Global Processed Beef Market Projected to Witness a Measurable Downturn; COVID-19 Outbreak Remains a Threat to Growth in the Near Future
The processed beef market is projected to rise at a CAGR of ~9 between 2019 and 2029, Future Market Insights foresees stable growth for the market. The demand for natural, organic, healthy and sustainable meat products is increasing across the globe. Processed beef is natural, healthy as well as sustainable due to which the consumption of processed beef is rising rapidly. Millennial prefer ready-to-eat food products due to their busy lifestyles. The population of people living away from their home for education and employment is increasing across the world. Due to their busy lifestyles, consumers prefer nutritious, healthy, organic and affordable ready to eat products. This has in turn spurred the demand for processed beef. Health-conscious consumers prefer meat products as they are rich source of proteins, vitamins, minerals and help to develop muscle. The increasing consumption of meat products globally helps to increase the sale of the processed beef products.
Key Takeaways from the Processed Beef Market Study
- Packaged food sales are growing as modern retail expands supported by developing cold chain infrastructure for fresh, chilled and processed foods. Globally, chilled processed beef products are benefitting directly from stronger consumer demand for a healthy diet and improving cold-chain systems. In Asia Pacific, since most chilled processed beef products are Western-style products and dishes, they are generally positioned as premium products with higher unit prices. Example include; Cold chain services are also changing consumer choices in the Middle East and Africa regions as frozen processed halal beef.
- The demand for frozen processed beef is increasing rapidly across the globe. Consumers around the world are interested in buying frozen food products due to the convenience factor associated with them. Manufactures of beef are adapting freezing technique as it improves the shelf life as well as the quality of the beef products. Consumers are becoming cautious about the quality, sustainability and raw material used in the production of end product. Due to its sustainability and high quality, the demand for frozen processed beef is increasing rapidly.
- The demand for processed beef is increasing due to the health benefits associated with it. The processed beef helps in reducing the risk of chronic diseases and it strengthens the immune system. Processed beef helps in reducing the deficiency of iron.
- Health-conscious consumers prefer processed beef in their daily diet as it is rich source of proteins, vitamins and minerals. It helps to improve the muscle mass and to reduce the weight.
E-commerce is gaining traction across the globe, as more consumers order groceries and other food products via smartphone apps. Multiple e-commerce platforms in the country are competing to expand their market footprint by launching their own food brands. Given the scenario, processed beef product sales through e-commerce is expected to gain rapid momentum in the near future. Several manufactures of processed pork have started selling their products on multiple ecommerce website which has helped to increase the awareness and sales of processed beef. Manufactures are concentrating on advertisement and marketing due to which the awareness of the unique processed beef products is increasing across the globe.
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Who is winning?
Some of the key players operating in the processed beef market are JBS SA, Hormel food, Harim Co Ltd, Tyson Foods Inc., Danish Crown A/S, Cargill Meat Solution Corp., WH Group, BRF SA, Smithfield Foods, Inc., SYSCO Corp and other players.
Several leading players in processed beef market are acquiring smaller businesses to expand their geographical presence and product portfolio. Besides this, acquisition often allows them to gain a competitive advantage.
- In 2017, Smithfield completed the acquisition of Clougherty Packing, one of the leading integrated producers and processors of a full line of branded pork products, from Hormel Foods Corporation. With this acquisition, the company further expanded its operations, product portfolio, as well as customer and consumer base.
- In 2016, BRF entered into an agreement with Al Khan Foodstuff (AKF), one of the leading distributors of frozen food products in the Sultanate of Oman that serves retail, food service and wholesale clients. As per the agreement, the company will acquire remaining 60% stake of AKF, where BRF subsidiary already holds 40% stake in it. The acquisition is in line with the company’s strategy of expansion into international markets.
Get Valuable Insights into Processed Beef Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global processed beef market, presenting historical demand data (2014-2018) and forecast statistics for the period from 2019-2029. The study divulges compelling insights on the processed beef market based on the form (chilled, frozen and shelf-stable), nature (organic and conventional), buyer type (food processor and manufacturers, HoReCa sector and household and residential buyers), sales channel (traditional grocery stores, supermarket/hypermarket, internet retailing, convenience store, discounters, and other sales channel), across seven major regions
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