Processed Meat Market Size, Share and Trends 2024 to 2034

Processed Meat Size and Forecast 2024 to 2034

The global processed meat market size is expected to be worth USD 698.10 billion in 2024 and is anticipated to reach around USD 1,260.84 billion by 2034, growing at a solid CAGR of 6.09% over the forecast period 2024 to 2034.The rapid expansion of fast-food chains such as Burger King, KFC, McDonald's, Subway, and Taco Bell has significantly influenced the increase the demand of the processed meat market.

Processed Meat Market Key Takeaways

• North America dominated the processed meat market with the largest market share of 49% in 2023.
• Europe is expected to show the fastest growth in the market over the forecast period.
• By type, the frozen segment contributed the biggest market share of 73% in 2023.
• By type, the chilled segment is expected to grow at the fastest rate in the market over the forecast period.
• By animal type, the poultry segment led the global market in 2023.
• By animal type, the pork segment is observed to grow at a notable rate in the market during the forecast period.
• By distribution channel, in 2023, the supermarkets/hypermarkets segment held the largest share of the global market.
• By distribution channel, the online retail segment is observed to witness the fastest growth in the market during the forecast period.

U.S. Processed Meat Market Size and Growth 2024 to 2034

The U.S. processed meat market size was exhibited at USD 120.91 billion in 2023 and is projected to be worth around USD 235.60 billion by 2034, poised to grow at a CAGR of 6.25% from 2024 to 2034.

North America dominated the processed meat market in 2023. The demand for ground beef from restaurants and cafes has increased significantly. This growth is driven by a rising preference for ready-to-cook and ready-to-eat foods in the region. In North America, especially in the United States and Canada, consumers are shifting their tastes towards meat-based breakfast options like bacon instead of traditional choices such as pancakes. Due to their hectic schedules, people in this area are increasingly looking for high-quality, great-tasting, ready-to-eat, and ready-to-cook meat products.

• In February 2024, Cargill Inc. purchased two meat plants from long-time partner Ahold Delhaize USA. The company has invested in two processing facilities to expand its production and distribution of supermarket case-ready beef and pork to retailers in the Northeast part of the country.

Europe is expected to show the fastest growth in the processed meat market over the forecast period, where there is a notable preference for high-quality and traditional meat products. The region is renowned for its strict food safety standards, which have influenced consumer expectations for meat. European buyers place a high value on products with geographical indications, organic certifications, and transparent ingredient labeling.

Market Overview

Processed meat refers to meat preserved through methods such as smoking, salting, fermenting, or adding chemicals to enhance its shelf life and flavor. Commonly processed meats include beef, pork, turkey, chicken, and lamb, which are used to create products like pepperoni, jerky, hot dogs, and sausages. Preservatives are added to these meats to prevent spoilage caused by bacteria and other microorganisms. The processed meat market is widely utilized in both retail and institutional settings. Retail sales are prominent due to consumer preference for purchasing at supermarkets, hypermarkets, and online platforms, while the food service industry, particularly the HoReCa sector, drives additional demand.

The U.S. and China are the primary consumers of chicken in absolute numbers. They rank 7th and 112th, respectively, based on poultry consumption and per capita. Various island nations like Trinidad and Tobago, St. Vincent and the Grenadines, Samoa, and Israel eat more than 60 kilograms of poultry meat per person every year. Moreover, poultry consumption spans America, the UK, Australia, South Africa, and the Middle East.

Argentina's 46 million population eats approximately 47kg of bovine meat per person annually, which is the highest among other countries. South American countries have an intimate culinary history with beef. Because the Spanish settlers brought cattle into this region, which flourished on the green grass. Also, Argentina, Uruguay, and parts of Brazil rank 5th in bovine meat consumption.

Top Bovine Meat Consuming Countries (2020, Food and Agriculture Organization of the United Nations)

How is AI innovating the Meat Processing Market?

