Regardless of rising health concerns among people about the consumption of processed meat, there have been hardly any changes in the quantity of processed meat products consumed by adults in the U.S. since the last 2 decades. Processed meat is nothing but a meat that is treated in some way to preserve or flavour it by fermenting, curing, salting, and smoking.
Meat processing began centuries ago before refrigerators were invented. Salting and smoking techniques helped in the preservation of meats and kept it safe to consume for longer periods of time. Although refrigerators are broadly available nowadays, over time, several people have begun appreciating the flavour, variation, and ease that processed meat products offer.
Processed meat and poultry products such as hot dogs, bacons, sausages, ham, and other deli meats are prodigious American traditions and iconic food items. In reality, bacon is usually called as the ultimate “conversion food” as it lures even firmest vegetarians.
Processed meat products are usually termed “convenience meats” as they have already been prepared for safe and easy consumption. These products are available in a wide array of options, hence, consumers can choose the perfect product as per their likings and health necessities. Around 96% of Americans consume meat and poultry items as a part of their diets.
The Current Picture of the Processed Meat Market
The global processed meat market is currently observing a gigantic growth mostly owing to the growing demand for ready-to-eat meat products due to hectic routines and busy lifestyles, especially among working professionals. Furthermore, mounting urbanization and per capita income of people worldwide is expected to fuel the growth of the global processed meat market in the upcoming years.
However, processed meat is mostly considered unhealthy. The consumption of processed meat products has been associated with disorders such as cancer and heart diseases in several studies. Undoubtedly, processed meat products contain numerous unsafe chemicals that are not present in fresh meat. These are some of the factors that are obstructing the growth of the market.
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Recent Trends in the Processed Meat Market
The global market for processed meat has many existing, leading players building strategies and launching novel products to entice customers. The North American region is the leading consumer of processed meat. As per a report by Research Dive, the North American processed meat market is anticipated to garner $1,85,076.40 million by 2028, mainly owing to the rising preference for meat-based breakfast products among people as well as the presence of leading processed meat companies in the region.
Some of the leading players of the global processed meat market are JBS S.A., Smithfield Foods, Inc., Tyson Foods, Inc., OSI Group, American Foods Group, LLC., Cargill, Incorporated, Hormel Foods Corporation, Perdue Farms, Inc., Koch Foods, LLC., Swiss Meat & Sausages Co., and others. Market players are focused on developing strategies such as novel product developments, partnerships, mergers and acquisitions, and collaborations to attain a leading position in the global market. For instance,
- In December 2020, Axiom Foods, a plant-based ingredient solutions company, launched novel versions of processed meat products and VegOtein TX Texturized Pea Protein for Vegan.
- In October 2021, Tyson Foods Inc., an American food company, launched a new product named “Tyson Air Fried Chicken Bites”. These chicken bites are available in frozen form and have 75% less fat and 35% less calories.
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Impact of the COVID-19 Pandemic on the Global Processed Meat Market
The sudden outburst of the coronavirus pandemic has negatively impacted the global processed meat industry. The closure of hotels, restaurants, and cafes to avoid the spread of virus in the pandemic period has declined the demand for meat products across the globe. Also, quick servable cafes and restaurants like subway, KFC, McDonalds, and Burger King, were temporarily shut down during the lockdown period. All these factors dwindled the growth of the processed meat market. However, as and when the pandemic relaxes, the market is expected to recuperate from the losses and boost its growth with novel product launches.
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