The global frozen meat market size
is anticipated 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 Grand View Research,
Inc. The market is driven by increase in adoption of ready to eat food and
change in lifestyle and food preference, where seasonality remains the major
factor.
The market is gaining popularity among
consumers due to the readily consumable aspect of the product, which saves time
for the busy and young professionals. This is expected to provide potential
growth opportunities for the global market. Over the past few years, stable
economic growth associated with developing mining industry has resulted in
increasing number of employment opportunities, thereby improving the consumers’
average income.
Rapid urbanization as a result of growing
population and need to cater to the increasing demand for non-vegetarian
consumers are some of the factors expected to boost market growth in the coming
years. Recent spread of diseases in pork and poultry has resulted in the
gradual shift of the consumers towards beef and other meat products.
The frozen beef product segment held the
largest market share in 2018. For instance, China imported USD 3 billion worth
of frozen beef in 2017, which is 13.8% of the total frozen beef. U.S. was the
second largest importer of frozen beef holding a share of 10.3%, followed by
Vietnam, Hong Kong, and South Korea. Vietnam, China, and Indonesia are the
fastest growing importers of frozen beef while countries like Japan, Russia,
and Israel have declined in the purchase of frozen beef imports.
The supermarket and hypermarket segment is
anticipated to expand at the fastest CAGR over the forecast period. The online
segment held the largest market share in 2018 owing to technological
advancements across the world. The online channel is expected to witness
increased adoption among consumers over the coming years. Time-pressed younger
population, especially in the metros, is expected to be a key consumer set for
active players such as Grofers and Big Basket, which have been the front
runners in online grocery retailing at large.
Asia Pacific held the largest market share
in 2018 and is anticipated to expand at the highest CAGR of 5.2% over the
forecast period. The growth is attributed to high import and consumption of
meat in this region, along with penetration of e-commerce, increase in the
number of food joints, and seasonality. Increasing popularity of healthy
products among Chinese consumers is projected to increase demand for frozen
meat. Young consumer, especially aged 20 year to 35 year eat healthy meat
product once a week. Dumpling is the most consumed product, especially in urban
areas. Consumers in the above-mentioned age group also buy frozen meat from
online retailers. For instance, 64% of the population in China was in the 16-59
years age group in 2017, which presents growth prospect for the online channel.
Leading players in the market include Kerry
Group Plc.; Marfrig Group.; BRF S.A.; Associated British Foods Plc.; Tyson
Foods; Pilgrim’s Pride Corporation, Inc.; Verde Farms, LLC; and Arcadian
Organic & Natural Meat Co.
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or view summary of this report, click the link below:
https://www.grandviewresearch.com/industry-analysis/frozen-meat-market
https://www.grandviewresearch.com/industry-analysis/frozen-meat-market
Further key findings from the study suggest:
· The global frozen meat market is expected
to expand at a CAGR of 4.4% from 2019 to 2025
· Frozen beef is expected to expand at the
highest CAGR over the forecast period. The segment held the largest market
share of 32.6% in 2018 and is expected to maintain its lead in the coming years
· Based on the distribution channel, the
supermarket and hypermarket segment is anticipated to expand at the fastest
CAGR over the forecast period
· APAC held the largest market share in 2018 owing
to developing countries like China and Japan. The region is expected to
register the highest CAGR of 5.2% over the forecast period
· Various manufacturers are focusing on
technological innovation in order to gain maximum market share.
Grand View Research has segmented the
global frozen meat market on the basis of product type, distribution channel,
and region:
Frozen Meat Product Type Outlook (Revenue,
USD Billion, 2015 - 2025)
·
Beef
·
Pork
·
Chicken
·
Others
Frozen Meat Distribution Channel Outlook
(Revenue, USD Billion, 2015 - 2025)
·
Convenience Stores
·
Supermarket & Hypermarket
·
Online
Frozen Meat Regional Outlook (Revenue, USD
Billion, 2015 - 2025)
·
North America
·
Europe
·
Asia Pacific
·
Central & South America
·
Middle East & Africa
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
