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(Health-NewsWire.Net, August 04, 2022 ) 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 expected to reach $991.58 billion by 2029, at a CAGR of 6.8% during the forecast period 2022–2029.
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The global 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 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 like steaks and chops. Some of the meat produced is also used for further processing into foods such as hot dogs & sausages, nuggets, bacon strips, meatballs, burger patties, and wings. All these products constitute meat-based FPP products.
Impact of COVID-19 on the Meat-based FPP Market
The COVID-19 pandemic affected various economies and industries due to government-imposed lockdowns, travel bans, and business closures. The food & beverage sector was impacted due to supply chain disruptions and production deficits. During the pandemic, the shutting down of restaurants and hotels led to a decline in the consumption of meat-based FPP, including bacon, hotdogs, and sausages.
The COVID-19 pandemic also impacted meat production, supply chains, and prices, causing a severe socio-economic crisis globally. Initially, the prices of meat products had increased due to the shortage of raw materials and increased demand due to panic buying. However, later, both the demand and production of meat-based FPP decreased significantly due to lockdown restrictions and consumers’ reduced purchasing power, lowering prices.
Moreover, in April 2020, meat packing facilities started to shut down due to the rapid spread of the COVID-19 virus among workers in most countries, including the U.S. and European countries. Apart from this, meat processors also faced difficulties in harvesting and shipping products due to the lockdown, labor force shortages, and changes in the legislation of domestic and international export markets. These conditions adversely impacted the overall meat industry due to the closure of meat production, processing, and distribution facilities. For instance, the U.S. beef and pork processing industry registered a decline of 40% between April and May 2020 compared to the same period in 2019. In Canada, 75% of beef processing plants were disrupted due to the shutdown of meat facilities, particularly in the Alberta province. In April 2020, the slaughtering of lambs and goats in Spain dropped by 25.9% and 28.5%, respectively, compared to April 2019.
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Thus, the COVID-19 pandemic adversely impacted the meat-based FPP market in 2020 and 2021 due to the shutting down of factories, disrupted supply chains, restrictions on the transportation & logistics industry, and the global economic downturn.
The meat-based FPP market is segmented based on type (hot dogs & sausages [pepperoni & salami, mortadella, and others] nuggets, bacon, strips, meatballs, burger patties, wings, and other meat-based FPP), source (pork, beef & veal, chicken, mutton & lamb, other sources), distribution channel (business-to-business (B2B), business-to-consumer (B2C) [modern groceries, convenience stores, specialty stores, online retail stores, other B2C distribution channels]), and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Quick Buy – “Meat-based FPP Market by Type (Hot Dogs & Sausages, Nuggets, Bacon, Strips, Meatballs, Burger Patties, Wings), Source (Pork, Beef & Veal, Chicken), and Distribution Channel (Business-to-Business [B2B], Business-to-Consumer [B2C])—Global Forecast to 2029” Research Report: https://www.meticulousresearch.com/Checkout/83587324
Based on type, the hot dogs & sausages segment is expected to witness rapid growth in the meat-based FPP market during the forecast period of 2022-2029. The high growth of this segment is mainly attributed to the growing popularity of hot dogs and sausage 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 is expected to provide growth opportunities for this segment.
Based on source, in 2022, the pork segment is expected to account for the largest share of the meat-based FPP market. The large share of this segment is mainly attributed to the rising global population and increased meat consumption. Further, changes in the food consumption pattern of people worldwide, expansion of the retail market, and easy availability of the product through various sales channels make it convenient for consumers to purchase packaged pork meat products, which also drives the demand for pork meat in the market. However, the chicken segment is expected to register the highest CAGR during the forecast period of 2022–2029. The high growth of this segment is attributed to growing modernization, technological advancements in poultry processing, and increased chicken production.
Based on distribution channel, in 2022, the B2B segment is expected to account for the largest share of the meat-based FPP market. The segment’s large share is attributed to the rising product demand from hotels, restaurants, food chains, cafes, and the foodservice sector. Over the past few years, most food joints have expanded their product portfolio in their menu offerings, through the incorporation of enjoyable beef products including burgers, roast, stroganoff, casseroles, soups, nachos, stew, and manicotti, among others. However, the B2C segment is expected to grow at the fastest CAGR during the forecast period. The fast growth of this market is mainly attributed to the growing number of supermarkets and hypermarkets and increased overall product sales from these outlets; consumer 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, the meat-based FPP market is segmented into six major geographies: North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. Asia-Pacific is estimated to witness rapid growth in the meat-based FPP market during 2022–2029. The high market growth in Asia-Pacific is driven by factors including 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. Moreover, rapid urbanization, rising income, and changing lifestyles in the Asia-Pacific region have resulted in consumers opting for convenient ready-to-cook meat products expected to support this segment's growth.
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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