Market Trends of Asia-Pacific Processed Meat Industry
Growing Demand for Convenience Foods in the Region
The reason for the growth of processed meat in Asia-Pacific can be attributed to shifting consumer trends and the emergence of 'snacking.' Consumers are constantly seeking convenient snacking options with high protein and nutrient content that are being upgraded by significant manufacturers operating in the processed meat market. Due to their busy lifestyles, processed meat products, especially meat snacks, are becoming popular, especially with the working population of the area and the emerging young generation of consumers. For instance, according to USDA Foreign Agricultural Service, in 2021, the sales value of processed meat and seafood in the Indian packaged foods market amounted to USD 281 million. There was a significant rise in the sales value when compared to the previous year, which accounted for about USD 239.6 million in this packaged food segment.
Consumers who work far from home, or have other obligations, tend to opt for a quick, easy, and convenient snack, as opposed to a larger meal that takes time to prepare. The major attributes consumers look for in convenience foods are ease of use, packaging, nutritional value, safety, variety and product appeal. Thus, processed meat product manufacturers are taking strong initiatives to make sure to reach their consumers' expectations by providing nutritional products in safe and convenient packaging. For instance, in July 2022, FreshToHome, the world's largest fully integrated online brand in fresh fish and meat e-commerce, launched India's first clean-label Ready-To-Fry (RTF) meat snacks on its platform. The company claimed that these products take less than 5 minutes to fry and come with no preservatives or artificial additives, offering a quick and guilt-free fix for satiating people's munching needs throughout the day.
China Holds the Largest Share in the Processed Meat Market
China dominates the market as consumers prioritize portability, convenience, and indulgence offered by processed meat products in the country. Additionally, the snacking trend among consumers in the country is an all-day habit, with snacking at least once a day among all age's consumers. For instance, according to OECD, in 2021, the Chinese consumed, on average, 45.1 kilograms of meat per person, an increase of around 44.4 kilograms from the year before. Moreover, with the increasing popularity of meat snacks, producers of dried meat snacks and meals in the country are focusing on offering innovative and new products to attract consumers. For instance, in December 2021, Benwei Xianwu, a high-end meat product brand, released three new pre-prepared dishes: Braised fire Dongpo pork, ham and duck stew, and double pepper stewed sausage. Such developments and innovations being done by the players in the country with different meat products are expected to further boost the market's growth during the forecast period. Players are also concentrating on producing premium products, intending to entice Chinese consumers of the higher income group with their no-preservative and additive products, thus, driving the market.
