The
GCC processed meat market is highly fragmented with the existence of
several small, medium, and large-sized companies, says Transparency
Market Research (TMR) in a research report. To establish a stable
position in the market, the players are focusing on product
innovation and economies of scale. The market players are likely to
compete against each other in terms of pricing, product portfolio,
and product differentiation. The leading players in the market are
Almunajem, Gulf Food Industries, Cargill Inc., Tyson Foods, BRF S.A.,
Sunbulah Group, Al Islami Foods, and National Food Co. (American
Meat). The top four players, Al Islami Foods, National Food Co.,
Sunbulah Group, Almunajem, Gulf Food Industries, and BRF SA accounted
for a share of approximately 35% in 2015. To meet the requirements of
consumers, in the July of 2015, Perdigão, a brand of BRF SA
introduced its new line of pork cuts, hams, and smoked sausages.
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The
GCC processed meat market is expected to expand at a CAGR of 8.4%
between 2016 and 2024. The market was estimated to me US$760.7 mn in
2015 and is projected to rise to a valuation of US$1.5 bn by the end
of 2024.
Poultry
to be Most Preferred Processed Meat in GCC Countries
On
the basis of meat type, the poultry segment led the GCC processed
meat market in 2015 with a share of above 43% in the same year. It
has been estimated that the segment of lamb will register strong
growth with a CAGR of 8.9% during the forecast period. The poultry
segment is expected to retain its dominance until 2024. This
dominance can be attributed to rising consumption of poultry products
in Saudi Arabia. With the preference of poultry gaining momentum, the
demand for frozen options is also expected to rise at a significant
rate. In the products segment, frozen food is expected to take over
the market over the next couple of years owing to the growing
consumption of hot dogs, salami, franks, and burgers among the young
population. Frozen processed meat products are also preferred as they
can be conveniently stores and easily prepared when needed.
In
terms of country, the GCC
processed meat market was dominated by Rest of GCC in 2015 with a
share of 93.6% in the same year. It has been projected that it will
retain the leading position until 2024. In the Rest of GCC, Saudi
Arabia emerged as the most formidable market closely trailed by the
United Arab Emirates. This growth can be attributed to factors such
as strong economic growth, rising tourism in the countries, growing
domestic population, and rising preference for processed meat.
Growing
Retail Sales to Act as Boon for Market Growth
Retail
is the leading distribution channel for the products of processed
meat. Modern grocery retailers such as hypermarkets, supermarkets,
and convenience stores are by far the most prominent channels for the
distribution of processed meat. Traditional grocery retailers such as
independent small grocers are also propelling the growth of the
distribution channel for processed meat. Increasing number of retail
outlets in developing economies is expected to boost retail sales of
processed meat over the coming years.
According
to a TMR analyst, “Rising number of households with kids, high
popularity of hot dogs and salami among the younger generation, and
growing demand for organic food products are the key factors driving
the processed meat market.” Manufacturers of processed meat
products produce low fat products to meet the changing consumer
needs. This is another factor propelling the frozen processed meat
market across the region. Additionally, the use of innovative and
modern technology in processed meat packaging by manufacturers is
another factor empowering this market.
This
review is based on a Transparency Market Research report titled,
“Processed Meat Market - 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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