Busy Lifestyle of Consumers to Influence GCC Processed Meat Market Heavily
Market Research Reports Search Engine (MRRSE) has recently added a new report on the market for processed meat in GCC countries, which estimates this market to expand at an impressive CAGR of 8.40% during the period from 2016 to 2024. The research report states that the market is expected to rise from a value of US$0.7 bn in 2015 to US$1.5 bn by the end of the forecast period.
The report, titled “Processed Meat Market – GCC Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016-2024,” is published by Transparency Market Research (TMR).
According to the research report, the GCC processed meat market is heavily influenced by the busy lifestyle of consumers. People are increasingly opting for ready-to-eat food items, which has led to a significant rise in the demand for processed food. Consequently, the demand for processed meat has also increased and is likely to continue to move upward in the forthcoming years, notes the study.
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Apart from this, the increased investments and aggressive marketing strategies by vendors are also reflecting positively on the sales of processed meat in GCC countries. In addition, the rising preference for fast foods, especially with processed meat, among children and young adults, the increasing number of working women GCC countries, and the upswing in product innovation by leading producers of processed meat are likely to boost the GCC market for processed meat over the forecast period, states the research report.
In this study, the market for processed meat in GCC has been analyzed on the basis of the type of meat, type of product, type of package, and the geography. Based on type of meat, the market has been classified into lamb, beef, and poultry. The poultry segment led the GCC processed meat market in 2015 with a share of more than 43%. Researchers predict this segment to remain on top throughout the forecast period.
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Based on the type of product, the market has been classified into frozen processed meat, shelf stable meat, and chilled processed meat. The demand for frozen processed meat has been higher among consumers and is expected to remain so over the period of forecast.
In terms of packaging, the report has segmented the GCC processed meat market into bulk packaging and retail packaging. Currently, retail packaging is preferred more than bulk packing due to the low cost and the longer shelf life it provides to products. The trend is expected to prevail in the near future, states the report.
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Geographically, the market for processed meat in GCC has been segregated into Qatar and the Rest of GCC. The Rest of GCC led the overall market with a share of nearly 88% I n 2015. However, Qatar will register a high-paced growth over the forecast period at a CAGR of 8.80%, reports the study.
The competitive landscape of this the GCC market for processed meat is also provided in this market study. Sunbullah Group, Al Islami Foods, National Food Co., B.R.F. S.A., Cargill Inc., Tyson Foods, Mc Donalds, and Yum Brands are the key producers of processed meat in GCC countries, states the research report.
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