Huge growth predicted in the processed red meat market
The global processed red meat market size is set to increase by USD 159.98 billion between 2021 and 2026, progressing at a CAGR of 5.95% during the forecast period. "Consumers across the world are exhibiting high demand for convenience foods as they are easy to cook and can be consumed readily. The demand for such foods has been increasing with rising disposable incomes and changing lifestyles of consumers. The increasing popularity of convenience foods is encouraging vendors in the processed meat industry to sell products such as nuggets, fresh sausages, hotdogs, platters, sandwiches, and salami. Vendors are also focusing on making their products available in various forms such as chilled, frozen, and canned. Besides, some vendors are opting for joint ventures and partnerships with local red meat manufacturers, distributors, and technology providers to increase the availability of their products. Many such factors are positively influencing the growth of the global processed red meat market," said the report issued by Technavio.
By product, the processed pork segment is expected to have the largest share of the market. The increase in the number of new product launches is one of the major factors driving the growth of the segment. In addition, the global rise in the production, exports, and consumption of pork meat will also be driving the growth of the segment during the forecast period.
Similarly, the market will experience maximum incremental growth in the APAC region during the forecast period. The region occupies 30% of the global market share. The increased demand for processed red meat in countries such as China, Japan, South Korea, Vietnam, Australia, and the Philippines has been driving the growth of the regional market. In addition, the increasing number of organized retail outlets that offer processed red meat is also contributing to the growth of the processed red meat market in APAC.
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