The global processed meat market is projected to rise at a moderate 4% CAGR between 2020 and 2030. Health risks to production plant workers during the coronavirus crisis is a major factor hindering operations in the processed meat industry. The market is also facing short term challenges in terms of supply chain disruptions, owing to issues in the livestock industry.
Processed Meat Market- Key Takeaways
Cured variants of processed meats remain highly popular, owing to higher shelf lives.
- Processed poultry products are widely sought after owing to low cost and extensive production facilities.
- Chilled meat applications are rapidly gaining ground aided by strong demand for quick meal options.
- North America is a leading market for processed meats, owing to widespread popularity of meat-based diets in the region.
Processed Meat Market- Driving Factors
- Strong demand for ready-to-cook and ready to eat foods supports the production of processed meat options.
- Varied flavoring options available in processed meat products increase adoption rates.
- Transition towards organic, and free from antibiotics and chemical options helps build consumer demand.
Processed Meat Market- Major Restraints
- Health risks such as cancer and metabolism disorders hold back the sales of processed meat products.
- Regulatory limitations on the sales of processed meat products hinders market growth.
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COVID-19 Impact on Processed Meats Market
The coronavirus outbreak is projected to temporarily affect the operations of the processed meat market.
Supply chain disruptions, arising from the livestock industry, in addition to contagion scares among meat processing plant workers are holding back the processed meat industry.
On the other hand, recovery of the industry is likely to be steady towards early 2021 as demand for meat products remains strong on a global scale.
The processed meat market players are pushing for strategic mergers and acquisitions in addition to product launches to strengthen market presence.
For instance, Industrias Bachoco SAB has acquired a majority stake in pork processor Sonora Agropecuaria S.A. de C.V. Cargill Inc., Hormel Food Corp., JBS S.A., Tyson Foods Inc., WH Group Ltd., and Sysco Corp are some major processed meat manufacturers in the global market.