Chicago, Dec. 22, 2023 (GLOBE NEWSWIRE) -- The Global Meat Products Market refers to the economic sector that involves the production, processing, distribution, and sale of various meat-based products. This market encompasses a wide range of items derived from animals, such as beef, pork, poultry, lamb, and other sources. Meat products can include fresh or frozen cuts of meat, processed meats like sausages and bacon, and value-added products such as ready-to-eat meals or convenience foods.
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Meat Products Market Report Scope:
| Report Metric | Details |
| Market Valuation in 2023 | US $44.3 billion |
| Revenue Forecast in 2028 | US $68.9 billion |
| Progress Rate | CAGR of 9.2% |
| Forecast Period | 2023-2028 |
| Market Drivers |
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| Market Opportunities |
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The Rising Tide of Food Service
The food service segment within the meat products market is gearing up for remarkable growth, set to achieve the highest Compound Annual Growth Rate (CAGR) in the upcoming forecast period. Restaurants, takeaways, and caterers play a crucial role in catering to diverse culinary preferences, offering a broad spectrum of meat-based dishes that appeal to different tastes and cultural backgrounds.
Culinary innovation, convenience, social experiences, and changing consumer preferences are driving the increasing demand for meat in restaurants. The industry's adaptability to evolving trends sustains the growing popularity of meat-based offerings. The convenience of dining out emerges as a significant factor, as consumers opt for professionally prepared meat dishes without the hassle of cooking at home.
Frozen Revolution: Steering Market Momentum
The frozen segment emerged as a pivotal force, reshaping the dynamics of the meat products market. The surge in popularity of frozen meat reflects shifting consumer preferences and the need for convenient, time-efficient meal solutions. Flash-freezing methods not only ensure convenience but also extend the shelf life of products while preserving nutritional content.
The demand for a broader range of meats aligns with the globalized nature of cuisine and the desire for diverse culinary experiences, easily met by frozen options. Advanced freezing technologies, including Individual Quick Freezing (IQF) and cryogenic freezing, contribute significantly to enhancing the overall quality of frozen meat products. This trend is driving market expansion, fostering heightened competition, and facilitating greater global market penetration.
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US: A Dominant Force in North America
The United States is poised to maintain its dominant position within the North American meat products market throughout the forecast period. In 2022, the US exhibited higher per capita consumption and expenditure on meat compared to global and regional levels. Chilled raw packaged meat-processed led the categories, followed by various other forms of fresh and frozen meats.
Prominent Players Shaping the Industry
Industry leaders such as Cargill, Hormel Foods Corporation, Verde Farms, and Lopez Foods, Inc., wield substantial influence in the meat products market. These entities boast robust manufacturing facilities and well-established distribution networks across North America, Europe, South America, and Asia Pacific, ensuring widespread accessibility of their products.
Conclusion
As we reflect on the past year's journey through the meat products market, it's evident that the industry is evolving with the changing needs and preferences of consumers. The growth of the food service and frozen segments, coupled with the sustained dominance of the US, paints a promising picture for the future of the meat market. With innovative technologies and strategic initiatives from industry players, we can anticipate a dynamic and competitive landscape ahead.
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