The global processed meat market is anticipated to grow at a CAGR of 4.6% during the forecast period from 2021 to 2031. The global market is likely to be valued at US$ 356.6 Billion in 2031 from a valuation of US$ 219.1 Billion in 2020.
Increasing demand for various processed meat products such as sausages, hot dogs, jerky, and pepperoni, especially in developed countries, including the U.K. and the U.S. would push growth in the market. Besides, rising number of fast food outlets across the globe owing to high disposable income and changing lifestyles of the millennial population is expected to aid growth.
Moreover, key manufacturers are nowadays adding several preservatives to the meat to protect it from spoilage due to harmful organisms such as bacteria. Fast food outlets are also providing affordable meal packages and huge discounts, which is significantly contributing to growth.
As per the Centers for Disease Control and Prevention (CDC), nearly 36.6% of adults in the U.S. consumed fast food on a given day during 2013–2016. In addition, the percentage of adults who consumed fast food decreased with age: 24.1% aged 60 and over, 37.7% aged 40–59, and 44.9% aged 20–39 years.
Increasing population of youngsters in both developed and developing countries is thus projected to augment growth in the next decade. Also, surging consumption of ready-to-eat and ready-to-cook food items with growing rate of employment worldwide is set to boost growth.
As per Fact.MR, Germany generated about 23.7% of the Europe processed meat market share in 2021. Increasing shift towards the polarized snacking trend and high demand for organic processed meat are likely to drive growth in Germany.
