippon Ham Foods Ltd., OSI Group, Perdue Farms, Pilgrim's Pride, Sadia, Sanderson Farms Inc, Sysco, and Tyson Foods
Customization Scope 10% Free Customization
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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Global Processed Meat Market to Reach US$ 933.4 Billion by 2032, Propelled by Rising Popularity of Ready-to-Eat Meat Products
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