Packaged Foods to Boost Demand within Global Processed Meat Market, Finds Fact.MR

Market of processed meat is expected to revive in short term and is expected to grow at a CAGR of nearly 4% during 2020-2030.
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* Meat

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* Dublin 2 - Dublin - Ireland

DUBLIN 2, Ireland - Aug. 7, 2020 - PRLog -- The consumption of meat has grown multifold with fast food consumption. However, COVID-19 outbreak has affected the demand for processed meat owing to bottlenecks in the supply chain and hurdles in production. Companies like Smithfield Farms and JBS USA have closed their operations in processing plants owing to the positive cases of COVID-19 found among their employees.  However, the market is anticipated to regain traction post pandemic with safety guidelines instituted at facilities. The market is expected to witness modest growth at a CAGR of nearly 4% during 2020-2030, with demand is projected to revive during the third quarter of 2020.

"Various processed meat products are available in the market at increasingly lower prices. In addition, the rapid expansion of the retail industry will propel the expansion of the processed meat market once the pandemic is brought under control," says the FACT.MR report.

Processed Meat Market- Key Takeaways

• Cured variants of processed meats remain highly popular, owing to higher shelf lives.
• Processed poultry products are widely sought after owing to low cost and extensive production facilities.
• Chilled meat applications are rapidly gaining ground aided by strong demand for quick meal options.
• North America is a leading market for processed meats, owing to widespread popularity of meat-based diets in the region.

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Processed Meat Market- Driving Factors

• Strong demand for ready-to-cook and ready to eat foods supports the production of processed meat options.
• Varied flavoring options available in processed meat products increase adoption rates.
• Transition towards organic, and free from antibiotics and chemical options helps build consumer demand.

Processed Meat Market- Major Restraints

• Health risks such as cancer and metabolism disorders hold back the sales of processed meat products.
• Regulatory limitations on the sales of processed meat products hinders market growth.

COVID-19 Impact on Processed Meats Market

The coronavirus outbreak is projected to temporarily affect the operations of the processed meat market. Supply chain disruptions, arising from the livestock industry, in addition to contagion scares among meat processing plant workers are holding back the processed meat industry.

Competitive Landscape

The processed meat market players are pushing for strategic mergers and acquisitions in addition to product launches to strengthen market presence. For instance, Industrias Bachoco SAB has acquired a majority stake in pork processor Sonora Agropecuaria S.A. de C.V. Cargill Inc., Hormel Food Corp., JBS S.A., Tyson Foods Inc., WH Group Ltd., and Sysco Corp are some major manufacturers.

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