LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global processed meat market is projected to grow to USD 1,059.5 billion by 2021, at a CAGR of more than 7% over the forecast period.
This research report titled ‘Global Processed Meat Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
|Processed meat is considered to be any meat, which has been modified to either improve its taste or extend its shelf life. Cargill and Tyson Foods are the leading processed meat vendors in the global market, operating in geographically diverse locations to meet the growing global demand for meat and its products.|
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Based on meat type, the report categorizes the global processed meat market into the following segments:
- Red meat
The top three revenue-generating meat segments in the global processed meat market are discussed below:
“The poultry segment of the market includes processed chicken, turkey, and duck meats. The market segment is forecast to grow steadily through 2021, driven by the low cost of poultry production, growing restaurant industry, and rise in disposable income,” says Manjunath Reddy, a lead analyst at Technavio for food research.
Emerging countries such as China, Brazil, and India, are key to the growth of the market segment, with the constant increase in the consumption of processed chicken. Also, since poultry comes under the white meat category, which is considered very healthy, more people consume these products.
Red meat includes processed meats such as beef, lamb, pork, and veal. The rising demand for pork and growing awareness of protein-based foods will lead to the steady growth of the market segment. The impressive rise in the consumption of beef will likely have the most significant impact on the growth of the red meat market segment. Beef is extremely high in protein, and vendors are addressing the safety issues, which is associated with its consumption, leading to its increased adoption in countries such as China, Brazil, and Argentina.
“The seafood segment of the global processed meat market generates close to 26% of the overall revenue. It is the healthiest source of protein in the meat category, leading to its increased adoption,” says Manjunath.
Since fresh seafood is difficult to store and cook, processed seafood has gained popularity. Leading seafood processors are currently focused on the expansion of their businesses and products across various regions. They are increasing the production capacities and widen the overall product portfolio to meet the rising consumer demand for processed seafood products.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Hormel Foods
- NH Foods
- Smithfield Foods
- Tyson Foods
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- Processed Meat Market in the US 2016-2020
- Meat Poultry and Seafood Packaging Market in the US 2016-2020
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