Meat products are foods created from animals that have been treated in some way, such as seasoning, roasting, smoking, or adding seasonings & sauces. Meat products are usually composed of beef, turkey, pork, lamb, and chicken. Various processed meat products include jerky, pepperoni, sausages, and hot dogs. In order to protect meat products from spoiling due to bacteria and other organisms, certain preservatives are added to the meat. Factors such as rapid urbanization, hectic lifestyle, and the adoption of packaged food owing to new lifestyle trends have increased the demand for meat products across the globe.
COVID-19 Impact on Meat Products Market
The outbreak of COVID-19 across the globe has unfavorably impacted the global meat products market growth owing to the wreaked meat supply and production. The distribution chain of processed meat industry is primarily reliant on cafes, restaurants, and hotels. During the pandemic period, fast food restaurants, such as Burger King, Subway, KFC, and McDonalds were forced to close temporarily or permanently. The travel restrictions imposed by many countries around the resulted in disruption in supply chain of meat products and the global meat products market suffered revenue losses. Besides, the COVID-19 outbreak had a significant impact on meat production and distribution & pricing, leading to a global financial disaster.
However, many market players like Charoen Pokphand Foods PCL offered incorporated goods, such as eco-friendly packaging and frozen foods during the pandemic period. In addition, people across the globe prefer frozen or ready-to-eat foods with a long shelf life. All these factors are expected to create enormous growth opportunities for the meat products market in the coming years.
Meat Products Market Trends and Developments
The companies operating in the global industry are adopting several growth strategies and business tactics such as partnerships, collaboration, business expansion, and product launches to obtain a leading position in the global industry, which is predicted to drive the global meat products market growth in the upcoming years. For instance:
In February 2021, Minerva Foods, the South American leader in the export of fresh beef and cattle byproducts, signed a non-binding memorandum of understanding with Saudi Agricultural and Livestock Investment Company (SALIC), with an aim of possible acquisition of assets in Australia and the formation of a joint venture focused on farming, breeding, processing and exporting cattle and sheep.
In May 2021, Tyson Foods, a world-leading meat brand, and Dada Group, the leading local on-demand delivery & retail platform in China, entered into a strategic partnership to lead the trend of fresh meat category in the on-demand retail field in China. Tyson Foods’ plan is to expand its e-commerce and international reach.
In August 2021, Clemens Food Group, the global pork producer, entered the plant-forward protein segment and launched a new line of pork-mushroom blends, ‘Hatfield Recipe Essentials Blended,’ a new line of pork-mushroom blends. The products combine 75% all-natural ground pork and 25% roasted button mushrooms. The blends come in two varieties: Mild Taco Seasoned Ground Pork with Mushrooms and Unseasoned Ground Pork with Mushrooms, which is seasoned with garlic, salt, onion, spices, and paprika.
Forecast Analysis of Global Market
The global meat products market is projected to witness an exponential growth over the forecast period, owing to the growing adoption of processed meat and the rising popularity of nutritious and flavored meat products, such as sausages, burgers, hot dogs, and others across the globe. Conversely, surge in veganism among people and the health concerns related to consumption of meat products are expected to hamper the market growth in the projected timeframe.
The surging demand for ready-to-eat meat products with high nutritional value and the rising demand for freezer meat from fast-food joints and restaurant for daily operations are the significant factors and meat products market trends estimated to bolster the growth of the global market in the coming future. According to a latest report published by Research Dive, the global meat products market is expected to garner $387.6 billion during the forecast period (2022-2030). Regionally, the Europe meat products market is estimated to observe lucrative growth by 2030, owing to the rising demand for simple and easy-to-eat food, increase in the number of working professionals, rising disposable income in the region.
The key players functioning in the global market include BRF S.A., Cargill, Incorporated, Clemens Food Group, Hormel Foods Corporation, Conagra Brands Inc., JBS S.A., NH Foods Ltd., Minerva Foods SA, Tyson Foods, and Sysco Corporation.