According to Future Market Insights (FMI), high demand for
convenience food will push sales in the processed
beef market by 7.6% CAGR between 2021 and 2031. Despite being at a
nascent stage, competition is soaring in the market. As a result, companies are
increasingly focusing on product innovation and ascertaining health claims in
their food items to gain competitive edge.
global processed beef market recorded year-on-year (YoY)
growth of 8.9% and is accounted for US$ 112.11 Bn in 2021 to reach the value of
US$ 232.37 Bn in 2031.
In the global food and beverage industry, innovation and new
product creation are based on strong natural, health, and sustainability
credentials. Products manufactured with healthier components and labelled with
assurances of little processing or demonstrable health advantages from natural
ingredients appeal to consumers, particularly in developed economies with
higher income and an ageing population. In reaction to this trend, of start-ups
and established companies alike within the processed beef market are focusing
on innovations.
Furthermore, the health halo surrounding plant-based
components and goods, as well as consumer demand for natural and plant-based
products might have a negative influence on the processed beef sales. While
people are becoming more informed and savvy about their food choices, they are
increasingly opting for chemical-free meals such as organic processed beef. As
a result, customer preference for natural and organic processed beef is on the
rise.
Key Takeaways from the Processed Beef Market Study:
- North
America processed beef market leads the global market, accounting for
31.9% of overall processed beef sales in 2021.
- Chilled
processed beef will remain in high demand. It accounted for a share of
79.2% in the global market in 2021.
- Based
on nature, demand for organic processed beef will grow at a CAGR of 9.2%
during the forecast period (2021-2031).
- In
terms of buyer type, household and residential segment accounted for 57.5%
of the market share in 2021.
- Among
sales channel, sales via supermarket/hypermarket is anticipated to grow at
a CAGR of 6.3% during the forecast period.
“The top competitors in the processed beef market are
introducing novel technologies to facilitate the production of processed beef
with enhanced shelf life, texture, and flavor. Besides this, some are expanding
their footprint in emerging nations to gain competitive edge,” said a lead FMI
analyst.
Convenience Offered by Processed Beef is the Key Factor
Driving Sales
The increasing income of consumers has fueled demand for
processed beef products. Furthermore, consumers choose convenient foods that do
not require additional time for cooking or preparation due to the hectic nature
of city living. The increasing popularity of ready-to-eat meat is also a major
driver of the global processed beef market.
Who is winning?
Some of the leading companies offering processed beef 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
others.
In order to gain competitive edge, manufacturers are
focusing on making processed beef healthier. Besides this, they are focusing on
acquiring international certification to woo consumers from around the world.
Get Valuable Insights into Processed beef Market
By Form
- Chilled
- Frozen
- Shelf
Stable
By Nature
- Organic
- Conventional
By Buyer Type
- Food
Processor & Manufacturers
- HoReCa
Sector
- Household
and Residential Buyers
Sales Channel
- Traditional
Grocery Stores
- Supermarket/Hypermarket
- Internet
Retailing
- Convenience
Store
- Discounters
- Other
Sales Channel
By Region
- North
America
- Latin
America
- Europe
- Asia
Pacific
- Oceania
- Middle
East & Africa
- Japan
Access Full Report: https://www.futuremarketinsights.com/reports/processed-beef-market