The global frozen meat market is projected to climb a steep growth curve in coming years, according to a report published by Transparency Market Research (TMR), Albany, N.Y.
A key scheme adopted by frozen meat market is mergers and acquisitions.
Further, vendors in the global frozen meat market are expected to roll out innovative products to cater to the demanding audience. The concept of “on-the-go” foods is expected to be a key trend that companies will look to capitalize in the coming years.
Frozen chicken to clock in substantial revenue
According to TMR’s projections, the global frozen meat market is expected to grow with a 3.4% CAGR over the forecast period 2017-2026. The report further forecasts the global market to earn revenues worth $30 billion over the course of the forecast tenure.
In terms of geographical segmentation, the global frozen meat market will offer a slew of opportunities to Asia Pacific excluding Japan. This region is expected to garner $9.3 billion by 2026 in terms of revenue. Frozen chicken products is projected to exhibit a 3.5% CAGR from 2017-2026.
Ready-to-eat foods bolster frozen meat market
Because of the readily-consumable aspect of the product, the market is increasingly popular with consumers. Rapid urbanization due to growing population and the growing demand from non-vegetarian consumers are expected to boost market growth in years to come. In addition, stable economic growth in recent years associated with the mining industry development has increased opportunities for employment, thereby enhancing the average income of consumers. This is one of the key drivers of the global frozen meat market growth.
Online sales of frozen meat to offer solid opportunity
With effective supply chain metrics in place, vendors in the global frozen meat market are expected to enjoy opportunities through effective distribution channels. The emergence of supermarkets and hypermarkets will factor in impressionable growth in the frozen meat market, enabling consumers with diverse choices. Further, online retail is expected to drive sales in the global frozen meat market. This could be attributed to the preference of online grocery shopping by time-pressed working population across the globe.