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The global processed meat market size is expected to generate USD 862.97 billion by 2027, while exhibiting a CAGR of 6.24% between 2020 and 2027. This is ascribable to factors such as increasing demand for flavored meat products and convenient food products across the globe. Fortune Business Insights, publish this information in its latest report, titled “Processed Meat Market Size, Share & Industry Analysis, By Type (Frozen, Canned, and Chilled), Animal Type (Poultry, Beef, Pork, and Others), Distribution Channel (Hypermarket/Supermarket, Convenience Stores, Specialty Stores, and Others), and Regional Forecast, 2020 – 2027.” The report further observes that the market was worth USD 519.41 billion in 2019.
Buckle Family’s Pig Farming & Rearing Business Acquired by Cranswick Plc
Fortune Business Insights detailed qualitative and quantitative report informs that the global processed meat market growth is witnessing surge owing to the presence of several organized and unorganized companies. The players are striving to gain maximum market share and maintain their stronghold during the forecast period. Cranswick Plc is among those companies that are striving to consolidate its position in the global marketplace. For instance, in February 2020, Cranswick announced its acquisition of Buckle Family’s pig rearing and farming operations along with a 50% stake in the White Rose Farms Limited, a joint venture established between the Buckle Family and Cranswick back in 2018. According to Rick Buckle, MD for White Rose Farms, the acquisition is expected to strengthen the commitment for a transparent and sustainable farm to fork operation.
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Increasing Demand for Flavored Meat Products to Augur Growth
The flavor is a vital aspect that defines the overall acceptability and taste of processed meat products. The different flavors have a deep influence on the consumers preferring the food products. Therefore, taking this into account, several manufacturers are introducing novel and exotic flavored processed meat products that are expected to drive the global market share during the forecast period. Additionally, several types of seasonings, herbs, spices, and marinates are available across the supermarkets to maintain flavorful texture for the products. Furthermore, the introduction of cross-country flavored food products is likely to boost the growth of the market in the forthcoming years. Moreover, the manufacturers are trying to innovate the food processing technology to maintain the food flavor and increase shelf life. For instance, in July 2019, John Bean Technologies announced its launch of a novel high-pressure processing (HPP) technology that efficiently eliminates microbes along with extending the food product shelf life.
Merger & Acquisition Strategies by the Companies to Aid Growth
The market comprises of several companies such as JBS S.A., Tyson Foods Inc., and Conagra Brands Inc., among others that are trying to maintain market presence and strengthen their position. The market is fiercely competitive and presents exciting opportunities for the companies to gain major chunk of the share and increase their product horizon during the forecast period. Adoption of strategies such as merger and acquisition, collaboration, novel product launches, and partnership, among others by the key players are expected to drive the market growth during the forecast period.
List of the Companies Proliferating in the Market:
Further Report Findings:
Table of Segmentation:
Value (USD Billion)
By Animal Type
By Distribution Channel