GCC
Processed Meat Market: Snapshot
The
processed meat market in the GCC is primarily driven by the busy
lifestyles of consumer in the region over the years. This has caused
people to opt for ready-to-consume food items or those that can be
served in a short span of time.
Aggressive
marketing strategies by manufacturers and increased investments in
advertising are also responsible for the growing demand for processed
meat in the GCC. Other factors driving the processed
meat market are the growing popularity of processed meat-based
fast foods among the younger generation, a rise in the number of
working women across different countries in the GCC region, and
product innovation by leading processed meat manufacturers.
The
GCC processed meat market was valued at US$760.7 mn in 2015 and is
estimated to reach US$1.5 bn by 2024, expanding at an 8.4% CAGR
therein.
Sales
of Frozen Processed Meat Continue to Rise owing to Convenience
In
terms of product type, frozen processed meat held the leading share
in the GCC processed meat market in 2015, both in terms of revenue as
well as volume. Sales of processed meat are expected to be driven by
frozen variants across all the countries in the GCC and the market
for the same will continue to grow during the forecast period due to
the increasing demand for convenient and packaged food products among
consumers across all age groups. Chilled processed meat, on the other
hand, does not enjoy the same variety and these products have a
shorter life. Frozen processed meat products such as hot dogs and
salamis are very popular among the younger generation across the GCC.
The
others segment, which comprises shelf-stable meat, is projected to
expand at a rapid pace during the forecast period in terms of revenue
as well as volume. Shelf-stable meat has the lowest unit price; it is
consumed for its convenience since it requires no preparation; and it
offers numerous marketing options for retail and convenience stores.
These advantages are mainly responsible for the growth of this
segment.
Poultry
Emerges as Leading Meat Type thanks to Health Benefits and Lower
Prices
In
terms of meat type, poultry accounts for the leading share across the
GCC processed meat market. It is also projected to be the most
attractive segment during the course of the forecast period owing to
rising health awareness among consumers. Across the GCC, consumers
are shifting from the consumption of red meat to white meat owing to
the lower cholesterol content in the latter. Furthermore, poultry
meat is inexpensive compared to beef and lamb and does not contain
trans fats that result in coronary heart diseases. This is expected
to increase the demand for poultry meat during the forecast period.
In
terms of packaging, the processed meat market in the GCC has been
segregated into retail packaging and bulk packaging. Retail packaging
is the most widely used method for processed meat due to its low
price and its ability to enhance the shelf life of processed meat
products. Rising retail sales are also propelling the retail
packaging segment.
By
country, the process meat market has been segmented into Qatar and
Rest of GCC. Qatar is expected to witness significant growth from
2016 to 2024, expanding at a value-based CAGR of 8.8%. The UAE is
also a major market for process meat, as identified by TMR.
Key
players in the GCC processed meat market include National Food Co.
(Americana Meat), Al Islami Foods, Sunbulah Group, BRF S.A., Tyson
Foods, Cargill Inc., Gulf Food Industries, and Almunajem.
No comments:
Post a Comment