According to a recent report by Fact.MR, sales of processed meat are expected to reach a valuation of $356.5 billion by 2031, rising at a CAGR of around 4.6% over the next 10 years.
In the global food and beverage industry, innovation and new product creations are based on strong natural, health and sustainability credentials, states the report. Products made with healthy and nutritious components and labeled with assurances of minimal processing or demonstrable health benefits from natural ingredients appeal more to consumers, especially in developed economies with higher incomes and an aging population. Due to rising affluence and healthy eating trends, emerging countries such as China and India are likely to play a significant role in the global meat and poultry sector. Packaged processed beef products are deemed hygienic and of good quality. Manufacturers in these locations have gradually moved their focus from shelf-stable processed meat to chilled processed meat in response to increased consumer demand for more fresh and healthful processed meat products.