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.
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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.
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.
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.
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