From 2023 to 2033, global processed meat consumption is expected to rise at a 4.5 per cent CAGR, according to a new report by market research and competitive intelligence provider Fact.MR.
The global processed meat market is currently valued at US$ 335 billion and is expected to reach a revenue valuation of US$ 519.8 billion by 2033.
Eating habits and lifestyles have changed dramatically in the last few decades, resulting in high demand for processed foods around the world. Globalisation and the growing popularity of various cuisines have resulted in increased consumption of various types of meat.
Changing consumer preferences, high availability of processed foods, hectic lifestyles, a growing working women population, rising per capita disposable income, advancements in freezing technology, and an increase in demand for fresh meat from a health-conscious population are key factors expected to drive processed meat demand through 2033.
Fact.MR has profiled a detailed and comprehensive analysis of all the key prospects influencing market development on a regional and global level in this revised processed meat market research survey.
“Lab-grown Meat Firms Redefining the Meat Industry”
Ethical concerns about meat consumption have resulted in the development of lab-grown meats, a trend that has the potential to completely alter the landscape of the processed meat industry in the future.
Aspiring processed meat companies are concentrating their efforts on developing new technologies and techniques for producing meat in the most efficient manner possible.
Upside Foods, a food technology startup, recently received approval from the United States Food and Drug Administration (FDA) to sell lab-grown meat to the general public.
This is the first time a company has been approved by the FDA to sell lab-grown meat with a Generally Recognised as Safe (GRAS) label.
Competitive Landscape
Processed meat suppliers are focusing on diversifying their product portfolio by launching new aged meat cuts, dry-aged beef, sausages, and cured meats.
‘In March 2022, Makro introduced its dry-aged Australian beef offering at Makro Food Service Sukhumvit 22 Branch, Thailand. The new product was launched especially to cater to beef aficionados.
In December 2022, Carrefour, a retail organisation headquartered in France partnered with a young Emirati chef Aysha Al Obeidli, to create a unique premium butchery experience with innovative recipes using the finest of ingredients. The new range of meat comprises dry-aged wagyu, Black Angus, Angus, and Japanese Angus.
In December 2022, Black Angus Steakhouse, a restaurant chain in the U.S. since 1964 announced the launch of its new direct-to-consumer premium meats program through its online portal. Consumers will now be able to order high-quality steaks and cook them on their own at home.
To read the full Processed Meat Market by Fact.MR, visit here.