From 2023 to 2033, worldwide processed meat consumption is forecasted to increase at a steady 4.5% CAGR. Presently, the global processed meat market accounts for a value of US$ 335 billion and is estimated to attain a revenue valuation of US$ 519.8 billion by 2033-end.
Eating habits and lifestyles have changed drastically in the past couple of decades and these changes have resulted in the high demand for processed foods across the world. Globalization and the growing popularity of different types of cuisines have resulted in higher consumption of different types of meat. Changing consumer preferences, high availability of processed foods, hectic lifestyles, growing working women population, rising per capita disposable income, advancements in freezing technology, and increasing demand for fresh meat from the health-conscious population are key factors that are slated to promulgate processed meat demand through 2033.
High Demand for Halal Meat Opening Up New Opportunities for Companies
The Muslim population across the world has increased at a rapid pace and this has resulted in high demand for halal meat, which means meat that is obtained by slaughtering the animal as instructed in Islam. All the meat products sold in the Middle Eastern region and North African region are mostly halal owing to the presence of a high Muslim population. Demand for halal-certified meats and foods has been rapidly increasing in Europe and Asia Pacific where the Muslim population is rising at a fast pace. Processed meat suppliers can take this opportunity and provide halal-certified meats to increase their business potential in the aforementioned regions as the demand for halal meat is expected to grow over the coming years.
Lab-grown Meat Companies Redefining Meat Industry
Ethical concerns about meat consumption have led to the inception of lab-grown meats and this is a trend that could completely change the processed meat industry landscape forever in the future. Aspiring processed meat companies are focusing on developing new technologies and techniques to create meat in the most efficient way possible.
- Upside Foods, a food technology start-up recently won approval from the Food and Drug Administration (FDA) of the U.S. to sell lab-grown meat to the public. This is the first time that a company has been approved to sell lab-grown meat with a Generally Recognized as Safe (GRAS) label from the FDA.
- In December 2022, Orbillion Bio, a cultivated beef start-up announced its partnership with Solar Biotech, a tech company to scale its production capacity. This new partnership will allow Orbillion to produce up to 4 million pounds of meat per year in the future.
Growing Preference for Pork & Bacon in Breakfast
Bacon has become a breakfast staple in the United States in recent years and this trend is projected to be rife over the coming years as well. Changing dietary preferences of the people in the United States have resulted in high demand for processed pork meat especially for breakfast since they are high in protein and more filling than other breakfast alternatives.
Processed meat suppliers are focusing on diversifying their product portfolio by launching new aged meat cuts, dry-aged beef, sausages, and cured meats.
- In March 2022, Makro introduced its dry-aged Australian beef offering at Makro Food Service Sukhumvit 22 Branch, Thailand. The new product was launched especially to cater to beef aficionados.
- In December 2022, Carrefour, a retail organization headquartered in France partnered with a young Emirati chef Aysha Al Obeidli, to create a unique premium butchery experience with innovative recipes using the finest of ingredients. The new range of meat comprises dry-aged wagyu, Black Angus, Angus, and Japanese Angus.
In December 2022, Black Angus Steakhouse, a restaurant chain in the U.S. since 1964 announced the launch of its new direct-to-consumer premium meats program through its online portal. Consumers will now be able to order high-quality steaks and cook them on their own at home.