Meat-based FPP Market by Type (Hot Dogs, Sausages, Nuggets, Bacon, Strips, Meatballs, Burger Patties, Wings), by Source (Pork, Beef, Veal, Chicken, Mutton, Lamb), Distribution Channel (B2B, B2C [Convenience Stores, E-commerce]) - Global Forecast to 2029

The Meat-based FPP Market is expected to reach $991.58 billion by 2029 at a CAGR of 6.8% during the forecast period 2022–2029. The growth of this market is driven by the growing demand for protein-rich diets, increasing demand for animal-based food products, and the rising consumption of ready-to-eat (RTE) and ready-to-cook (RTC) food products.

Furthermore, the increasing demand for organic processed meat products is expected to create significant growth opportunities for the players operating in this market. However, growing awareness about the benefits of meat alternatives and the carcinogenic effects of processed meat are expected to restrain the growth of this market.

The Growing Demand for Protein-rich Diets to Propel the Growth of the Meat-based FPP Market

Rapid growth in the global population has increased the demand for protein. According to FAO/UN forecasts, in 2050, the global demand for food, particularly protein, will be twice as much compared to 2013. Furthermore, growing awareness regarding the importance of adequate nutrition in maintaining a healthy lifestyle has increased the intake of protein-rich foods among consumers.

The demand for protein as a nutritional component has increased significantly due to the increasing world population. The trend of consuming high-protein foods products is gaining traction and is expected to continue in the coming years. Consumers have become more aware of the benefits of protein in supporting an active lifestyle. A protein-rich diet can help reduce the risk of diabetes and cardiovascular diseases. Furthermore, protein is an important macronutrient required to build, maintain, and repair tissues, cells, and organs and keep the immune system functioning properly. Also, adequate protein intake is vital for the growth and development of children.

Moreover, a protein-rich diet can also alleviate several health conditions. Consumers nowadays are increasingly becoming aware of the importance of incorporating protein into their daily diets. According to a study presented at the annual meeting of the European Association for the Study of Diabetes (EASD) in 2015, high-protein diets improve blood sugar control in patients with type 2 diabetes without any adverse effects on kidney function. The study also states that in diabetic subjects, a 6-week high-protein diet improves glucose metabolism and decreases liver fat. A high-protein diet has no adverse effects on kidney functioning.

Raw meat contains 20–25% protein, depending on the source and fat content (Source: National Institutes of Health [NIH]). Therefore, the growing demand for protein-rich diets is expected to drive the growth of the meat-based FPP market.

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The Growing Foodservice Industry and Preference for Fast-Food Products Boost the Demand for Meat-based Further Processed Products

The growing preference for fast-food products by young people due to the scarcity of time has led to growth in the demand for meat-based FPP, such as bacon, hotdogs, and sausages, globally. The foodservice industry is expanding rapidly due to consumers’ increasing frequency of dining out and the growing influence of cross-culture dietary patterns.

Quick-service restaurants (also considered fast-food outlets) are popular in developed countries such as the U.S. and Canada due to busy schedules and hectic lifestyles. Additionally, several players operating in the meat-based FPP market are focused on launching innovative product variants (such as low-calorie and gluten-free bacon) to expand their product portfolios and maintain a competitive edge. Companies such as McDonald’s and Starbucks Corporation are also planning to expand, roll out innovative menus, and enhance their product portfolios by including more products, such as bacon burgers. Such developments are boosting the demand for meat-based FPP.

Key Findings in the Global Meat-based FPP Market Study:

The Hot Dogs & Sausages Segment to Dominate the Meat-based FPP Market in 2022

Based on type, the meat-based FPP market is segmented into hot dogs & sausages, nuggets, bacon, strips, meatballs, burger patties, wings, and other meat-based FPP. In 2022, the hot dogs & sausages segment is expected to account for the largest share of the meat-based FPP market. The large share of this segment is attributed to the growing popularity of hot dogs and sausages as ready-to-eat foods, the rising trend of on-the-go food products, increasing product launches by sausage manufacturers, and the growing frequency of major sports events. Further, this segment is also expected to grow at the highest CAGR of 7.7% during the forecast period.

The Chicken Segment to Witness the Fastest Growth During the Forecast Period in the Meat-based FPP Market by Source

Based on source, the meat-based FPP market is segmented into beef & veal, pork, chicken, mutton & lamb, and other sources. In 2022, the pork segment is expected to account for the largest share of the meat-based FPP market. The large share of this segment is mainly attributed to the high availability of pork meat, changes in the food consumption pattern, and its nutritional benefits. Pork is a good source of nutrients, including protein, vitamins, and minerals, and can be part of a healthy diet.

However, the chicken segment is expected to register the highest CAGR of 7.6% during the forecast period 2022–2029. The high growth of this segment is attributed to growing modernization, technological advancements in poultry processing, and increased chicken meat production.

The Business-to-Business (B2B) Segment to Account for the Largest Share of the Meat-based FPP Market by Distribution Channel

Based on distribution channel, the meat-based FPP market is segmented into business-to-business (B2B) and business-to-consumer (B2C) distribution channels. In 2022, the B2B segment is expected to account for the largest share of the meat-based FPP market. The segment’s large share is attributed to the rising demand for meat-based FPP among hotels, restaurants, food chains, cafes, and the foodservice sector. However, the B2C segment is expected to register the highest CAGR of 7.0% during the forecast period. The fast growth of this market is mainly attributed to the increasing sales of processed meat products in well-established supermarkets and hypermarket chains, increasing consumer preference for online shopping due to easy access, and increasing consumer expenditure on processed meat products.

Asia-Pacific to Dominate the Meat-based FPP Market

Based on geography, the meat-based FPP market is segmented into six major geographies: North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. In 2022, Asia-Pacific is expected to account for the largest share of the meat-based FPP market. Asia-Pacific’s large share is attributed to the increasing awareness regarding the importance of protein-rich diets and the strong demand for meat and meat products in developing countries, such as China and India. Moreover, rapid urbanization, rising incomes, and changing lifestyles in the Asia-Pacific region have resulted in consumers opting for convenient ready-to-cook meat products, which is expected to support the growth of this segment.

Key Growth Strategies

The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by leading market players in the past three years. Major companies in the global meat-based FPP market have implemented various strategies to expand their product offerings and global footprints and augment their market shares. The key strategies followed by most companies in the meat-based FPP market were product launches, expansions, mergers & acquisitions, agreements, collaborations, and partnerships. The key players operating in the meat-based FPP market are JBS SA (Brazil), Tyson Foods, Inc. (U.S.), WH Group Limited (Hong Kong), The Kraft Heinz Company (U.S.), Hormel Foods Corporation (U.S.), Almunajem Foods (Saudi Arabia), Tanmiah Food Company (Saudi Arabia), Perdue Farms Inc. (U.S.), GCL Food Ingredients (U.K.), Park Food Manufacturing Pte Ltd (Singapore), Rosina Food Products, Inc. (U.S.), Buona Vita, Inc. (U.S.), and ARASCO (Saudi Arabia).

Report Summary:

Key questions answered in the report-