This article is written and sponsored by Transparency Market Research.
An increase in the adoption of ready-to-eat food products due to modern consumers’ busy lifestyles has created significant business opportunities for companies operating in the global processed meat market. Hence, the market is estimated to expand at a CAGR of 8.4% during the forecast period 2016 to 2024, states a study by TMR. Moreover, it is expected to gain a valuation of US$1.5 Bn by 2024.
Currently, a broad range of processed meat products is available – namely items featuring the likes of ham, bacon, salami, sausage, jerky, lunch meat, hot dogs, or canned meat.
A rise in industrialization globally has had a positive impact on the expansion of the global processed meat category. Plus, the significant number of people shifting to urban areas, combined with the improving disposable income of the populace from many emerging economies are generating lucrative opportunities for manufacturers of processed foods.
Processed meat, of course, refers to any meat in which changes have been made to achieve improved taste and/or extended shelf life of meat products. Curing, salting, smoking, and fermentation are some of the common techniques used by companies to process meat.
Transparency Market Research (TMR) recently studied major facets impacting the growth of the processed meat market on global and regional levels. The analysis was meant to enlighten readers on key market aspects such as challenges, expansion opportunities, and R&D projects.
Demand for Frozen Processed Meat and Shelf-Stable Meat Expected to Increase
Currently, processed meat is available in two main forms: chilled and frozen products. There has especially been a noteworthy increase recently in the sales of frozen processed meat worldwide. That growth can be attributed to several facets, including the increasing popularity of packaged and convenient food products among various age groups.
Shelf-stable meat is growing in popularity due to benefits like cost-effectiveness. The product is especially gaining popularity as a convenience food, since it doesn’t require any preparation. Manufacturers of processed meat throughout the world are seeing consistent demand for shelf-stable products.
Key Strategies for Advertising Products to New Customers
The list of prominent players in the processed meat market is lengthy, including the likes of Cargill Inc., Tyson Foods, Al Islami Foods, National Food Co. (Americana Meat), and Gulf Food Industries.
Companies in the global processed meat space are consistently investing in brand promotions of late. Additionally, companies are aggressively looking for acquisition of major market share via mergers, acquisitions, partnerships, and collaborations. They are also keen to expand their reach in newer regions.
Innovating products in order to attract a larger pool of customers has been one of the prime strategies of many players in the global processed meat category. To accomplish this goal, companies are consistently investing in R&D projects.
Retail Packaging is Being Adopted over Bulk Packaging
Products from the global processed meat market are available in two main packaging forms: namely, bulk packaging and retail packaging. Of them, there has been notable increase in the adoption of retail packaging, due in large part to its cost-effectiveness and capability to improve the shelf life of processed meat products.
Players in the global processed meat market are seeing business opportunities in many key regions, including North America, Asia Pacific, Latin America, the Middle East and Africa, and Europe. Many companies are seeking to expand their businesses across several emerging economies.
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