, February 13, 2018 ) According to a new market research report " Processed Meat Market by Processing Technology (Fresh-Processed Meat, Raw-Cooked Meat, Pre-Cooked Meat, Raw-Fermented Sausages, Cured Meat, Dried Meat), by Meat Type (Poultry, Beef, Pork and Mutton), and by Region - Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts (2016–2021)", published by MarketDataForecast™, the market is estimated to approach $874.45 billion by 2021 from the value of $450.20 billion in 2016, with a CAGR of 14.2%. Inclusion of some protein rich internal organs of animals
in food, which are usually not included in the fresh meat purchases, is the key driver behind the market growth.
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Cured Meat is expected to have the highest growth rate till 2021
Under Processing Technology, the market is divided into Fresh-Processed Meat, Raw-Cooked Meat, Pre-Cooked Meat, Raw-Fermented Sausages, Cured Meat and Dried Meat. Cured Meat segment is projected to have the highest market growth rate among all the segments in this market. Increasing global population, and the rising occurrence of convenience foods as the preference of the population act as the main propellants behind the growth of the Processed Meat market.
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The Processed Poultry segment to dominate the market share till 2021
Under the Meat type, the market is categorized into Poultry, Beef, Pork and Mutton. In this market segmentation, the Processed Poultry segment provided the largest share of the global Processed Meat market, and is estimated to retain its top position till 2021. Increase in the public awareness about sufficient protein intake in the diet led to the increase in the market scope of the Processed Meat market.
North America to command the largest share of the market till 2021
The market is classified geographically into Latin America, North America, Europe, Asia-Pacific and Middle East & Africa. The largest share in the global market in 2016 is accounted for by North America. Increased demand for meat as a protein supplement in the diet in China resulted in Asia-Pacific region having a high growth rate in the time period forecast. Increase in the mean income of the population in the developing countries like India also propels the market growth forward.
Leading competitors in the Processed Meat Market include Hormel Foods, Tyson Foods, Cargill Inc., Cherkizovo Group, National Food Co., Gulf Food Industries, Sunbulah Group, BRF S.A., Marfrig Group and Sanderson Farms Inc.
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