Processed Meat Global Market Report 2024

Processed meat is characterized as any meat that has undergone alterations to enhance its flavor or extend its shelf life. The curing of processed meats typically involves the use of sodium nitrite to prevent the growth of Clostridium perfringens, and during the preservation process, they are stored in chilling and cold storage. Vacuum packing of processed meat often utilizes high barrier materials such as polyvinylidene dichloride or ethylene-vinyl alcohol.

The primary product categories of processed meat include chilled, frozen, canned, or preserved options. Chilled meat is preserved to prevent microbial deterioration and spoilage. It is frozen in the atmosphere at -4 degrees Celsius and treated with nitrite, antioxidants, and flavorings. Various processing methods include fresh processed meat, raw cooked meat, precooked meat, raw fermented sausages, cured meat, dried meat, and others. These processes involve different types of meat, such as poultry, beef, mutton, pork, and others. Processed meat can have both organic and conventional variations and is distributed through various channels, including supermarkets, hypermarkets, grocery stores, specialty retailers, online stores, and others.

The processed meat market research report is one of a series of new reports that provides processed meat market statistics, including processed meat industry global market size, regional shares, competitors with a processed meat market share, detailed processed meat market segments, market trends and opportunities, and any further data you may need to thrive in the processed meat industry. This processed meat market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The processed meat market size has grown strongly in recent years. It will grow from $758.01 billion in 2023 to $830.02 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth observed in the historical period can be attributed to factors such as increased urbanization, changes in lifestyles, a rise in demand for convenience food products, a growing population, and increased disposable income.

The processed meat market size is expected to see strong growth in the next few years. It will grow to $1186.25 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The anticipated growth in the forecast period can be attributed to factors such as the rising growth in the manufacturing sector, increasing consumption of packaged foods, a growing population of working women, an increased demand for fresh meat among the health-conscious population, and a rising demand for protein-based diets. Major trends expected in the forecast period encompass advancements in freezing technology, the popularity of premium and artisanal products, a focus on customization and personalization, an emphasis on clean label and natural ingredients, and an increasing interest in plant-based and alternative proteins.

The anticipated rise in the consumption of various processed food items is set to drive the growth of the processed meat market in the future. Processed food encompasses products that have undergone freezing, canning, cooking, packaging, or nutritional modification through fortification and preservation. Processed meat, known for its improved taste, reduced risk of meat-borne infections, extended shelf life, and enhanced portability, offers numerous advantages. As an illustration, during the fiscal year 2020-21, India exported 774.11 Megatons (MT) of processed meat globally, amounting to a value of 1.62 million dollars, as reported by the Agricultural and Processed Food Products Export Development Authority. Therefore, the escalating consumption of various processed food products is a driving force behind the growth of the processed meat market.

The ongoing trend of urbanization is poised to fuel the expansion of the processed meat market. Urbanization, characterized by the transformation of rural settlements into cities, has led to changes in dietary preferences. Consumers are increasingly opting for processed meat products due to their convenience and extended shelf life. According to the United Nations Department of Economic and Social Affairs, 55% of the world's population resided in urban areas in 2018, with an expected increase to 68% by the year 2050. Consequently, the growing urbanization is projected to be a driving factor for the processed meat market.

A significant trend gaining traction in the processed meat market is the rise of plant-based meat. Plant-based meats are derived from plants and are designed to serve as substitutes for animal-based meats, including sausages, steaks, burgers, fillets, bacon, nuggets, and various other popular cuisines. In acknowledgment of the increasing demand for meat alternatives and vegan options in India, ITC Limited, an India-based conglomerate, launched plant-based meat products in December 2021. The initial offerings include plant-based burger patties and chicken-like nuggets, catering to the two most sought-after non-vegetarian frozen food categories.

Leading companies in the processed meat market are strategically focusing on collaborations. Strategic collaborations involve agreements between independent entities to work together towards shared objectives. In April 2023, Archer Daniels Midland (ADM), a US-based food processing company, joined forces with Believer Meats, a Israel-based food technology company, to develop innovative products using cultivated meat. This collaboration combines ADM's expertise in food formulation and global reach with Believer's groundbreaking cell-cultivated beef method, aiming to meet the escalating demand for protein.

In April 2021, Agthia Group PJSC, a UAE-based food and beverage company, acquired a 75.02% stake in Ismailia Investments for an undisclosed amount. This strategic move aligns with Agthia's ambition to position itself as the leading fast-moving consumer goods (FMCG) company in the region. Ismailia Investments, based in Egypt, produces frozen chicken and beef products sold under various brands, including Meatland, Atyab, Furat, and Shiketita.

Major companies operating in the processed meat market include Cargill Incorporated, Tyson Foods Inc., National Foods Limited, Hormel Foods Corporation, Smithfield Foods Inc., Pilgrim's Pride Corporation, Conagra Brands Inc., BRF S.A., Foster Farms, JBS S.A., Koch Foods LLC, Marfrig Global Foods S.A., National Beef Packing Company LLC, Sanderson Farms Inc., Marel hf, Perdue Farms Inc., Sadia S.A., Danish Crown A/S, Keystone Foods LLC, Empire Kosher Poultry Inc., Butterball LLC, Boar's Head Provisions Co. Inc., Applegate Farms LLC, Johnsonville LLC, Farmland Foods Inc., Hillshire Brands Company, Catena Zapata, Malbec wines from various Argentine wineries, Bodegas Muga

North America was the largest region in the processed meat market in 2023. Europe was the second-largest region in the processed meat market share. The regions covered in the processed meat market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the processed meat market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.

The processed meat market consists of sales of processed pork meat, processed mutton meat, processed beef meat, processed chicken meat, processed turkey meat, processed ducks meat, processed crustaceans meat, processed fish meat, and other processed meat. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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