The global processed meat market has been maintaining its growth all through, but regional trends portray a mixed scenario. The key geographic trends within the processed meat market have been highlighted as under. These trends explore upon the power shift taking place from the West to the region of the Middle East and Africa, and Asia Pacific. The evolution of canned/preserved, chilled, and frozen processed meat along with focus on the prime underlying trends, prime growth fuellers, and top marketing strategies have also been discussed as under:
- U.S, Russia, and China Constitute more than 50% Share in the Market: In 2014, Russia, China, and the U.S. together represented more than half of the share in the market for processed meat. China on its own constituted for a growth of 34% in the market owing to robust performance in canned/preserved meat and processed meat.
- Affordability and Convenience: Traceability and convenience are the chief trends that decide on the increase or decrease in chilled processed meat’s demand especially within North America and Western Europe. In 2014, within the EU, compulsory origin meat labeling has become an important part of the food information legislation. In the developing markets, convenience and affordability stay as top concerns with regard to the purchasing of canned/preserved meat or frozen meat.
- Strong Sales of Processed Poultry Experienced in Middle East and Africa and North America: Frozen meat, which was at one point in time considered to be a junk food is gaining its popularity again within North America. Frozen poultry has risen at a CAGR of 3% from 2009 to 2014. This is owing to the controversies over read meat and wastage in North America. The innovation in flavor and retail modernization emerged as the key drivers for the rise of the Middle East and Africa frozen poultry market.
- Asia Pacific and Europe Excel in Chilled Processed Meats: Eastern and Western Europe and a number of other prime markets within Asia Pacific, especially in Malaysia, Taiwan, and China, chilled meats emerged as the top largest contributor in the development of the market and provides lucrative growth opportunities.
Thus, in this market, chilled meat is the top largest revenue generator. Starting from 2009 to 2014, this category has been generating a revenue share of approximately 74% and this is why chilled meats are sold at extremely high prices.