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.
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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.
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.
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.”
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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