The global processed meat market is projected to grow at the CAGR of 6.8% during the forecast period of 2020 to 2025.
- Consumers are increasingly demanding ready-to-eat and ready-to-cook meat products with better taste and quality. The increase in consumer awareness and acceptance, regarding the convenience of meat products, is an important factor driving the growth of the market studied.
- The increasing awareness about the risks associated with the use of nitrate for curing purpose in processed meat has enabled manufacturers to replace nitrate with other curing agents, like celery powder, to achieve the same effect. Such factors are registering a significant demand for nitrite-free processed meat products such as bacon products in the European countries which includes the United Kingdom, France, Spain, Germany, Russia, Switzerland, Italy, France, and others, providing great platform for the players to meet the growing demand by launching guilt-free bacon (nitrite-free bacon) through various retail channels.
Key Market Trends
Increasing Per Capita Consumption of Red Meat
Pork is one of the most commonly consumed red meat that is often consumed unprocessed. However, cured or preserved pork products are also widely consumed. These include smoked pork, ham, bacon, and sausages. Additionally, it is the third most highly meat in the United States. In 2018, the per capita consumption of pork in the United States was 23.049 kg/capita. However, China held the leading position, with 30.438 kg/capita in the same year. However, middle-income countries, particularly China and other East Asian countries, are still on the rise, in terms of meat consumption rates, while the high-income countries, such as the United States, Australia, and the United Kingdom, consume high amounts of meat. Such factors offer a projected increase in global meat consumption, including a doubling in the consumption of poultry, a 69% increase in beef, and a 42% increase in pork. The growing per capita consumption of processed meat products red meat across various countries, is driving the demand for the market significantly.
North America Holds Significant Market Share
Consumers in North America, especially in the United States and Canada, have started opting for meat-based breakfast options, including bacon, over other breakfast options, such as pancakes, due to the changing palates and willingness to try new products. A significant percentage of the population in the United States consume bacon during breakfast time, paving the way for more foodservice outlets to introduce bacon-based breakfasts. As the meat sector is a great source of pride and prosperity to many Canadians, the government is taking initiatives to help the producers and processors of red meat mainly bacon to become more innovative and competitive in domestic and world markets. For instance, in 2016, the Governments of Canada and Manitoba invested USD 5.9 million in Maple Leaf Food’s Winnipeg-based facility to expand the bacon production by eight million kilograms every year. The strategic investment is for the purchase of new processing and packaging equipment for bacon production.
The global processed meat market is fragmented and comprises of regional and international competitors. The market is dominated by players, like Hormel Foods Corporation, Tyson Foods, Inc., WH Group Limited, etc. Additionally, the companies are investing in expanding their presence to reach the broader range of market supported by an increase in the demand for bacon across the country.
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