Meat-based FPP Market Worth $991.58 Billion by 2029 - Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®
REDDING, Calif., June 14, 2022 /PRNewswire/ -- According to a new market research report titled, 'Meat-based FPP Market by Type (Hot Dogs & Sausages, Nuggets, Bacon, Strips, Meatballs, Burger Patties, Wings), Source (Pork, Beef & Veal, Chicken), Distribution Channel (Business-to-Business [B2B], Business-to-Customer [B2C]) - Global Forecast to 2029,' the meat-based FPP market is projected to reach $991.58 billion by 2029 at a CAGR of 6.8% from 2022 to 2029.
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The meat-based FPP industry includes ready-to-cook and ready-to-eat meat products. The rising trend of fast-food consumption is one of the major factors responsible for the increased demand for meat-based FPP (further-processed products). In general, meat is sold either as full carcasses, animal sections, or smaller cuts such as steaks and chops. Meat is also used to produce hot dogs & sausages, nuggets, bacon, strips, meatballs, burger patties, and wings. All these products constitute meat-based FPP products.
The growing demand for protein-rich diets, increasing demand for animal-based food products, and the rising consumption of ready-to-eat (RTE) and ready-to-cook (RTC) food products are the key factors responsible for the growth of the meat-based FPP market. However, growing awareness about the benefits of meat alternatives and the carcinogenic effects of processed meat are expected to restrain the growth of this market.
Increasing Demand for Animal-Based Food products
According to the Department of Economic and Social Affairs (UN), the global population is expected to reach 8.6 billion by 2030, 9.8 billion by 2050, and 11.2 billion by 2100. The growth in the global population places increased pressure on the world's resources to produce more types of food. In addition to the increased demand resulting from population growth, socio-economic changes, including increased incomes and rapid urbanization, also boost the demand for food. These factors have encouraged the livestock industry to expand and fulfill the growing need for protein sources. Animal-based food products are a key source of dietary protein and calories. According to the World Health Organization (WHO), the global annual meat production is projected to increase from 218.0 million metric tons in 1997–1999 to 376.0 million metric tons by 2030.
Furthermore, according to the Organisation for Economic Co-operation and Development and the Food and Agriculture Organization (OECD-FAO), the global demand for meat is expected to reach 371.68 million tons by 2030. Also, the global per capita meat consumption is expected to increase to 35.4 kg retail weight equivalent (rwe) by 2030, increasing by 1.1 kg rwe compared to the base period, 2021.
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Thus, this increase in the demand for protein-rich food, coupled with consumers' growing preference for low-fat and high-protein diets, is expected to significantly increase the consumption of animal-sourced protein, driving the growth of the meat-based FPP market.
Based on type, the meat-based FPP market is segmented into hot dogs & sausages, nuggets, bacon, strips, meatballs, burger, patties, wings, and other meats-based FPP. The hot dogs & sausages segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is attributed to the growing popularity of hot dogs and sausages as ready-to-eat food, increasingly busy lifestyles of the working class, increasing product launches by sausage manufacturers, and the growing frequency of major sports events. Also, the rapidly growing fast-food and ready-to-eat food industries and the increasing trend of on-the-go food products are expected to drive the growth of this segment.
Based on source, the meat-based FPP market is segmented into beef & veal, pork, chicken, mutton & lamb, and other sources. In 2022, the pork segment is expected to account for the largest share of the meat-based FPP market. The large market share of this segment is attributed to the rising global population and meat consumption. Furthermore, changes in food consumption patterns worldwide, expansion of the retail market, and easy availability of packaged pork meat products through various sales channels drive the demand for pork meat in the market.
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Based on distribution channels, the meat-based FPP market is segmented into business-to-business (B2B) and business-to-consumer (B2C) distribution channels. The business-to-consumer (B2C) segment is expected to register the highest CAGR during the forecast period of 2022–2029. The rapid growth of this segment is attributed to factors such as the growing number of supermarkets and hypermarkets and increased overall product sales from these outlets, consumers' preference for shopping from brick-and-mortar grocers due to easy access and availability, and consumers' increasing use of e-commerce platforms for purchasing essential goods.
Based on geography, in 2022, Asia-Pacific is expected to account for the largest share of the meat-based FPP market. This regional market is also expected to register the highest CAGR during the forecast period. The high market growth in Asia-Pacific is mainly attributed to the increasing awareness regarding the importance of protein-rich diets and the strong demand for meat and meat products in developing countries, such as China and India. The market growth in this region is also driven by rapid urbanization, rising incomes, and changing lifestyles of consumers, resulting in the adoption of convenient ready-to-cook meat products.
Some of the key players operating in the meat-based FPP market are JBS SA (Brazil), Tyson Foods, Inc. (U.S.), WH Group Limited (Hong Kong), The Kraft Heinz Company (U.S.), Hormel Foods Corporation (U.S.), Almunajem Foods (Saudi Arabia), Tanmiah Food Company (Saudi Arabia), Perdue Farms Inc. (U.S.), GCL Food Ingredients (U.K.), Park Food Manufacturing Pte Ltd (Singapore), Rosina Food Products, Inc. (U.S.), Buona Vita, Inc. (U.S.), and ARASCO (Saudi Arabia).
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Scope of the Report:
Meat-based FPP Market, by Type
- Hot Dogs & Sausages
- Pepperoni & Salami
- Mortadella
- Others
- Nuggets
- Bacon
- Strips
- Meatballs
- Burger Patties
- Wings
- Other Meats-based FPP
Meat-based FPP Market, by Source
- Pork
- Beef & Veal
- Chicken
- Mutton & Lamb
- Other Sources
Meat-based FPP Market, by Distribution Channel
- Business-to-Business
- Business-to-Consumer
- Modern Groceries
- Convenience Stores
- Specialty Stores
- Online Retail Stores
- Other B2C Distribution Channel
Meat-based FPP Market, by Geography
- Asia-Pacific (APAC)
- China
- Japan
- India
- Australia
- Thailand
- South Korea
- Rest of APAC (RoAPAC)
- Europe
- Germany
- Spain
- France
- Italy
- U.K.
- Poland
- Netherlands
- Belgium
- Austria
- Portugal
- Rest of Europe (RoE)
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America (RoLATAM)
- North America
- U.S.
- Canada
- Middle East & Africa
- GCC
- Saudi Arabia (KSA)
- UAE
- Qatar
- Rest of GCC
- Rest of the Middle East
- Africa
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Related Reports:
Meat Market by Product Type (Processed Meat, Fresh Meat), Animal Type (Cattle and Buffalo, Pig, Poultry, Sheep & Goat), Distribution Channel (Business-to-Consumer (B2C), Business-to-Business (B2B) - Global Forecast to 2029
https://www.meticulousresearch.com/product/meat-market-5261
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