The global frozen meat market depicts the presence of a highly fragmented and competitive vendor landscape, says Transparency Market Research on the basis of a recently published report. Such a vigorous competitive spirit is majorly present due to innumerable players operating in this sector. Most of the businesses have good connections with service companies and food chains, thus maintaining a consistent and dedicated demand of the product. Companies are adopting aggressive marketing strategies to enhance their brand name; following which participating in mergers and acquisitions has led towards improvement in their network.
According to experts from Transparency Market Research, the global frozen meat market is expected to fetch revenue worth US$30.0 bn by the end of 2026. This growth is projected to occur at a steady CAGR of 3.4% during the forecast period from 2017 to 2026.
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Restaurants and foodservice chains in several parts of the world continue to face shortage of meat against the rampant consumption. This has turned them towards keeping large amounts of frozen meat in stocks. Consumers are stacking their refrigerators with frozen meat products to cater to the changing requirements in the household consumption. While the demand for frozen meat products continues to gain traction vigorously, meeting these demands is becoming a great challenge for companies.
Changes in Lifestyles Lead to Rise in Demand of Frozen Meat
Widespread advancements associated with freezing techniques to lengthen the lifespan of meat products and improve their quality are primarily driving growth in the global frozen meat market. Eating habits are rapidly changing all over the globe, and many now prefer ready-to-eat meat products and foods. A fast-paced living standard, surge in online food orders, and availability of less time to cook using freshly bought meet, are three lifestyle changes, which are making the global frozen foods market grow extensively.
With food delivery services becoming more efficiency and cheaper, the frozen meat market is expected to witness an augmented growth in the near future. Sometimes, restaurants and foodservice chains might face a shortage of fresh meat, and this could hamper their sales greatly. However, this situation can be reversed by storing frozen meat and utilizing as per requirement. Thus, as utilizing frozen meat proves extremely beneficial for restaurants and other food joints, the global frozen meat market is expected to witness a handsome growth.
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Costly Frozen Meat Processing Methods Hamper’s Growth
However, processing frozen meat often proves to be costly, which can further translate into expensive foods for the end user. Such costs could notably discourage potential customers, making them consider other options. In this way, high expenditures required for processing of frozen meat is greatly hampering the global frozen meat market. Moreover, shortage of frozen meat in less developed regions too is posing as an obstacle to the market’ growth, from a geographical perspective. Nevertheless, many businesses are introducing cost-effective processing techniques, which could offset most restraints affecting the global frozen meat market.