Global Processed Meat Market Report and Forecast 2024-2032

Global Processed Meat Market Outlook

The global processed meat market attained a value of more than USD 352.35 billion in 2023. The industry is further expected to grow at a CAGR of about 4.9% in the forecast period of 2024-2032 to reach a value of over USD 543.02 billion by 2032.

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North America is Expected to Hold a Significant Share in the Global Market for Processed Meat

North America holds a considerable position in the global market for processed meat. This can be attributed to  the surge in meat-based breakfast choices such as sausages and salami.  In addition, with  initiatives undertaken by governing agencies to help the producers and processors of red meat, primarily bacon, to innovate with their products is positively influencing the growth of the market. Further, rising urbanisation and disposable income are expected to fuel the growth of processed meat in the region in the coming years. Additionally, the market is also expanding owing to the rising imports in the region for processed meat, rising demand for low-calorie meat, and rise of research and development in the production of processed poultry and meat industry.

Processed Meat Market Segmentation

Meat products that have been changed and enhanced with many additives are referred to as processed meat. Salt, sugar, oil, minerals, acidifiers, flavouring agents, preservative combinations, and other spices are some of the most often used additions. Meat is treated to improve its taste and quality, as well as to extend its shelf life and increase its overall flavour. Cooking, smoking, and fermenting the meat can also help to reduce the likelihood of undesired microbe growth on the meat product at a later date.

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By meat type, the market can be divided into:

• Poultry
• Beef
• Pork
• Others

On the basis of product type, the market can be segmented into:

• Frozen
• Chilled
• Canned

Based on application, the market can be classified into:

• Commercial
• Residential

The market, based on distribution channels, can be divided into:

• HoReCa
• Supermarkets/Hypermarkets
• Convenience Stores
• Independent Retailers
• Others

The EMR report looks into the regional markets for processed meat like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Increase in Consumption of Ready-to-Eat Food is Boosting the Market Growth of Processed Meat

Owing to dual-income households and busy lifestyles, the rising consumer demand for ready-to-cook and ready-to-eat meals is driving the market growth of processed meat. The demand is growing on account of convenience and time-saving properties of ready-to-eat food. This is a significant factor propelling the market growth of processed meat in the global market. In addition, The rapid proliferation of fast-food restaurants like KFC, McDonald's, Subway, Burger King, and Taco Bell has had a substantial impact on processed meat consumption. Also, the discounts and low-cost meal packages given by these fast-food restaurants is a significant factor contributing to the market growth.

The market is further being led by factors such as technological innovations pertaining to improved shelf lives of frozen meat products and a rise in demand from the household and commercial sectors. Over the forecast period, rising disposable income combined with a rise in the number of working-class professionals are factors anticipated to drive growth in processed meat. In addition, the rise in consumer consciousness and adoption concerning the suitability of meat products are generating robust potential opportunities for the market growth of the processed meat in the coming years.

Key Industry Players in the Global Processed Meat Market

The report gives a detailed analysis of the following key players in the global processed meat market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• American Foods Group LLC
• Cargill, Inc
• Hormel Foods Corporation
• JBS USA Food Company Holdings
• Koch Foods
• OSI Industries, LLC
• Perdue Farms, Inc
• Smithfield Foods, Inc.
• Tyson Foods, Inc.
• Swiss Meat and Sausage Co.
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report