Convenience trend to generate growth in the processed red meat market
The global processed red meat market size is projected to reach $668 billion by 2023 at a CAGR of 9%, according to a new report by Technavio Research. Increasing demand for convenience food is a key factor driving the industry growth.
According to the report, the processed pork segment is expected to have an incremental growth close to 2% owing to a rising number of mergers and acquisitions and an increase in the number of product launches in the segment.
Asia-Pacific region was the major market for processed red meat and accounted for 34% of the overall market share in 2018. This was attributed to rising number of organized retail outlets in the region. Considering the fact that China has increased in the last 6 months the demand for meat, accounting now for 25% in the global meat trade, the growth can accelerate in the next couple of years.
The processed red meat market is driven by the increase in demand for convenience foods as these foods are categorized under the easy-to-cook (ETC) and ready-to-eat products (RTE). “With changing lifestyle and a rise in disposable income, the demand for these products has increased significantly. A rise in e-commerce culture and the easy availability of food products at the click of a button will further drive the demand for convenience foods. Therefore, the increased demand for convenience foods will boost the market growth of the processed red meat products during the forecast period”, according to Technavio Research team.
Furthermore, various vendors operating in this market are increasingly collaborating with technology solution providers and distributors to enter new regional markets. For instance, Tyson Foods Inc. announced the successful completion of the acquisition of Keystone Foods to leverage expanding opportunities in value-added foods and strengthen its presence in the international market.
Also, 12 months ago, Conagra Brands acquired Pinnacle Foods. This will help the company in innovation, brand building, operational excellence, and building deep customer relationships. These acquisitions are expected to intensify the competition in the market, as vendors are striving for improvements in operational efficiency.
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