Introduction
The processed meat market is a significant segment of the global food industry, with consumers around the world enjoying a wide range of processed meat products. The market is driven by various factors, including changing consumer preferences, increasing disposable incomes, and the growing popularity of convenience foods. In this report, we will analyze the top categories driving growth in the processed meat market, focusing on key trends, industry insights, and financial data.
Processed Meat Market Overview
The processed meat market includes a variety of products such as sausages, bacon, ham, and deli meats. These products undergo processing methods such as curing, smoking, and salting to enhance flavor and extend shelf life. The market is highly competitive, with key players including Tyson Foods, Inc., Hormel Foods Corporation, and JBS S.A.
Key Trends in the Processed Meat Market
One of the key trends driving growth in the processed meat market is the increasing demand for convenient and ready-to-eat food products. Busy lifestyles and hectic schedules have led consumers to seek out quick and easy meal solutions, making processed meats a popular choice. Additionally, the rise of e-commerce and online grocery shopping has made it easier for consumers to purchase processed meat products from the comfort of their own homes.
Another important trend in the processed meat market is the growing focus on health and wellness. Consumers are becoming more conscious of their dietary choices and are looking for processed meat products that are lower in fat, sodium, and artificial ingredients. This has led to an increase in demand for organic, natural, and nitrate-free processed meat options.
Financial Data
According to a report by Grand View Research, the global processed meat market was valued at $714.2 billion in 2020 and is projected to reach $862.2 billion by 2027, growing at a CAGR of 2.4% during the forecast period. The market is driven by factors such as urbanization, changing dietary habits, and increasing disposable incomes in emerging economies.
Top Categories Driving Growth
1. Sausages
Sausages are one of the top categories driving growth in the processed meat market. They are a versatile product that can be enjoyed in a variety of ways, including grilled, fried, or boiled. Sausages are popular for breakfast, lunch, and dinner, making them a staple in many households. Key players in the sausage market include Johnsonville, Hillshire Farm, and Jimmy Dean.
According to Research and Markets, the global sausage market is expected to reach $93.7 billion by 2025, growing at a CAGR of 5.7% from 2020 to 2025. The growth of the sausage market can be attributed to factors such as the increasing popularity of gourmet and specialty sausages, as well as the rising demand for plant-based and vegan sausage alternatives.
2. Bacon
Bacon is another top category driving growth in the processed meat market. It is a beloved breakfast food that is also used in a variety of dishes, including sandwiches, salads, and soups. Bacon is known for its savory flavor and crispy texture, making it a popular choice among consumers. Key players in the bacon market include Smithfield Foods, Applegate, and Oscar Mayer.
According to a report by Allied Market Research, the global bacon market was valued at $14.4 billion in 2020 and is projected to reach $22.5 billion by 2027, growing at a CAGR of 6.7% during the forecast period. The growth of the bacon market is driven by factors such as the increasing demand for premium and artisanal bacon products, as well as the rising popularity of bacon-flavored snacks and foods.
3. Deli Meats
Deli meats are also a top category driving growth in the processed meat market. They are sliced meats that are typically served cold and are commonly used in sandwiches, salads, and charcuterie boards. Deli meats come in a variety of flavors and types, including ham, turkey, roast beef, and salami. Key players in the deli meat market include Boar’s Head, Columbus Craft Meats, and Dietz & Watson.
According to a report by Market Research Future, the global deli meat market is expected to reach $93.2 billion by 2023, growing at a CAGR of 11.8% from 2017 to 2023. The growth of the deli meat market can be attributed to factors such as the increasing demand for on-the-go and convenient food options, as well as the rising popularity of charcuterie and antipasto platters.
Conclusion
In conclusion, the processed meat market is driven by various factors, including changing consumer preferences, increasing disposable incomes, and the growing popularity of convenience foods. Sausages, bacon, and deli meats are among the top categories driving growth in the market, with key players such as Johnsonville, Smithfield Foods, and Boar’s Head leading the way. As the market continues to evolve, it will be important for companies to innovate and adapt to meet the changing needs and preferences of consumers.
