The processed meat market is expected to see an increase of 2.2 per cent volume growth in 2018 compared to last year due to the growing meat industry and increasing growth of the food processing industry.
A recent study by Fact.MR found that the industry is set to cross US$200 billion this year despite sluggishness in global demand
Despite a preference for fresh food products, time-poor consumers are prioritising convenience and demanding affordable animal protein.
The rise of the vegan trend and growing colorectal cancer concerns, however, are ensuring only moderate growth in the market.
Poultry and pork are the top-selling processed meat products globally. Sufficient poultry supplies at relatively low prices and a significant rise in per-capita pork consumption in emerging nations, especially in China, is fueling demand for processed pork and poultry.
Processed meat manufacturers are adapting their business strategies to leverage approximately 75 per cent market share of processed poultry meat and pork in the coming years.
Despite that belief among many consumers that organic is best, conventionally processed meat products are witnessing higher demand than that for organic processed meat products. This is mostly down to cost and availability and consumers becoming aware of the fact that organic does not mean cruelty-free.