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Processed Red Meat Market Size Worth $668 Billion by 2023 | CAGR 9%: Technavio

Technavio has announced its latest market research report titled global processed red meat market 2019-2023. (Graphic: Business Wire)

LONDON--(BUSINESS WIRE)--

The global processed red meat market size is projected to reach USD 668 billion by 2023 at a CAGR of 9%, according to a new report by Technavio Research. Increasing demand for convenience food is a key factor driving the industry growth.

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Read 142-pages research report with TOC on Processed Red Meat Market Size, Share & Trends Analysis Report by product (processed pork, processed beef, and processed lamb), by Region (North America, Europe, APAC, South America, and MEA), and Segment Forecasts for 2019 - 2023 at: https://www.technavio.com/report/processed-red-meat-market-industry-analysis

Key suggestions from the report:

  • The processed pork segment is expected to have an incremental growth close to 2% owing to rising number of M&A and an increase in the number of product launches in the segment
  • APAC was the major market for processed red meat market and accounted for 34% of the overall market share in 2018. This was attributed to rising number of organized retail outlets in the region
  • BRF SA, Cargill Inc., Conagra Brands Inc. and Foyle Food Group, are some of the key companies in the Processed Red Meat Market
  • In October 2018, Conagra Brands Inc. acquired Pinnacle Foods. This will help the company in innovation, brand building, operational excellence, and building deep customer relationships.

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 the 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.

BRF SA, Cargill Inc., Conagra Brands Inc. and Foyle Food Group, are the major players in the processed red meat market. These companies have a strong customer base, differential product offerings, and a robust distribution network across the globe. BRF SA offers various processed red meat products such as cold cuts, frozen foods, and margarine, through its brands Sadia, Sulina, Qualy, Grabits, Banvit, and Chester. Cargill Inc. offers red meat products through a variety of brands, such as Sterling Silver premium meats, Rumba meats, Excel meats, and Angus Pride Beef. Foyle Food Group on the other hand offers a variety of products, such as dry-aged Blackmoran Angus and ready-to-cook Foyle Gourmet.

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Technavio has segmented the global processed red meat market based on product and region.

Processed Red Meat Product Outlook (Revenue, USD Million, 2019 - 2023)

  • Processed pork
  • Processed beef
  • Processed lamb

Processed Red Meat Regional Outlook (Revenue, USD Million, 2019 - 2023)

  • North America
  • Europe
  • APAC
  • South America
  • MEA

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View source version on businesswire.com: https://www.businesswire.com/news/home/20190920005342/en/