NEW YORK, Aug. 5, 2024 /PRNewswire/ — The global processed red meat market size is estimated to grow by USD 131.2 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 4.98% during the forecast period. Increasing demand for convenience foods is driving market growth, with a trend towards growing emphasis on packaging innovations. However, health hazards diminishing demand poses a challenge. Key market players include American Foods Group LLC, Aurora Packing Co., BRF SA, Cargill Inc., Cremonini SpA, Dawn Farm Foods Ltd., Dawn Meats, Foyle Food Group Ltd., Hormel Foods Corp., Itoham Yonekyu Holdings Inc., JBS SA, KOCH FOODS INC., MS Global Food CO. WLL, National Beef Packing Co. LLC, NH Foods Ltd., PJSC Cherkizovo Group, Sunbulah Group, Sysco Corp., Tyson Foods Inc., and WH Group Ltd..
Technavio has announced its latest market research report titled Global processed red meat market 2024-2028
Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report
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Processed Red Meat Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018 – 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.98% |
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Market growth 2024-2028 |
USD 131.2 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
4.65 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 30% |
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Key countries |
US, China, UK, Japan, and Germany |
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Key companies profiled |
American Foods Group LLC, Aurora Packing Co., BRF SA, Cargill Inc., Cremonini SpA, Dawn Farm Foods Ltd., Dawn Meats, Foyle Food Group Ltd., Hormel Foods Corp., Itoham Yonekyu Holdings Inc., JBS SA, KOCH FOODS INC., MS Global Food CO. WLL, National Beef Packing Co. LLC, NH Foods Ltd., PJSC Cherkizovo Group, Sunbulah Group, Sysco Corp., Tyson Foods Inc., and WH Group Ltd. |
Market Driver
The processed red meat industry witnesses intense competition among vendors, necessitating innovative packaging solutions to attract consumers and extend product shelf life. Innovative packaging not only appeals to consumers but also enhances product durability, retains freshness, and prevents discoloration. Current popular technologies include air-permeable packages, modified atmosphere packaging (MAP), vacuum packaging, and vacuum skin packaging. Companies like Tyson Foods Inc. And Hormel Foods employ vacuum packing and HPP for their meat products, significantly increasing their shelf life. Additionally, magnetic freezing and smart labels are emerging packaging technologies. The availability of such advanced packaging solutions may stimulate more vendors to offer innovative packaging, broadening the consumer base and propelling market growth during the forecast period.
The processed red meat market is experiencing significant trends due to shifting consumer preferences. Health concerns are driving demand for healthier alternatives, leading to increased popularity of poultry over beef, mutton, and pork. Environmental concerns are also influencing choices, with consumers opting for fresh-processed meat, raw fermented meat, and raw-cooked meat over pre-cooked, cured, dried, chilled, frozen, or canned options. Work-life balance and meal preparation ease are key factors in the rise of ready-to-eat meat products, including sausages, ham, and various ready-to-eat food products. Retail formats and online platforms are capitalizing on these trends, with HoReCa, retail sales, and grocery stores seeing growth in packaged food products, beverages, and seasonings like salting, curing, smoking, herbs, marinades, and spices. Millennials are also shaping the market with their preference for flavored meat products and umami taste. The food service industry is adapting to these trends, offering more plant-based and health-conscious options alongside traditional processed red meat dishes. Overall, the processed red meat market is evolving to cater to changing consumer demands and preferences.
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Market Challenges
The processed red meat market faces challenges due to health concerns and environmental impact. The World Health Organization’s International Agency for Research on Cancer classifies red and processed meat as carcinogenic to humans. This awareness is leading consumers to opt for healthier alternatives, such as white meat and plant-based products. Additionally, the US Department of Agriculture reports a 30% decrease in per capita beef consumption since 1970 due to its higher carbon footprint. These trends may negatively impact the adoption of processed red meat products, potentially hindering market growth.
