Processed Meat Market in GCC to Expand with a CAGR of 8.4% during 2016-2024
Transparency Market Research (TMR) finds that the GCC processed meat market is highly fragmented due to presence of string key players in the region. The top six players grabbed the share of nearly 35% in 2015. Some of the key players operating in the GCC processed meat market include National Food Co. (Americana Meat), Sunbulah Group, Al Islami Foods, BRF S.A., Cargill Inc., Tyson Foods, Gulf Food Industries, and Almunajem.
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TMR anticipated that the revenue of processed meat market in GCC was registered at US$760.7 mn in 2015 and with CAGR of 8.4% is estimated to attain value of US$1.5 bn by the end of 2024. On the basis of type of packaging, retail packaging is the most preferable method for processed meat due to its low price and increase in the shelf life of processed meat products. On the basis of countries, Qatar is expected to witness substantial growth over the forecast period from 2016 to 2024, expanding with a healthy CAGR of 8.8% followed by UAE.
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Demand for High Quality Meat to Drive Growth
The growing disposable income of urban population has fuelled the demand for processed which is likely to drive growth of the processed meat market. The processing on meat helps to maintain freshness of meat products, improve its shelf life, and maintain quality of the meat products for longer time. Additionally, busy urban life of numerous people has resulted in changing preference for convenient food which require less time and efforts for cooking the foodstuff. The rising preference for ready-to-eat meat and meal among the urban consumer is boosting demand for processed meat which is likely to drive growth of the processed meat market in GCC.
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Additionally, changes in meat preservation techniques resulted in to high production rate of the processed meat which is making it easily available even in the developing and undeveloped countries. The availability of products have boosted its adoption substantially in the countries across GCC, which is fuelling growth of the processed meat market. Furthermore, the meat products such as hot dogs are gaining popularity in the region, increasing adoption of these products is fuelling growth of the processed meat market.
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Increasing meat consumption in the region to create lucrative opportunities
Despite of these growth prospects, there are several measure which are limiting growth of the fresh processed meat products market such as increasing obesity levels, demand for high-protein & fat-free meat, growing number of fresh meat-eaters. In addition, rising concern towards cancer & heart disease risks caused due to unhealthy lifestyle and high consumption of processed food are hampering adoption of processed meat.
Nevertheless, increasing meat consumption in the countries in the region is leading to create worthwhile opportunities for key players. Increasing demand from developing economies present in the region is expected to create new growth opportunities over the forecast period. Additionally, fresh processed meat products are extensively adopted by the fast food products, and are popular among the working class of the society. This factor is offering growth prospectes to the new entrants in the market.
This information is comprised in the new report by TMR, titled “Processed Meat Market (Meat Type – Lamb, Poultry, Beef; Product Type – Frozen Processed Meat, Chilled Processed Meat; Package Type – Retail packaging and Bulk Packaging) – GCC Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”
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