Market Growth, Trends, and Forecast for Frozen Meat Market

 


Market Overview

Certain meat products are only available in particular seasons. To fulfill the demand for meat products and overcome the issue of seasonality, manufacturers are focusing on introducing various types of frozen items in this category. Change in lifestyle of people across the globe and increase in demand for ready to eat food are the prime factors driving the market globally. Over the projected period, the market is expected to rise at a faster rate due to a growing working population, rising per capita income in developing nations, and increased demand for frozen food products.

In 2018, the worldwide frozen meat market was worth USD 73.3 billion, and it is expected to grow at a CAGR of 4.4 percent from 2019 to 2025. Changes in lifestyle and dietary tastes, seasonality, and the acceptance of ready-to-eat food are all factors contributing to the market's rise. Continuous efforts to deliver the best service and technological developments to extend the shelf life of frozen products.

Market Growth

Due to the easily consumable and time-saving nature of the product, the industry is growing popularity among consumers, particularly among young professionals. By developing product variants, this scenario is likely to provide prospective chances for the global market. Over the last few years, consistent economic expansion accompanied by the development of the mining industry has resulted in an increase in the number of job opportunities, consequently raising the average income of consumers. Furthermore, fast-paced lifestyles have increased the spread of e-commerce and online meal delivery services, thus food joints and restaurants all over the world rely on frozen meat products to meet demand for meat dishes. This scenario is projected to drive global market expansion in the future years.

Types of Product

Beef, chicken, pork, and other products are segmented in the market. Due to increased consumption and import of frozen beef by Asian countries and on a global scale, frozen beef had the greatest market share of more than 30.0 percent in 2018. Over the projected period, the beef segment is expected to increase at the fastest rate, followed by pork and chicken. Beef demand is predicted to rise as a result of its high protein content when compared to other meat types. Pork demand is driving the market, which is being driven by frozen meat imports and exports between countries.

Channel of Distribution

Convenience stores, supermarkets and hypermarkets, and Internet are the three types of distribution channels. Over the projected period, the supermarket and hypermarket segment is predicted to grow at the quickest CAGR. Walmart, Costco, and the Real Canadian Superstore are among the country's most popular retail outlets. These stores dominate the market, accounting for 15.0 percent of total sales. Consumers demand proper scanning of the product, legitimacy, contents, and variety before purchase, therefore the offline channel has been driving the industry. The online distribution channel, however, is gaining traction among customers, thanks to increased smartphone and internet access, as well as the convenience afforded by e-commerce platforms.

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