AI technology holds the potential to enhance both significant production efficiency and product quality in the processed meat market. By deploying AI algorithms, meat processors can achieve precise carcass classification, automate multiple processing tasks, and assess meat quality with greater accuracy. This advanced technology can also be utilized to optimize cutting processes within meat processing facilities and to identify ideal flavor combinations for value-added products. Retailers can leverage AI at the store level to better forecast demand and allow for more accurate assortment and pricing strategies.

• In October 2023, BioCraft Pet Nutrition unveiled its Artificial Intelligence/Machine Learning tool, accelerating R&D to achieve cell proliferation and nutrient production.BioCraft’s tool first collects and processes data from publicly available scientific literature and databases. It then synthesizes this data into a picture of the biochemical machinery inside a cell.

Processed Meat Market Growth Factors

• Increasing disposable income is expected to fuel the processed meat market growth.
• The rising need for convenience foods can propel the processed meat market growth further.
• Product Innovation is one of the key factors driving the processed meat market growth soon.

Market Scope

Market Dynamics

Drivers

Growing demand for protein-rich diets

The rising global awareness of health has driven an increased demand for diets rich in protein, placing meats at the center of many people’s nutritional choices. Protein plays an important role in various bodily functions, such as muscle growth, repair, and overall health maintenance. As a high-protein food source, meats conveniently fulfill these dietary requirements. In response, the market is evolving by offering a broader range of meat products that are processed to preserve nutritional benefits while enhancing flavor and extending shelf life. Moreover, advances in meat processing technologies have also contributed to minimizing unhealthy additives and preservatives, which make meats more attractive to health-conscious consumers. Thus, driving the growth of the processed meat market.

• In July 2024, Agthia Group PJSC, one of the region’s leading foods & beverage companies, announced the official opening of its new protein manufacturing facility at the Industrial City 1 in Jeddah, KSA. The launch of this new facility, designed to meet the growing demands for Agthia’s key protein brands, highlights the group’s strategic initiative to tap into the immense growth potential of the largest market in the GCC region.

Restraint

Ethical and environmental concerns

Growing awareness of issues related to animal welfare and the environmental impacts of meat production, including greenhouse gas emissions and deforestation, could lead to a decrease in meat consumption, which can affect the processed meat market.  Additionally, incidents of foodborne illnesses, contamination events, or negative media coverage concerning processing practices may undermine consumer trust in processed meat products.

Opportunity

Increasing focus on packaging innovations

Rising focus on packaging innovations is the primary factor shaping market growth. The key players use advanced packaging to stay ahead of the market competition. Other than that, innovative packaging also supports raising the shelf life of products, which makes them tougher. The implementation of innovative packaging such as MAP (modified atmosphere packaging), vacuum skin packaging, and vacuum packaging by companies is making it more convenient to handle. Furthermore, the rising need for such advanced packaging solutions can encourage key market players to come up with new solutions. Which can attract customers and thus present several opportunities in the processed meat market.

• In April 2024, FoodChain ID launched Sustainable Packaging Services, a suite of products and expert-guided services to help food brands and their supply chains meet market demands for sustainable packaging. Sustainable Packaging Services combines new and existing digital services that enable manufacturers to monitor and respond to changing global regulations on sustainable packaging.

Type Insights

The frozen segment dominated the processed meat market in 2023. Frozen meats are increasingly popular with consumers due to their convenience, extended shelf life, and ability to retain nutritional value. From whole cuts to pre-cooked and ready-to-cook varieties, frozen meats offer versatile solutions for different meal preparations. This segment benefits from evolving consumer lifestyles that prioritize ease and Flexibility in meal planning. Furthermore, Advances in freezing technology have enhanced the taste and texture of frozen meats, making them an attractive choice for those who value both quality and convenience in their food options.

• In June 2024, Dematic completed the first deployment of its new end-to-end automation solution at an Australian meat processing facility. The system integrates a Dematic Multishuttle Meat Buffer with a pallet automated storage and retrieval system, incorporating Dematic’s newly developed freezer-rated, high-reach automated guided vehicles (AGVs). This solution is managed and controlled through Dematic software.

