SE Asia product market to generate revenue of $117.2 billion
The Southeast Asia meat product market is expected to generate a revenue of $117.2 billion by 2026, exponentially growing at a CAGR of 5.1% during the forecast period, according to a study presented by Research Dive. Increasing prevalence of ready-to-eat meat products, processed meat products, and frozen meat products due to its high demand and affordability are expected to drive the growth of the market during the forecast period. In addition, instant food products and innovative and smart packaging are further expected to bolster the growth of the market during the forecast period, says the report.
Increasing prevalence of modern technologies like meat culture and lab-based meat products is expected to create massive opportunities for the growth of the market during the analysis period.
Pork is expected to generate a revenue of $43.6 billion during the forecast period. High demand for pork meat and changing consumer preferences is expected to drive the growth of the sub-segment during the forecast period. The chilled packaging meat sub-segment is expected to generate a revenue of $57.3 billion during the forecast period. Rising demand for ready-to-eat chilled meat and health concerns on diverse nutrient diets are expected to bolster the growth of the sub-segment during the forecast period.
The hamburgers sub-segment is expected to generate a revenue of $37.6 billion during the forecast period. Development of various franchises and streamlined production are anticipated to accelerate the growth of the sub-segment during the forecast period.
The Vietnam meat market is expected to generate a revenue of $44.2 billion during the forecast period. Increasing investments for the production of innovative meat products by prominent players, expanding population, and altering consumer preferences in this region are expected to drive the growth of the market during the forecast period, analysts said.
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