Processed Meat Market is estimated to attain value of US.5 bn by 2024

Posted by mandar on March 26th, 2021

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.

TMR anticipated that the revenue of processed meat market in GCC was registered at US0.7 mn in 2015 and with CAGR of 8.4% is estimated to attain value of US.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.

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.

Request PDF brochure

https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=14666

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.