The processed red meat market faces several challenges in various sectors. In the commercial and residential sectors, dine-in facilities and convenience stores seek meat products with longer shelf life and affordable prices. Independent retailers require competitive pricing and diverse offerings, including organic meat and healthier options. In the livestock industry, concerns over drugs, additives, and animal feed quality persist. Chemical pesticides, fertilizers, and genetically modified organisms also raise concerns for health-conscious consumers. Bacon and beef jerky remain popular choices, but consumers increasingly demand reduced fat, sodium, and additives. E-commerce, internet technology, and smartphones have transformed the industry, with e-commerce platforms and food delivery services driving growth. Protein-rich diets continue to fuel demand for meat products, but food processing methods, such as high-pressure processing and freezing techniques, must meet evolving consumer expectations for healthier and premium options. Industry applications span the retail and institutional sectors, requiring flexibility and innovation to meet diverse dietary habits and industry needs.
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Segment Overview
This processed red meat market report extensively covers market segmentation by
Product
1.1 Processed pork
1.2 Processed beef
1.3 Processed lamb
1.4 Others
Geography
2.1 APAC
2.2 North America
2.3 Europe
2.4 South America
2.5 Middle East and Africa
1.1 Processed pork- The processed red meat market, primarily driven by processed pork, is experiencing growth due to an increasing number of mergers and acquisitions (M&A) and product launches. This trend is expected to continue during the forecast period. The segment includes sausages, ham, bacon, salami, smoked, dried, and canned pork. The global pork meat production, exports, and consumption are on the rise, particularly in China, Japan, Mexico, and South Korea, which are major importers of pork. These factors will boost the market’s growth by strengthening supply chains and increasing production of high-quality packaged meats. The rising demand for pork meat globally, driven by imports, will further fuel market expansion.
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Research Analysis
The processed red meat market is witnessing significant growth due to the increasing popularity of protein-rich diets and the wide range of meat products available in the market. Food processing techniques such as high-pressure processing and freezing have extended the shelf life of these products, making them a convenient option for consumers. The industry caters to various applications, including retail sector, packaged food products, beverages, and even fast-food chains. Meat products like salami, pepperoni, hot dogs, sausages, and various types of sausages are popular choices in the market. Dietary habits, especially among millennials, have led to the demand for flavored meat products infused with herbs and spices. Beef, pork, chicken, lamb, and other types of red meat are widely used in the production of processed meat. Processing techniques like salting, curing, and smoking add to the taste and texture of these products. Ready-to-eat food products have gained popularity due to their convenience, and the market is witnessing innovation in this segment with the introduction of new flavors and textures. Affordable meal packages have also contributed to the growth of the processed red meat market.
Market Research Overview
The processed red meat market encompasses a wide range of protein-rich meat products derived from various sources like beef, pork, mutton, and poultry. These meat items undergo various food processing techniques such as high-pressure processing, freezing, and salting to enhance their shelf life and preserve their taste. Meat products include sausages, ham, bacon, and ready-to-eat meat items. The industry caters to diverse applications in the retail and institutional sectors, with growing demand for healthier and premium options. Consumers are increasingly conscious of health and environmental concerns, leading to the popularity of reduced fat, reduced sodium, and reduced additive meat products. Flavored meat options with herbs, marinades, and seasonings add to the market’s appeal. The food service industry, including HoReCa, also contributes significantly to the market growth. Millennials’ preferences for convenient and flavored meat products further fuel the market’s expansion. Processed meats like bacon, hot dogs, and sausages are integral to Westernized culture and Mediterranean cuisines. Health concerns, such as colorectal cancer risks associated with red meat and processed meats, have led to the emergence of organic meat products and synthetic curing agents like celery powder and cherry powder. The market is also influenced by trends like umami taste, glazing, and braising. Online platforms and retail formats, including grocery stores and specialty retailers, contribute to the market’s growth, making processed meat products accessible to a broader consumer base. Packaged food products, beverages, and canned meat are other areas where processed meat finds applications.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Product
Processed Pork
Processed Beef
Processed Lamb
Others
Geography
APAC
North America
Europe
South America
Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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SOURCE Technavio