Processed Meat Market is Rising at an 8.4% CAGR, is Estimated to be Worth US$1.5 Billion by 2024 - GCC Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024: TMR

Sep 19, 2016, 07:30 ET from Transparency Market Research

ALBANY, New York, September 19, 2016 /PRNewswire/ --

The GCC processed meat market is rather fragmented and the top six players accounted for a share of just under 35% in 2015. These players are National Food Co., Al Islami Foods, Sunbulah Group, BRF SA, Gulf Food Industries, and Almunajem. Transparency Market Research notes a strong presence of several of these companies in the GCC region.

An increasing number of vendors in the processed meat market have been concentrating on diversifying their product portfolio through product innovation and development. Understanding the requirements of the consumers and end users is key in this regard. In July 2015, BRF SA brand Perdigão introduced its line of smoked sausages, hams, and pork cuts. The opportunity in the GCC processed meat market was pegged at US$760.7 mn in 2015 and, rising at an 8.4% CAGR, is estimated to be worth US$1.5 bn by 2024.

Rest of GCC to Continue its Lead in GCC Processed Meat Market 

Based on type of meat, the GCC processed meat market was led by poultry, which accounted for over 43% in 2015 in terms of revenue. Lamb, on the other hand, is anticipated to register a strong growth rate of 8.9% from 2016 to 2024. In terms of volume as well, poultry leads the GCC process meat market while the lamb segment will expand at a rapid pace.

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By type of product, frozen processed meats held the dominant share in terms of sales and demand, while the others segment, which comprises shelf-stable meat, will register a CAGR higher than the any of the segments from 2016 to 2024. On the basis of package type, the GCC processed meat market was led by retail packaging and bulk packaging, on the other hand, is projected to expand at a high CAGR during the forecast period.

Geographically, the processed meat market in segmented into Qatar and Rest of GCC. The latter accounted for a whopping 87.7% share in 2015 in terms of revenue. Qatar, on the other hand, will present an 8.8% CAGR from 2016 to 2024, higher than that exhibited by the Rest of GCC segment.

Sales of Processed Meat on the Rise in Developing Economies 

Retail is the largest distribution channel for processed meat products across the GCC and the rapidly growing retail sector has played a significant role in the growth of this market. "Modern grocery retailers such as supermarkets, hypermarkets, and convenience stores and traditional retailers such as independent small grocers are both contributing to the sales of processed meat in the GCC region," the lead analyst states. Developing economies have been witnessing the highest development as far as the retail sector is concerned and this is a key characteristic of the GCC processed meat market.

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Product innovation and the rising inflow of tourists also act as major growth drivers. In contrast, the rising cost of raw materials for animal feed serves as a key deterrent to the expansion of the GCC processed meat market.

This review is based on the findings of a TMR report titled "Processed Meat Market (by Meat Type - lamb, poultry, beef; by Product Type - frozen processed meat, chilled processed meat and others; by Package Type - retail packaging and bulk packaging) GCC Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."

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GCC Processed Meat Market, by Meat Type 

  • Lamb
  • Poultry
  • Beef

GCC Processed Meat Market, by Product Type 

  • Frozen Processed Meat
  • Hot Dogs
  • Salami
  • Mortadella
  • Others
  • Chilled Processed Meat
  • Burger
  • Nuggets
  • Others
  • Others (Shelf Stable Meat)

GCC Processed Meat Market, by Package Type 

  • Retail
  • Bulk

GCC Processed Meat Market, by Region 

  • Qatar
  • Rest of GCC

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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

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