The global Frozen Meat Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
The global frozen meat market is estimated to reach USD 99.2 billion, by 2025, expanding at a CAGR of 4.4% over the forecast period, according to a new report by Million Insights. The market is majorly driven by the changing lifestyle, food preference and increasing demand for ready-to-eat food.
Frozen meat is gaining popularity among consumers owing to factors such as readily consumable and timesaving for busy lifestyles. This is anticipated to provide prominent growth opportunities for the global market. Moreover, steady economic growth associated with the developing mining industry has helped in increasing the number of employment opportunities, these factors have improved the purchasing power of consumers.
Key Players:
- Kerry Group plc.
- Marfrig Group.
- BRF S.A.
- Associated British Foods Plc.
- Tyson Foods
- Pilgrim’s Pride Corporation, Inc.
- Verde farms, LLC
- Arcadian Organic & Natural Meat Co.
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Growth Drivers:
Owing to time-saving and ready to consume benefits regarding frozen meat product types are growing in popularity among younger professionals. This trend is anticipated to increase in the forecast period by offering growth opportunities to the market. In the last few years, steady economic growth coupled with increasing employment opportunities has improved the average income of consumers. These attributes are expected to have a positive impact on market growth. Factors such as packaging, enhanced shelf-life are encouraging consumers across the globe to purchase from online channels. Owing to these factors the market is anticipated to grow in the forecast period.
Product Type Outlook:
- Beef
- Pork
- Chicken
Distribution Channel Outlook:
- Convenience Stores
- Supermarket & Hypermarket
- Online
The supermarket and hypermarket channel are projected to ascend at the fastest CAGR during the forecast period. The major retail stores in this market are Walmart, Real Canadian superstore, and Costco. These stores contribute to 15.0% share of global market share.
Beside online channel, consumer prefer correct scanning of meat product type, and authenticity before purchasing any meat product type. However, because of the growing penetration of internet network, and smartphones along with ease provided by online platforms, online channel are gaining traction between consumers. For example, online grocery shops such as ExpatShop and eButler offer meat product types, along with some other grocery items for attracting consumers. Owing to doorstep delivery option, wide access to number of brands is also rising the demand of the market.
Regional Outlook:
In 2018, Asia Pacific accounted for largest share of 30.0% in the global market. Asian countries like Japan and China are the highest importer of meat product types and this trend is expected to increase demand of the market in coming years. Owing to high consumption rate, Asia Pacific is also projected to grow at the highest CAGR during, 2019 to 2025. Growing number of eateries and restaurants, increasing penetration of internet and seasonal requirement of food in the region are anticipated to bolster the regional growth of the market.
Among different meat product types, China largely imports pork which includes frozen pork’s, and frozen hams. Rising spending on types of meat product such as frozen meat which is projected to surge the demand of the market during the forecast period. In China growing popularity of meat is expected to increase demand for different types of frozen meat from 2019 to 2025. Adults, especially in the age group between 20 to 35 years, consume healthy meat product types once in a week. In urban region, Dumpling is a highest consumed product type. For instance, in 2017, 64% of the Chinese population was in the 16-59 years age group which represents growing prospect for online segment.
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