The global processed red meat market to reach $668 billion by 2023
Over the next 4 years, the global processed red meat market size is expected to reach $668 billion thanks to an increased demand for convenience food, says the latest market report from Technavio Research.
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. 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 and ready-to-eat products. 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 processed red meat products during the forecast period.
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. These acquisitions are expected to intensify the competition in the market, as vendors are striving for improvements in operational efficiency.
Also, companies such as BRF, Cargill, Conagra Brands, and Foyle Food Group will play an important role in developing the convenience food market trough their strong customer base, differential product offerings and a robust distribution network across the globe.
In 2018, the Asia-Pacific region was the major market for processed red meat and accounted for 34% of the overall market share. This was attributed to rising number of organized retail outlets in the region.
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