LONDON, March 01, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the processed meat market, plant-based meat is a key trend gaining popularity in the processed meat market. Plant-based meats are foods made from plants that are meant to be a substitute for animal-based meats, such as sausages, steaks, burgers, fillets, bacon, nuggets, and a plethora of other variations of popular cuisines.
For instance, in December 2021, ITC Limited, an India-based conglomerate company, launched plant-based meat products in recognition of India's growing demand for meat alternatives and vegan meals. To begin, ITC will introduce plant-based burger patties and nuggets that taste like chicken, which are the two most popular non-vegetarian frozen food groups.
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The processed meat global market size is expected to grow from $614.08 billion in 2021 to $691.01 billion in 2022 at a compound annual growth rate (CAGR) of 12.5%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. As per TBRC’s processed meat market growth analysis, the market is expected to reach $976.42 billion in 2026 at a CAGR of 9.0%.
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 Standard Process Inc., a US-based food supplements company report published in 2020, processed foods account for about 70% of the American diet. Additionally, 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.
Major players in the processed meat market are Cargill, Tyson Foods, National Foods, Hormel Foods Corporation, Smithfield Foods Inc, Pilgrim's Pride Corporation, Conagra Foodservice Inc., BRF SA, Foster Farms, JBS S.A., Koch Foods, Marfrig, National Beef Packing Company LLC, Sanderson Farms, Marel hf, Perdue Farms, Sadia S.A., and Danish Crown.
The global processed meat market research is segmented by product into chilled, frozen, canned or preserved; by processing into fresh processed meat, raw cooked meat, precooked meat, raw fermented sausages, cured meat, dried meat, others; by meat type into poultry, beef, mutton, pork, others; by nature into organic, conventional; by distribution channel into supermarket or hypermarket, grocery stores, specialty retailers, online stores, others.
North America is the largest region in the market as per TBRC’s processed meat market forecast report. Europe is the second-largest region in the processed meat market. The regions covered in the processed meat market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Processed Meat Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide processed meat market overviews, processed meat market analyze and forecast market size and growth for the whole market, processed meat market segments and geographies, processed meat market trends, processed meat market drivers, processed meat market restraints, processed meat market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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