by The frozen meat market has emerged as one of the prime segments catering to the widely proliferating convenience food trends. Advantages like longer shelf-life, easy preparation, and nutritional retention have propelled the demand for frozen meat products including beef, chicken, pork and other variants. The growing fast food and quick service restaurant chains rely heavily on frozen meats owing to supply chain consistency and quality assurance. The Global frozen meat market is estimated to be valued at US$ 24.85 Bn in 2024 and is expected to exhibit a CAGR of 3.5% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the frozen meat markest incorporates key players like Kerry Group Plc, BRF S.A., Verde Farms LLC, JBS S.A., Marfrig Global Foods S.A., Cargill Inc., Tyson Foods Inc., Pilgrim’s Pride Corporation, V H Group., and Arcadian Organic and Natural Meat Co. The rising consumption of convenience foods and changing lifestyles have bolstered the demand for frozen meat products globally. The global frozen meat market is anticipated to witness a incremental growth of USD 8 Bn owing to robust expansion of fast food chains and quick service restaurants especially in developing regions of Asia Pacific and Middle East Africa.
Key players like Kerry Group Plc, BRF S.A., Verde Farms LLC, JBS S.A., Marfrig Global Foods S.A., Cargill Inc., Tyson Foods Inc., Pilgrim’s Pride Corporation, V H Group., and Arcadian Organic and Natural Meat Co. dominate over 70% of market share. The global frozen meat market witnesses high demand from food processing and food service industries owing to operational efficiency and supply chain management.
The growth in organized food retail is another factor stimulating the sales of frozen meat products. Rising population, urbanization, and disposable income in developing economies act as a catalyst for overall market growth.
Market Key Trends
Frozen Meat Market Opportunities of the key trends in the frozen meat market is the rise in product innovation. Companies are investing heavily in R&D to develop varied and value-added frozen meat products such as burger patties, nuggets, and sausages to cater to dynamic consumer demands.Another notable trend is the increasing focus of manufacturers on health-conscious products and clean-label ingredients which is evident from the rising availability of gluten-free and organic frozen meat variants. Sustainable and eco-friendly packaging solutions are also gaining notable traction to boost the market performance in the coming years.
Porter’s Analysis
Threat of new entrants: New competition finds it difficult to enter due to high cost of building production and distribution infrastructure for frozen meat products. Bargaining power of buyers: Buyers have high bargaining power as there are numerous grocery stores and quick service restaurants players providing substitute options. Bargaining power of suppliers: A few major companies control key inputs like livestock farms, so suppliers have moderate bargaining power. Threat of new substitutes: Substitute options exist such as canned meat, fresh meat but frozen meat remains preferable for its extended shelf life and convenience. Competitive rivalry: Intense competition exists among established players to cater to demands from supermarkets and restaurant chains.
The frozen meat market in North America accounts for the largest share in terms of value owing to high consumption of frozen meat products across households and food service sector. China represents the fastest growing regional market due to rising meat consumption patterns coupled with busy lifestyles leading to demand for convenient frozen meat products.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya
Ravina Pandya,Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. LinkedIn
