The global processed meat industry was estimated at USD319.6bn in 2020, and is anticipated to hit USD497.1bn by 2030, registering a CAGR of 4.8% from 2021 to 2030.
The frozen segment contributed to the lion’s share in 2020, holding more than two-thirds of the global processed meat market, according to a new report by Allied Market Research. Growing need to increase the shelf life of frozen meat products propels the growth of the segment. However, the canned segment is projected to manifest the fastest CAGR of 5.9% from 2021 to 2030, due to increasing demand for convenience food products.
On the basis of meat type, the poultry segment held the major share in 2020, garnering around two-fifths of the global processed meat market, due to the presence of higher protein content in the items. The pork segment, on the other hand, is expected to register the fastest CAGR of 5.1% throughout the forecast period. This is because processed pork meat has prolonged shelf life and offers high convenience to the consumers.
By region, the market across North America dominated in 2020, garnering nearly two-fifths of the global processed market. Higher demand for ready-to-cook and ready-to-eat food products in the region boosts the market growth. Simultaneously, the Asia-Pacific region is expected to cite the fastest CAGR of 6.9% throughout the forecast period. This is attributed to rapid urbanization, rise in disposable income, and growing penetration of e-commerce in the region.