Meticulous Research®—leading global market research company published a research report titled, ‘Meat-based FPP Market by Type (Hot Dogs & Sausages, Nuggets, Bacon, Strips, Meatballs, Burger Patties, Wings), Source (Pork, Beef & Veal, Chicken), Distribution Channel (Business-to-Business [B2B], Business-to-Customer [B2C]) - Global Forecast to 2029.’
According to this latest publication from Meticulous Research®, the meat-based FPP market is projected to reach $991.58 billion by 2029, at a CAGR of 6.8% from 2022–2029. The growth of this market is driven by factors such as 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 provide significant growth opportunities for 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 meat-based FPP market is segmented based on type (hot dogs & sausages [pepperoni & salami, mortadella, and others] nuggets, bacon, strips, meatballs, burger patties, wings, and other meat-based FPP), source (pork, beef & veal, chicken, mutton & lamb, other sources), distribution channel (business-to-business (B2B), business-to-consumer (B2C) [modern groceries, convenience stores, specialty stores, online retail stores, other B2C distribution channels]), and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on type, the meat-based FPP market is segmented into hot dogs & sausages, nuggets, bacon, strips, meatballs, burger patties, wings, and other meats-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 market share of this segment is mainly attributed to the growing popularity of hot dogs & sausages as ready-to-eat food, the increasingly busy lifestyles of the working class, the rising trend of on-the-go food products, the increasing number of product launches by sausage manufacturers, and the growing frequency of major sports events.
The hot dogs & sausages segment is further subsegmented into pepperoni & salami, mortadella, and others. In 2022, the pepperoni & salami segment is expected to account for the largest share of the hot dogs & sausages market.
Based on source, the meat-based FPP market is segmented into beef & veal, pork, chicken, mutton & lamb, and other sources. The chicken segment is expected to grow at the highest CAGR during the forecast period of 2022–2029. The rapid growth of this segment is attributed to increasing modernization, technological advancements in poultry processing, and increased chicken production.
Based on distribution channel, the global meat-based FPP market is segmented into business-to-business (B2B) and business-to-consumer (B2C). In 2022, the B2B segment is expected to account for the largest share of the global meat-based FPP market. The large market share of this segment is attributed to the rising demand from hotels, restaurants, food chains, cafes, and the food service sector. However, the B2C segment is expected to register the highest CAGR during the forecast period.
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. This regional market is also expected to register the highest CAGR during the forecast period. The high market growth in Asia-Pacific is mainly 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. The market growth in this region is also driven by rapid urbanization, rising incomes, and changing lifestyles of consumers, resulting in the adoption of convenient ready-to-cook meat products.
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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).
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