Market Size of processed meat Industry
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Study Period | 2017 - 2029 |
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Market Size (2024) | USD 167.14 Billion |
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Market Size (2029) | USD 186.64 Billion |
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Largest Share by Type | Pork |
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CAGR (2024 - 2029) | 2.23 % |
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Largest Share by Region | Asia-Pacific |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Processed Meat Market Analysis
The Processed Meat Market size is estimated at 167.14 billion USD in 2024, and is expected to reach 186.64 billion USD by 2029, growing at a CAGR of 2.23% during the forecast period (2024-2029).
167.14 Billion
Market Size in 2024 (USD)
186.64 Billion
Market Size in 2029 (USD)
3.60 %
CAGR (2017-2023)
2.23 %
CAGR (2024-2029)
Largest Segment by Type
40.34 %
value share, Pork, 2023
Products such as bacon, sausages, and ham have boosted the demand for processed pork items. The growth in demand is due to its growing consumption in breakfast or lunch.
Largest Segment by Region
45.20 %
value share, Asia-Pacific, 2023
Demand for nitrite-free processed meat products is increasing in Asian countries due to growing consumer awareness of the risks related to using nitrate as a curing agent.
Fastest-growing Segment by Type
2.72 %
Projected CAGR, Mutton, 2024-2029
Consumers are being driven by innovations and new launches of mutton products based on ethnic foods from various countries, resulting in more consumption of the meat.
Fastest-growing Segment by Region
4.02 %
Projected CAGR, Africa, 2024-2029
Processed meat products have become more accessible to the African population due to the rising disposable income and increasing supply in the region making them cheaper.
Leading Market Player
10.56 %
market share, Tyson Foods Inc., 2022
The company's broad product line of processed meat caters to both on-trade as well as off-trade channels and its greater market penetration, makes it the market leader.
Innovations in the meat industry drive the market
- Processed meat has been growing at a steady rate. It registered a CAGR of 15.38% from 2017 to 2022. The most consumed processed meat type is processed pork. Even though some communities or regions do not consume pork, it is the most consumed meat in Europe and Asia and the second most consumed worldwide, after poultry. Lunch meats, hot dogs, bacon, sausage, smoked ham, and other processed pork make up the category of processed pork. Considering various ethnicities, processed pork is particularly popular among the African-American and Hispanic communities.
- The mutton meat category is expected to be the fastest-growing processed meat segment, recording a CAGR of 2.74% during the forecast period. The mutton processed meat sector focuses on the ongoing demand of consumers for healthier processed meats. The approaches are either focused on decreasing the number of unhealthy ingredients, such as less sodium chloride, nitrite, and nitrate, or raising the number of ingredients that have positive health effects, such as replacing nitrate with other curing agents, like celery powder.
- In terms of off-trade channels, processed meat products were primarily sold through retail outlets like supermarkets. In 2022, pork sales represented 63.96% of the total value of meat sold, while beef meat contributed 21.31% through the off-trade channel. It is because of innovations in meat products occurring globally. Commercial meat snacking has experienced a massive explosion in the last few years. Some examples of meat-snacking products that have gained popularity include My Protein’s beef biltong, Vital Proteins’ beef liver, Jim’s Jerky, The Stock Merchant’s Grass Fed Beef Stock, and Protein Kick’s Peperami Beef Bars.
Increased domestic production is propelling the market growth
- Sales for processed meat around the world are growing at a moderate growth rate, which observed a Y-o-Y growth rate of 3.42% in 2022. The demand for prepared and processed goods, especially processed meats, is rising throughout Asia as customers have embraced the convenience of these goods as they become more time-constrained. From 2017 to 2022, revenues climbed by 23.4%. Countries are focusing on increasing domestic production to reduce the retail prices for meat products. China's pork production increased by 4.6% Year-on-Year in 2022, reaching 55.41 million tons, and nearly 700 million pigs were slaughtered.
- Europe held the second highest share in the market in 2022 owing to the growing consumer awareness of the dangers of using nitrate as a curing agent in processed meat, which is driving up demand for nitrite-free processed meat products like bacon in European nations, which boosted sales by 6.12% between 2020 and 2022. The processed meat market is competitive and comprises many regional and international competitors, which are dominated by players like Hormel Foods Corporation, Conagra Brands Inc., and WH Group Limited.
- Africa is projected to be the fastest-growing region with a CAGR of 4.88% by value during the forecasted period (2023-2029). Owing to the rising demand among consumers, the domestic poultry meat supply in South Africa increased from 1,707 thousand tons in 2018 to 1,947 thousand tons in 2022, which is growing at an average annual rate of 2.80% due to investments in production facilities and poultry farms. Domestic production in Africa increased by 13.8% from 2017 to 2022 due to investments in production facilities and poultry farms. Moreover, poultry is the second most consumed meat in Africa, with a per capita consumption of 34.79 kg/capita.
Processed Meat Industry Segmentation
Beef, Mutton, Pork, Poultry are covered as segments by Type. Off-Trade, On-Trade are covered as segments by Distribution Channel. Africa, Asia-Pacific, Europe, Middle East, North America, South America are covered as segments by Region.
- Processed meat has been growing at a steady rate. It registered a CAGR of 15.38% from 2017 to 2022. The most consumed processed meat type is processed pork. Even though some communities or regions do not consume pork, it is the most consumed meat in Europe and Asia and the second most consumed worldwide, after poultry. Lunch meats, hot dogs, bacon, sausage, smoked ham, and other processed pork make up the category of processed pork. Considering various ethnicities, processed pork is particularly popular among the African-American and Hispanic communities.
