New York, USA, June 23, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the Southeast Asia meat product market is projected to register a revenue of $1,17,259.2 million at a CAGR of 5.1%, rising from $82,182.5 million in 2019, during the forecast period, 2019-2026. The comprehensive research gives a concise analysis of the current market landscape, including major features such as restraints, potential opportunities, and growth factors challenges during the analysis period. The report also includes all market statistics, making it easier and more useful for readers to grasp the market.
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COVID-19 Impact on the Market:
Almost every business in the Southeast Asia region was affected by the COVID-19 pandemic. Product manufacture, production, transportation, supply chain, and other operations are the most affected processes in every industry. Furthermore, the pandemic has had a significant influence on the Southeast Asia meat product market. Governments in Southeast Asian countries, on the other hand, are assisting food businesses to help them recover. For example, Thailand’s Ministry of Commerce said on April 6, 2020 that it had established seven joint rooms for relevant collaboration between industries and the government in order to assure a sufficient supply of needs such as meat.
Thailand is also planning to increase chicken meat exports by 10% this year to increase local meat production self-sufficiency, according to the National Report of Thailand issued in May 2020. In the midst of the COVID-19 pandemic, these activities could provide enormous growth opportunity for the Southeast Asian meat product market.
Dynamics of the Market
The meat market is experiencing tremendous growth, thanks to developing technology that has influenced the region's high level of living and urbanization. As these goods are available at reasonable rates, demand for frozen, ready-to-eat, and processed meat products is increasing. Leading meat producers, such as Charoen Pokphand Foods PCL and Angliss Singapore Pte Ltd, have also integrated their products with smart packaging and instant foods to sustain and meet all of their consumers' needs. These factors are predicted to boost the growth of the Southeast Asia meat product market in the analysis period.
On the contrary, the significant increase in the number of vegans in Southeast Asian countries, particularly Malaysia, Singapore, and Thailand, is expected to hamper the growth of the Southeast Asia meat product market. Furthermore, post-pandemic aversion to particular animal meat due to fear of contracting other contagious diseases is another factor affecting the meat industry, this is anticipated to hamper the growth of the market.
Segments of the Market
The report has segmented the market into different segments based on meat type, packaging, processed meat type, and regional analysis.
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Meat Type: Beef Sub-Segment is Predictable to be the Most Profitable
Beef sub-segment is predicted to be the most profitable over the analysis period and garner a revenue of $33,382.5 million by 2026. Beef products are commonly referred to as traditional cuisine in Southeast Asian countries. The increasing popularity of new beef products like canned corned beef and chilled beef, as well as increased knowledge of beef as a vital source of protein and rising disposable income, are all the factors that are estimated to boost the growth of the market.
Packaging: Chilled Sub-Segment is Expected to be the Most Lucrative
The chilled sub-segment is expected to be the most lucrative over the analysis period and garner a revenue of $57,360.5 million by 2026. This growth can be majorly attributed to the steady demand for ready-to-eat and chilled foods, which have a longer shelf life. Furthermore, increased health concerns, combined with a large demand for a variety nutrition diet, are projected to drive the growth of the market.
Processed Meat Type: Hamburgers Sub-Segment is Expected to Experience Accelerating Growth
The hamburgers sub-segment is expected to experience accelerating growth over the analysis period and garner a revenue of $37,660.3 million by 2026. Hamburgers are a kind of processed meat that have become increasingly popular in recent years. Furthermore, efficiency in production, a fast-paced lifestyle, and the creation of various franchises are some of the major factors that are predicted to boost the growth of the market in the upcoming years.
Thailand is Expected to Experience Fastest Growth
Thailand is expected to experience fastest growth in the upcoming years and garner a revenue of $10,693.1 million in the analysis period. Key factors such as hefty investments by market players in the creation of innovative meat products are predicted to drive the growth of the Vietnamese meat market. Furthermore, the country’s rapidly growing population, shifting cultural preferences, and new trade agreements are other factors that are predicted to boost the growth of the Vietnam meat product market, across the SEA region.
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Key Market Players and Strategies
The most prominent market players of the Southeast Asia meat product market include
- Chop Hup Chong Food Industries Pte Ltd.
- Charoen Pokphand Foods PCL.
- F & G Food Pte Ltd
- Angliss Singapore Pte Ltd.
- Centaco
- Bangi Argo Malaysia.
- Saha Farms Co. Ltd
- BETAGRO PUBLIC COMPANY LIMITED
- Thai-German Meat Product Company Limited
- GFPT Public Company Limited
These players are working on developing strategies such as merger and acquisition, partnerships, collaborations, product development to sustain the market growth. For instance, in July 2020, Ayam Dindings, Malaysia-based company, launched a series of new look with better in taste frozen chicken that are further processed with products ranging from fried chicken, nuggets, burger, frankfurters, meatloaf, and marinated ready-to-cook chicken chops.
The report also summarizes several key aspects including product portfolio, SWOT analysis, latest strategic developments and financial position of the market players.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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