South America Processed Meat Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

South America Processed Meat Market is expected to register a CAGR of 8.8%, during the forecast period of 2020 - 2025.

Key Highlights

• Factors such as hectic lifestyle, rapid urbanization, adoption of new lifestyle trends and food habits are projected to drive the demand for packaged, ready-to-eat, and convenience food, such as processed meat. Growth in food service and retail industry has led to increased supply of processed meat products.
• Processed meat consumption was always high, mostly because it was always considered to be a product of convenience. Brazil is the major market in South America. Beef is the most widely consumed meat type in this region. In recent years, the exports of processed meat from Brazil have been increasing rapidly making it the world’s largest beef exporter.

Key Market Trends

Beef is the Most Preferred Type of Processed Meat

Processed beef is the largest segment in processed meat industry and accounts for around 40% of the market share. The processed red meat is expected to perform well, mainly due to rising prices of other meat, as well as the strong popularity of red meat in Brazil. Cured meat is widely consumed and accounts for 65% of the market share. Also, demand for meat products has also been influenced by variety, prices and services that the food retail firms have been offering to their customers.

Brazil Leading on the Regional Front

South American processed meat market has been geographically segmented into Brazil, Argentina, and others. Brazil took the largest market share in 2019 followed by Argentina. Brazil’s processed beef exports increased in value (26%) in 2017, compared to the same period a year ago. Argentina lost ground in beef export due to the recent domestic policies. The promotions and discounts on processed meat in Argentina were not enough in the face of the decline in purchasing power in 2018. Chile has become the major poultry exporter in recent years with a strong domestic demand as well.

Competitive Landscape

The key players in the South America processed meat market are focused on the expansion of the business by exporting to countries, like US, Canada, Middle-east, etc. and also extending the product line. Mergers and acquisitions of small and medium-sized manufacturers is another strategy adopted by multinational players. Some of the major players in the south america processed meat market are BRF S.A., Conagra Brands Inc., JBS S.A., Foster Farms, Hormel Foods, among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support