The chilled segment is expected to grow at the fastest rate in the processed meat market over the forecast period. This is because chilled beef is primarily used as a buffer between the manufacturing, transportation, and consumption stages. When stored, the meat undergoes aging, during which enzymes naturally break down proteins, gradually making the meat more tender and enhancing its flavor.

Animal Type Insights

The poultry segment led the global processed meat market in 2023. Poultry, particularly chicken, is popular due to its broad consumer acceptance, health benefits, and versatility in various cuisines. As a lean protein source with lower saturated fats compared to red meats, it aligns well with health-conscious trends. Moreover, its widespread availability and affordability further solidify its leading position in the market. Advances in poultry processing, packaging, and flavoring have expanded the range of products, which meets diverse consumer tastes and preferences.

The pork segment is observed to grow at a notable rate in the processed meat market during the forecast period. Pork enjoys a significant consumer following, especially in Asia, Europe, and the Americas. Its popularity stems from its versatility, flavor, and fat content, which make it ideal for a variety of processed products like bacon, ham, sausages, and salami. Demand for pork products is strongly influenced by cultural acceptance and dietary preferences.

• In October 2023, Miratorg and Van Hessen launched a pork mucosa processing factory. The factory will produce the initial form of pharmaceutical heparin and hydrolyzed feed protein. With an investment cost of 1.6 billion roubles (USD16 million), Geparinus is the first high-tech project for pork mucosa processing in Russia, according to Miratorg.

Distribution Channel Insights

The supermarkets/hypermarkets segment held the largest share of the global processed meat market in 2023. Supermarkets, smaller than hypermarkets, provide a broad selection of everyday items, including groceries, household products, and personal care essentials. Hypermarkets, in contrast, are much larger and combine the functions of both a supermarket and a department store. Moreover, retailers are concentrating on developing advanced retail formats and sophisticated shopping environments, which are expected to further drive growth in these market segments.

The online retail segment is observed to witness the fastest growth in the processed meat market during the forecast period. This is due to direct-to-consumer (D2C) e-commerce becoming increasingly popular in the food industry. Online sales have surged by 200% compared to traditional in-store purchases. Home cooks prefer buying directly from farms to reduce the risk of adulteration. Additionally, 54% of these buyers have also shopped for meat online. Two-thirds of online meat shoppers are likely to recommend it to others, which can further drive growth in this segment.

• In January 2024, South Korean plant-based food brand UNILMEAT opened an online store specially catering to the US market to satisfy consumer demand following growth and sold-out launches.

Processed Meat Market Companies

• BRF SA
• Cargill Inc.
• Foster Farms
• Hormel Foods Corporation
• JBS SA
• Marel hf
• Marfrig
• National Beef
• Nippon Ham Foods Ltd.
• OSI Group
• Perdue Farms
• Pilgrim's Pride
• Sadia
• Sanderson Farms Inc
• Sysco
• Tyson Foods

Recent Developments

• In May 2024, Golden Valley Natural, a meat snack company from Shelley, Idaho, was acquired by the Western Smokehouse Partners. In some remarks, the CEO, Matt Bormann, observed that the origin of Golden Valley as a family business producing natural and organic meat snack products is consistent with Western Smokehouse’s objective of providing healthier meat snack items.
• In November 2023, Redefine Meat announced its expansion into the European retail market by introducing plant-based products in collaboration with Ocado in the UK and with Albert Heijn and Crisp in the Netherlands.
• In May 2022, JBS SA completed the acquisition of Spain’s largest cultivated meat company and has found a site for a new biotech R&D center. JBS now owns a 51% stake in BioTech Foods, a Spanish-cultivated meat company, in an acquisition that was originally announced last November. JBS plans to build a production plant for cultivated meat in San Sebastián, on Spain’s northern coast near the French border.

Segments Covered in the Report

By Type

• Frozen
• Chilled
• Canned

By Animal Type

• Poultry
• Beef
• Pork
• Others

By Distribution Channel

• Supermarkets & Hypermarkets
• Grocery Stores
• Specialty Retailers
• Online Stores
• Others

By Geography

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East & Africa