According to the latest report by IMARC Group, titled "Processed Meat Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global processed meat market reached a value of US$ 533.2 Billion in 2021. 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$ 750.0 Billion by 2027, growing at a CAGR of 5.9% during 2022-2027.

Market Summary:

• On the basis of the meat type, the market has been divided into poultry, beef, mutton, pork, and others. Among these, poultry represents the most preferred meat type.
• Based on the product type, the market has been classified into fresh-processed, raw fermented, raw-cooked, pre-cooked, cured, dried and other meats.
• On the basis of the processing type, the market has been categorized into chilled, frozen and canned. Currently, the chilled segment exhibits a clear dominance in the market.
• Based on 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). At present, retail sales account for the majority of the total processed meat market share.
• On the geographical front, the market has been segregated into North America (the United States and Canada), 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). Amongst these, North America holds the leading position in the market.
• The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include 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.

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