Transparency
Market Research (TMR) finds that the GCC processed meat market is highly
fragmented due to presence of string key players in the region. The top six
players grabbed the share of nearly 35% in 2015. Some of the key players
operating in the GCC processed meat market include National Food Co. (Americana
Meat), Sunbulah Group, Al Islami Foods, BRF S.A., Cargill Inc., Tyson Foods,
Gulf Food Industries, and Almunajem.
TMR
anticipated that the revenue of processed meat
market in GCC was registered at US$760.7 mn in 2015 and
with CAGR of 8.4% is estimated to attain value of US$1.5 bn by the end of 2024.
On the basis of type of packaging, retail packaging is the most preferable
method for processed meat due to its low price and increase in the shelf life
of processed meat products. On the basis of countries, Qatar is expected to
witness substantial growth over the forecast period from 2016 to 2024,
expanding with a healthy CAGR of 8.8% followed by UAE.
Demand
for High Quality Meat to Drive Growth
The growing
disposable income of urban population has fuelled the demand for processed
which is likely to drive growth of the processed meat market. The processing on
meat helps to maintain freshness of meat products, improve its shelf life, and
maintain quality of the meat products for longer time. Additionally, busy urban
life of numerous people has resulted in changing preference for convenient food
which require less time and efforts for cooking the foodstuff. The rising
preference for ready-to-eat meat and meal among the urban consumer is boosting
demand for processed meat which is likely to drive growth of the processed meat
market in GCC.
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Additionally,
changes in meat preservation techniques resulted in to high production rate of
the processed meat which is making it easily available even in the developing
and undeveloped countries. The availability of products have boosted its
adoption substantially in the countries across GCC, which is fuelling growth of
the processed meat market. Furthermore, the meat products such as hot dogs are
gaining popularity in the region, increasing adoption of these products is
fuelling growth of the processed meat market.
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Increasing meat consumption in the
region to create lucrative opportunities
Despite of
these growth prospects, there are several measure which are limiting growth of
the fresh processed meat products market such as increasing obesity levels,
demand for high-protein & fat-free meat, growing number of fresh
meat-eaters. In addition, rising concern towards cancer & heart disease
risks caused due to unhealthy lifestyle and high consumption of processed food
are hampering adoption of processed meat.
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Nevertheless,
increasing meat consumption in the countries in the region is leading to create
worthwhile opportunities for key players. Increasing demand from developing
economies present in the region is expected to create new growth opportunities
over the forecast period. Additionally, fresh processed meat products are
extensively adopted by the fast food products, and are popular among the
working class of the society. This factor is offering growth prospectes to the
new entrants in the market
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