New York, USA, Feb. 28, 2023 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the Japan meat products market is anticipated to generate a revenue of $25.3 billion and grow at a CAGR of 3.1% over the forecast timeframe from 2022 to 2031.
As per our analysts, with the rising production of livestock across the country owing to the expansion and intensification of livestock species, the Japan meat products market is expected to see significant growth during the analysis period. Besides, the increased household consumption of meat products during the Covid-19 pandemic among individuals in the country is expected to foster the growth of the market over the forecast period. Moreover, the new product launch by the leading companies of the country to cater to the growing demand for meat products across the nation is expected to create wide growth opportunities during the estimated timeframe. However, the availability of meat substitutes may hinder the growth of the market throughout the forecast period.
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Segments of the Japan Meat Products Market
The report has divided the market into segments based on processed meat type, meat type, and packaging.
By Processed Meat Type: Sausage Sub-Segment to be Most Productive
The sausage sub-segment is expected to have extensive growth opportunities during the forecast timeframe. The increasing use of sausage as extenders or fillers in the preparation of various food items is expected to upsurge the growth of the market sub-segment during the analysis timeframe.
By Meat Type: Pork Sub-Segment to be Most Profitable
The pork sub-segment is predicted to hold the largest share of the market over the estimated period. This is mainly due to the enhanced taste, succulence, and tenderness of pork produced by Japanese pork producers. Moreover, the increasing demand for pork among the people as it is rich in protein and vitamin B1 is predicted to foster the growth of the market sub-segment during the analysis timeframe.
By Packaging: Frozen Sub-Segment to be Most Lucrative
The frozen sub-segment is predicted to hold the maximum share of the market throughout the forecast period. This is mainly due to the increasing demand for organic frozen food among consumers of the nation. In addition, the rising health concerns and growing knowledge among people regarding the advantages of organic meat products are expected to propel the growth of the market sub-segment over the estimated period.
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Covid-19 Impact on the Japan Meat Products Market
The outbreak of the Covid-19 pandemic has negatively impacted the Japan meat products market. Due to the spontaneous spread of the deadly virus, major market players have stopped exploring new meat products which have further lowered the demand for meat products during the pandemic. Moreover, the complexities in the supply chain, unavailability of packaging materials, volatility in currency rates, and disruption in import-export activities have declined the manufacturing and supply of meat products. All these factors have hampered the growth of the market throughout the crisis.
Key Players of the Market
The major players of the Japan meat products market include
- STARZEN CO. LTD
- SOJITZ CORPORATION
- MARUBENI CORPORATION
- JOHNSONVILLE JAPAN LLC
- SANKYOMEAT INC.
- NICHIREI CORPORATION
- LACTO JAPAN CO. LTD.
- ITOHAM FOODS INC.
- TYSON FOODS INC.
- NH FOODS LTD
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the industry.
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For instance, in September 2022, Beyond Meat, a Los Angeles–based producer of plant-based meat substitutes announced its partnership with United Super Market Holdings (USMH), a Japan-based company primarily engaged in the operation of supermarkets. With this partnership, USMH would distribute Beyond’s plant-based meat all across Japan and create new meat products tailored to specific formats and tastes of Japanese consumers.
Further, the report also presents other important aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
More about Japan Meat Products Market:
- What are the Most Popular Meat Products in Japan? And What Are Their Health Benefits?
- Japan Meat Products Market to Perceive Massive Growth with Rising Popularity and Demand for Meat
