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Southeast Asia Meat Product Market to Grow Exponentially During the Forecast Period Owing to New Product Launches

Analyst Review:

The Southeast Asia (SEA) meat production business majorly deals with an extensive range of processed meat products such as pork, chicken, mutton, beef, and other animal derivatives. Processed meat is referred as the meat which is enriched with various preservatives/additives such as salts, minerals, acidifiers, and other flavoring & seasoning agents. The increasing incomes, rapidly increasing population, and rising urbanization in the SEA region is contributing to the growth in livestock production and meat consumption in the SEA countries.

Impact of COVID-19 on the Global Industry

The Southeast Asia meat product market is projected to witness a downfall in the growth rate in 2020 due to the COVID-19 pandemic owing the slowing down of industrial and transport activities all around the world. However, the governments of various countries in the SEA region are taking initiatives to support food industries for overcoming losses during the pandemic.

For instance, the Thailand Ministry of Commerce announced to set up 7 joint rooms for appropriate working between industries & government in April 2020 to ensure a sufficient supply of necessities that includes meat. Besides, in May 2020, as per a published National Report of Thailand, the country is planning to increase their chicken meat exports by about 10% in 2020 in order to raise the level of self-sufficiency, especially in local meat production.

Key Developments of in the SEA Market

The major industry players of the SEA meat product market are implementing numerous growth strategies such as product launches, mergers & acquisitions, and geographical expansion to obtain a strong position in the overall market, which is consequently anticipated to support the growth of the SEA meat market.

For instance, in July 2020, Malaysia-based company, Ayam Dindings announced to launch a series of new look with better in taste frozen chicken further processed with products ranging from nuggets, frankfurters, meatloaf, burger, meatballs, fried chicken, and marinated ready-to-cook chicken chops. These products contain no added monosodium glutamate (MSG) and no trans-fat.

Forecast Analysis of Southeast Asia Meat Product Market

Southeast Asia meat product market is anticipated to experience a notable growth over the period of forecast due to rising urbanization and the emerging technology which has influenced the high standard of living in the SEA region. The continuous innovations & developments in the meat product industry is predicted to play a crucial role in creating lucrative opportunities for the growth of the SEA market. However, the rising population of vegetarians & vegans in the region are major factors expected to hamper the market growth in the upcoming years.

The surging popularity of ready-to-eat, processed, and frozen meat products in the SEA region is a significant factor estimated to bolster the growth of the SEA meat product market by 2026. Research Dive in its latest published report anticipates that the Southeast Asia meat product market will rise at a CAGR of 5.1% over the forecast period. Thailand is predicted to hold the majority of share in the SEA market throughout the forecast period due to the enhancement in farm productivity and strict food safety & animal disease control in the country. The prominent players of the SEA industry include Saha Farms Co. Ltd., Angliss Singapore Pte Ltd., F & G Food Pte Ltd, Charoen Pokphand Foods PCL, Centaco, Bangi Argo Malaysia, Thai-German Meat Product Co. Ltd., GFPT Public Company Limited, Chop Hup Chong Food Industries Pte Ltd., and BETAGRO PUBLIC COMPANY LIMITED.

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