While an incrementing number of people are opting for vegetarian and even vegan food across the world, meat products continue to be the most prominent ingredient of daily diet of large masses. With technological advancements, it is now possible to preserve meat products for extended periods of time by the means of freezing and the market for frozen meat has been prospering on the back of growing reliance of urban populations on easy to cook food products and ready-to-eat meals. A recent business and commerce study by Transparency Market Research has notified that while the demand in the global frozen meat market will expand at a moderate CAGR of 3.4% during the forecast period of 2017 to 2026, there will still be substantial opportunities for the vendors to gain profits from.
Global Frozen Meat Market to breach US$30.0 bn Mark by 2026
The analysts of the report have estimated that the global frozen meat market will be worth US$30.0 bn by the end of 2026. As far as the competitive landscape is concerned, the report identifies BRF S.A., Marfrig Group., Pilgrim’s Pride Corporation, Kerry Group Plc., Associated British Foods Plc., Tyson Foods, Inc., Verde Farms, LLC, and Arcadian Organic & Natural Meat Co. as some of the key who have established themselves over the year. The players have strong supply chain connected to food service companies and restaurant chains, which maintains a consistent and dedicated demand.
In addition to that, these players regularly resort to aggressive marketing strategies to create a brand name as well as indulge in mergers and acquisition activities to strengthen their network. Tie-ups with cold storage services is essential to sustain strong position in this market. Major players are also enhancing their production methods in order to increase yield and offer their products at competitive costs. However, the lack of standard regulations for refrigeration techniques and supply chain discrepancies are frequently causing losses across some segments.
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Online Stores Emerging as Profitable End-use Segment
Based on product type, the report segments the global frozen meat market into chicken, beef, pork, lamb, and other products, with the first two providing for the maximum chunk of demand. The analysts have evaluated that about US$7.1 bn worth of frozen beef products were sold in 2017. Based on end-users, the market has been bifurcated into modern trade, food chain services, online stores, departmental stores, and other end users. The online stores category is projected to exhibit incrementing demand at an above average CAGR of 5.1% during the forecast period of 2017 to 2026. Geographically, the region of Asia Pacific except Japan (APEJ) has been highlighted as most lucrative, constituting for nearly one-third of the total demand in the global frozen meat market.
Advancements in Freezing and Preserving Techniques Driving Demand
Apart from a large pool of populations who are meat-eaters, the demand in the global frozen meat market is gaining traction from the technological advancements in the methods of freezing that has enabled the producers to maintain the nutritious values of their products for longer periods of time. Changing eating habits of urban population on the back of restless lifestyle and growing trend of online food ordering that has mushroomed food delivery services players are some of the other factors augmenting the demand in the frozen meat market.