- The mutton meat category is expected to be the fastest-growing processed meat segment, recording a CAGR of 2.74% during the forecast period. The mutton processed meat sector focuses on the ongoing demand of consumers for healthier processed meats. The approaches are either focused on decreasing the number of unhealthy ingredients, such as less sodium chloride, nitrite, and nitrate, or raising the number of ingredients that have positive health effects, such as replacing nitrate with other curing agents, like celery powder.
- In terms of off-trade channels, processed meat products were primarily sold through retail outlets like supermarkets. In 2022, pork sales represented 63.96% of the total value of meat sold, while beef meat contributed 21.31% through the off-trade channel. It is because of innovations in meat products occurring globally. Commercial meat snacking has experienced a massive explosion in the last few years. Some examples of meat-snacking products that have gained popularity include My Protein’s beef biltong, Vital Proteins’ beef liver, Jim’s Jerky, The Stock Merchant’s Grass Fed Beef Stock, and Protein Kick’s Peperami Beef Bars.
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| Beef | |
| Mutton | |
| Pork | |
| Poultry | |
| Other Meat |
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Processed Meat Market Size Summary
The processed meat market is experiencing steady growth, driven by the increasing demand for convenient and ready-to-eat food options. Processed pork remains the most consumed type of processed meat globally, particularly in Europe and Asia, where it holds a significant share due to its popularity among various ethnic communities. The market is characterized by a diverse range of products, including lunch meats, hot dogs, bacon, and sausages, with innovations in meat snacking contributing to its expansion. The mutton segment is anticipated to be the fastest-growing, as consumers increasingly seek healthier alternatives with reduced unhealthy ingredients. Retail outlets, especially supermarkets, play a crucial role in the distribution of processed meat products, with pork and beef dominating sales through off-trade channels.
Globally, the processed meat market is competitive, with major players like Hormel Foods Corporation, Conagra Brands Inc., and WH Group Limited leading the industry. The market's growth is supported by rising domestic production in regions like Africa, where investments in poultry and beef production facilities are boosting supply. North America remains a significant contributor to global beef production, although challenges such as increased production costs and environmental factors like droughts have impacted supply. The market dynamics are further influenced by international trade, with strong demand from countries like China driving imports and affecting global prices. The fragmented nature of the market sees the top companies holding a modest share, with ongoing expansions and product launches aimed at meeting consumer demand and enhancing production capabilities.
Processed Meat Market Size - Table of Contents
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1. MARKET SEGMENTATION (includes market size in Value in USD, Forecasts up to 2029 and analysis of growth prospects)
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1.1 Type
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1.1.1 Beef
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1.1.2 Mutton
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1.1.3 Pork
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1.1.4 Poultry
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1.1.5 Other Meat
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1.2 Distribution Channel
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1.2.1 Off-Trade
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1.2.1.1 Convenience Stores
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1.2.1.2 Online Channel
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1.2.1.3 Supermarkets and Hypermarkets
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1.2.1.4 Others
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1.2.2 On-Trade
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1.3 Region
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1.3.1 Africa
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1.3.1.1 By Type
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1.3.1.2 By Distribution Channel
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1.3.1.3 By Country
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1.3.1.3.1 Egypt
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1.3.1.3.2 Nigeria
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1.3.1.3.3 South Africa
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1.3.1.3.4 Rest of Africa
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1.3.2 Asia-Pacific
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1.3.2.1 By Type
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1.3.2.2 By Distribution Channel
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1.3.2.3 By Country
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1.3.2.3.1 Australia
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1.3.2.3.2 China
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1.3.2.3.3 India
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1.3.2.3.4 Indonesia
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1.3.2.3.5 Japan
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1.3.2.3.6 Malaysia
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1.3.2.3.7 South Korea
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1.3.2.3.8 Rest of Asia-Pacific
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1.3.3 Europe
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1.3.3.1 By Type
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1.3.3.2 By Distribution Channel
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1.3.3.3 By Country
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1.3.3.3.1 France
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1.3.3.3.2 Germany
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1.3.3.3.3 Italy
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1.3.3.3.4 Netherlands
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1.3.3.3.5 Russia
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1.3.3.3.6 Spain
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1.3.3.3.7 United Kingdom
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1.3.3.3.8 Rest of Europe
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1.3.4 Middle East
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1.3.4.1 By Type
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1.3.4.2 By Distribution Channel
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1.3.4.3 By Country
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1.3.4.3.1 Bahrain
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1.3.4.3.2 Kuwait
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1.3.4.3.3 Oman
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1.3.4.3.4 Qatar
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1.3.4.3.5 Saudi Arabia
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1.3.4.3.6 United Arab Emirates
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1.3.4.3.7 Rest of Middle East
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1.3.5 North America
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1.3.5.1 By Type
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1.3.5.2 By Distribution Channel
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1.3.5.3 By Country
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1.3.5.3.1 Canada
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1.3.5.3.2 Mexico
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1.3.5.3.3 United States
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1.3.5.3.4 Rest of North America
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1.3.6 South America
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1.3.6.1 By Type
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1.3.6.2 By Distribution Channel
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1.3.6.3 By Country
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1.3.6.3.1 Argentina
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1.3.6.3.2 Brazil
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1.3.6.3.3 Rest of South America
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Processed Meat Market Size FAQs
How big is the Global Processed Meat Market?
The Global Processed Meat Market size is expected to reach USD 167.14 billion in 2024 and grow at a CAGR of 2.23% to reach USD 186.64 billion by 2029.
What is the current Global Processed Meat Market size?
In 2024, the Global Processed Meat Market size is expected to reach USD 167.14 billion.
