The global frozen meat market is estimated to reach USD 99.2 billion, by 2025, expanding at a CAGR of 4.4% over the forecast period, according to a new report by Million Insights. The market is majorly driven by the changing lifestyle, food preference and increasing demand for ready-to-eat food.
Frozen meat is gaining popularity among consumers owing to factors such as readily consumable and timesaving for busy lifestyles. This is anticipated to provide prominent growth opportunities for the global market. Moreover, steady economic growth associated with the developing mining industry has helped in increasing the number of employment opportunities, these factors have improved the purchasing power of consumers.
Some of the factors expected to fuel market growth in the upcoming years are rapid urbanization as a result of a growing population and increased need to meet the growing demand for non-vegetarian products. Furthermore, the recent spread of diseases in poultry and pork has resulted in the consumers ' gradual shift to beef and other meat products.
In 2018, frozen beef holds the largest share in the product type segment. For instance, in 2017, China imported frozen beef worth USD 3 billion which is over 13% of the total global frozen beef. Asian countries such as China, Indonesia, and Vietnam are the fastest growing importers of frozen beef on the other hand countries like Russia, Japan, and Israel have declined in the purchase of frozen beef imports.
The supermarket and hypermarket segment are expected to grow at the fastest CAGR during the forecast period. In 2018, the online segment holds the largest share in the frozen meat market owing to advancements in technology across the world. The growing youth population, especially in the metros, is expected to be a key consumer set for active players such as Big Basket and Grofers which are top players in online grocery retailing.
In 2018, the Asia Pacific region holds the largest market share and is expected to grow at a CAGR of 5.2% over the forecast period. This growth is majorly due to the high import and consumption of meat in the region. The increasing penetration of e-commerce, the rising number of food joints, and eateries are some of the factors driving the market. Moreover, the growing popularity of healthy products among Chinese people is also driving the demand for frozen meat. Consumers especially aged between 20 years to 35 years eat healthy meat products once a week. In Urban areas, the dumpling is found to be the most consumed product. The younger population as mentioned in the above age group also buy meat products from online retailers. For instance, in 2017, 64% of the population in China was in the 16-59 years age group which presents growth prospects for the online channel.
Leading players in the market include Kerry Group Plc.; Associated British Foods Plc.; Marfrig Group.; BRF S.A.; Pilgrim’s Pride Corporation, Inc.; Verde Farms, LLC; Tyson Foods; and Arcadian Organic & Natural Meat Co.
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Further key findings from the report suggest:
• Frozen meat market is projected to grow at a CAGR of 4.4% between, 2019 to 2025.
• Based on product type segment, frozen beef is expected to grow at the highest CAGR over the forecast period.
• Based on the distribution channel, the supermarket and hyper market is expected to grow at the fastest CAGR, during the forecast period.
• Asia Pacific region is expected to grow at the fastest CAGR of 5.2% from 2019 to 2025, due to the presence of developing countries such as China & Japan.
Million Insights has segmented the frozen meat market based on product type, distribution channel, and region:
Frozen meat Product Type Outlook (Revenue, USD Billion, 2015 - 2025)
Frozen meat Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)
• Convenience Stores
• Supermarket & Hypermarket
Frozen meat Regional Outlook (Revenue, USD Billion, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa