Processed Meat Industry Expected to Expand at 6.5% CAGR, Reaching...

Processed Meat Industry Expected to Expand at 6.5% CAGR, Reaching USD 634.5 Billion by 2033

Posted 2024-08-14 08:38:32

The processed meat market is expected to grow at a robust 6.5% CAGR from 2023 to 2033, surpassing the 6.1% CAGR seen from 2018 to 2022. This growth will boost the market value from USD 349.5 billion in 2023 to USD 634.5 billion by 2033.

The rising demand for processed meat is driven by various preservation methods and urban consumers' desire for convenience. The popularity of hot dogs and fast-paced lifestyles further supports this growth, aligning with current fast-food trends.

The expansion of fast-food chains in developed regions, along with affordable meal plans and promotions, has significantly increased processed meat consumption. The preference for quick meals and higher urban incomes are also contributing to the growing global demand for processed meat.

Key Takeaways

The processed meat industry in India is expected to develop at a 6.4% CAGR by 2033, driven by changing consumer preferences, urbanization, and rising disposable incomes.
The market for processed meat in the United Kingdom is projected to increase at a CAGR of 4.6% by 2033, indicating stable expansion supported by rising convenience food demand and changing dietary preferences.
China's processed meat industry is expected to expand significantly due to changing lifestyles, a growing middle class, and a need for various dietary options, with an outstanding 10.9% CAGR.
Australia's processed meat market is expected to develop at a relatively slower rate, 2.4% CAGR by 2033, due to increased health awareness, interest in plant-based alternatives, and higher regulatory standards.
Japan's processed meat market has moderate growth potential, with a CAGR of 3.5% predicted by 2033, thanks to changing consumer preferences, an aging population, and a move towards higher-end, healthier goods.

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Competitive landscape

Major multinational companies in the processed meat industry include Tyson Foods, Inc., JBS SA, Hormel Foods Corporation, and WH Group Limited (formerly Shuanghui International Holdings). These companies maintain their competitive edge through extensive distribution networks, strong brand recognition, and economies of scale. They also invest in research and development to introduce new products and improve production processes.

The market has become more competitive with the rising popularity of plant-based substitutes and vegetarian/vegan diets. To attract environmentally and health-conscious consumers, companies are expanding their product lines to include plant-based alternatives to processed meat.

Resent Developments

In March 2021, Smithfield Foods Inc. acquired a meat processing company called Mecom Group from parent company Penta Investments. Financial details of the transaction were not disclosed and are subject to approval by regulators in Hungary and Slovakia, where Mecom operates meat processing plants.
In December 2021, Organic Prairie launched organic seasoned ground beef, pre-seasoned with organic spices. Ground beef is raised without artificial pesticides, fertilizers, antibiotics, synthetic hormones, GMOs, or other synthetic contaminants and is USDA-organic certified
In March 2021, UK-based Young's Seafood launched a new line of fish fillet strips at Tesco stores. The new product line includes three different flavors - southern fried, crispy battered, and salt and vinegar
Founded in Brooklyn, New York, and specializing in supporting consumer brands at retail, RodeoCPG's research and development team was bought by JPG Resources in January 2023. JPG Resources is a food and beverage innovation and commercialization business.

Key Companies Profiled in the Processed Meat Market are