Processed Pork Market size is estimated to be $1.6 billion in 2019, growing at a CAGR of 6.5% during the forecast period 2020-2025. Pork is the flesh of a domestic pig which is consumed meat from terrestrial animals. Increasing demand for pork meat and an increase in disposable income are the major factors driving the growth of the market. Increasing urbanization and the high availability of pork meat further enhance the overall market demand for processed pork during the forecast period 2020-2025.
Pork Meat- Segment Analysis
The Processed Pork Meat segment held the largest share in the Processed Pork Market in 2019 and is estimated to grow at a CAGR of 5.8% during the forecast period 2020-2025. Pork is an ingredient in sausages that is eaten both freshly cooked and preserved. Pork meat processing is divided into three areas, slaughtering, meat cutting, and further processing. Grinding reduces the meat particle size, and therefore the mixing assures uniformity of chemical composition and protein extraction. Processed pork products include smoked pork, ham, bacon, and sausages which are high in protein and rich in many vitamins and minerals. It is estimated that the processed pork to be the highest growing segment and register the highest CAGR during the forecast period 2020-2025.
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Meat Product- Segment Analysis
The Cured Meat segment held the largest share in the Processed Pork Market in 2019. Cured meat is meat that has been preserved through aging, drying, canning, salting, brining, or smoking. The goal of curing is to slow spoilage and prevent the growth of microorganisms. Dry curing is used to cure ham, bacon, and smaller cuts of meat. Wet Curing involves combining curing salt and water to create a sweet pickle solution. Combination curing involves a combination of both wet and dry curing as it reduces the risk of spoilage. Uncured meats rely on natural salts and flavourings.
Geography – Segment Analysis
North America dominated the Processed Pork Market in 2019 with a share of more than 43%, followed by the Asia Pacific owing to improving pig breeding technology. Increasing consumption of fast food products, higher disposable income of households, and the rise in the urban population are increasing the growth of the processed pork meat in this region.
However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2020-2025 owing to an increase in trade flow of pork enhancing shelf life and the growing attraction of consumers towards protein-rich meat. The technological advancements in pork production and growing restaurant industry especially fast food and fast-casual dining are increasing the growth of the processed pork market in this region
Drivers – Processed Pork Market
Increasing demand for pork meat and increase in disposable income
Increasing demand for pork meat and an increase in disposable income is increasing the growth of the processed pork market owing to the rise in the number of new pork meat products in the market attributed to increasing demand for pork meat from consumers. Processed pork meat demand is increased owing to the improvement in pig breeding technology. The meat is seasoned or smoked or treated with certain chemicals to change it into a processed form that enhances the pork’s taste and makes it less vulnerable to microorganisms. Thus, increasing the growth of the processed pork market during the forecast period 2020-2025.
Growing attraction of consumer towards protein rich meat and increasing urbanization
The growing attraction of consumers towards protein-rich meat and increasing urbanization is increasing the growth of the processed pork market owing to the highly correlated with access to processed foodstuffs which have higher sugar levels. Increasing urbanization and disposable income have led to a rapid rise in pork consumption. Pork is very high in thiamine and its fat trimmed is leaner than the meat of most domesticated animals, but is high in cholesterol and saturated fat. Pork is an excellent source of many vitamins and minerals, including thiamine, zinc, vitamin B12, vitamin B6, niacin, phosphorus, and iron. Thus, increasing the growth of the processed pork market during the forecast period 2020-2025.
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Challenges – Processed Pork Market
Rising obesity concerns and government regulations
Some of the factors that is set to impede the growth of the Processed Pork Market are rising obesity and increasing government regulations on animal raising.
Processed Pork Outlook
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Processed Pork Market. In 2019, Processed Pork Market share is consolidated by the top ten players present in the market. Processed Pork, the top 10 companies are Sysco Group, Cargill Inc., WH Group, Danish Crown, Tyson Foods Inc., Hormel Foods Corp., Sanderson Farms and Smithfield Foods, Inc. among others.
In February 2016, Sysco acquire Braker Group.
In October 2017, Sysco acquired Kent Frozen Foods.
North America dominates the Processed Pork Market in 2019 owing to the increasing demand for packaged foods. The Processed Pork Market scope for different regions will be provided in the final report.
The growing attraction of consumers towards protein rich meat and increasing urbanization is likely to aid in the market growth of the Processed Pork Market.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Processed Pork Market report.
Rising obesity concerns and government regulations create hurdles for the Processed Pork Market.
Related Reports :
A. Processed Poultry & Meat Market
B. Meat Processing Equipment Market
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