(Entertainment-NewsWire.com, January 29, 2018 ) Global Processed Meat Market was worth $450.2 billion in 2017 and estimated to be growing at a CAGR of 14.2%, to reach $874.45 billion by 2022. It has become essential to deliver the population with quality food in right amount to satisfy the requirement of the increasing population worldwide.
Meat processing is the production of meat products from animal fat, certain non-meat additives and muscle meat. Additives are used to enrich product flavor and emergence. They can also be used to rise product bulk. The benefit of meat processing is the addition of certain animal tissues or certain internal organs (which are generally not vended in fresh meat marketing) into the food chain as important protein-rich ingredients.
Processed meat is an industry which is mainly driven by the demand for meat. Owing to speedy growth in globalization, handling of various types of meat for nurturing the global population has stepped up recently. People around the world have also started growing protein consumption in their diet. Therefore, this factor is also driving the processed meat market. Some of the significant factors that lead to the advancement of the processed meat markets are the rising population, increase in the pay level of the middle class consumers in developing regions, and surge in the need for convenience foods. Increasing cost of feed raw ingredients is the key problem confronted by the manufacturers.
Global market for processed meat is segmented by processing technology and meat type. By Processing Technology, the market is divided into Fresh-Processed Meat, Raw-Cooked Meat, Pre-Cooked Meat, Raw-Fermented Sausages, Cured Meat, Dried Meat. Based on Meat type the market is segregated into Poultry, Beef, Pork and Mutton. Processed poultry is the largest segment and accounts for the largest share of the processed meat market. Cured meat is expected to witness high growth in the forecast period.
Geographically the market is segmented into North America, Europe, Asia-Pacific, Latin America and Middle-East and Africa. North America is the leading market accounting for largest share of the market. Asia is the prospective market mainly due to augmented demand for high value protein food and growth in organized trade. China and Brazil are the firmest growing countries in the region.
Key players in the processed meat market include Tyson Foods, Cargill Inc., Gulf Food Industries, Sunbulah Group, BRF S.A., Cherkizovo Group, National Food Co., Hormel Foods, Marfrig Group and Sanderson Farms Inc.
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