Processed Meat Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
Processed meat is defined as any meat that has been altered to increase its flavor or prolong its shelf life. Processed meats are cured with sodium nitrite to avoid the growth of Clostridium perfringens and stored in chilling and cold storage during the preservation process. High barrier materials such as polyvinylidene dichloride or ethylene-vinyl alcohol are used for the vacuum packing of processed meat.

Sizing and Forecast
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 in the historic period can be attributed to increased urbanization, chang in lifestyles, rise in demand for convenience food products, growing population, 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 growth in the forecast period can be attributed to rising growth in the manufacturing sector, increasing consumption of packaged foods, growing working women population, increasing demand for fresh meat from the health-conscious population, increasing demand for protein-based diets. Major trends in the forecast period include advancements in freezing technology, premium and artisanal products, customization and personalization, clean label and natural ingredients, plant-based and alternative proteins.

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Segmentation & Regional Insights
The processed meat market covered in this report is segmented –

1) By Product: Chilled, Frozen, Canned Or Preserved
2) By Processing: Fresh Processed Meat, Raw Cooked Meat, Precooked Meat, Raw Fermented Sausages, Cured Meat, Dried Meat, Other Processings
3) By Meat Type: Poultry, Beef, Mutton, Pork, Other Meat Types
4) By Nature: Organic, Conventional
5) By Distribution Channel: Supermarket Or Hypermarket, Grocery Stores, Specialty Retailers, Online Stores, Other Distribution Channels

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 report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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Major Driver Impacting Market Growth
The increasing consumption of various processed food products is expected to propel the growth of the processed meat market going forward. Food that has been frozen, canned, cooked, packaged, or modified in nutritional composition through fortification, preservation, or preparation in various ways is considered processed food. Processed meat provides several advantages, including a better taste, a lower risk of meat-borne infections, a longer shelf life, and a high degree of portability. For instance, according to the agricultural and processed food products export development authority, During the fiscal year 2020-21, India exported 774.11 Megatonne (MT) of processed meat to the world, valued at 1.62 million dollars. Therefore, the increasing consumption of various processed food products drives the growth of the processed meat market.

Key Industry Players
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

The processed meat market report table of contents includes:

1. Executive Summary

2. Processed Meat Market Characteristics

3. Processed Meat Market Trends And Strategies

4. Processed Meat Market – Macro Economic Scenario

5. Global Processed Meat Market Size and Growth

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31. Global Processed Meat Market Competitive Benchmarking

32. Global Processed Meat Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Processed Meat Market

34. Processed Meat Market Future Outlook and Potential Analysis

35. Appendix