New York: The Asia-Pacific (APAC) processed meat market size is projected to jump by USD 103.72 billion from 2022 to 2027, according to Technavio, a leading global technology research and advisory company.
Moreover, the growth momentum of the processed meat market in Asia-Pacific will accelerate at a Compounded Annual Growth Rate (CAGR) of 11.28% during the forecast period.
"Increasing demand for convenience foods is notably driving the processed meat market in APAC. However, factors such as health hazards associated with processed meat may impede market growth. ", Technavio Research said in its report.
APAC processed meat market is divided into two - Application (Commercial and Residential) and Product (Frozen, Chilled, and Canned). Technavio provides a comprehensive report summary describing the market size and forecast along with research methodology.
"The commercial segment, which includes restaurants, fast-food companies, hotels, catering services, and food service suppliers, will be significant during the forecast period", Technavio said.
"Some of the factors driving the segment growth include comfort, flavor consistency, and customer choices for quick, ready-to-eat meals", it said.
Processed meat products are extensively represented in the commercial sector in the APAC region. This includes burger patties, pizza toppings, hotel buffets, and catering services.
"Additionally, the commercial sector's sustained growth is fueled by the region's growing food service industry and changing consumer lifestyles. Such factors drive the growth of the commercial segment during the forecast period", Technavio said.
"The processed meat market in APAC is fragmented, and the companies are deploying organic and inorganic growth strategies to compete in the market", it said.
Highlighting that the rising emphasis on packaging innovations is an emerging market trend, Technavio said, "Creative packaging is used by market players in APAC to stay in the competition in the market."
"Apart from attracting consumers, innovative packaging supports raising the shelf life of products and makes them more durable", it said.
Technavio further said that the growth in processed meat market will also work as impetus to packaging market because of emerging trend.
"Given a peak in advancements in packaging, companies are increasingly concentrating on innovative packaging technologies. The increasing demand for such innovative packaging solutions may encourage more APAC market players to come up with new packaging solutions. This would attract consumers and expand the customer base", it said.
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