New York, USA, Sept. 28, 2022 (GLOBE NEWSWIRE) — According to a report published by Research Dive, the Southeast Asia meat product market is envisioned to generate a revenue of $1,17,259.2 million and grow at a CAGR of 5.1% during the forecast timeframe from 2019 to 2026.
As per our analysts, with the increasing demand for ready-to-eat meat products, frozen meat products, and processed meat products among individuals due to the availability of these products at affordable prices, the Southeast Asia meat product market is expected to experience significant growth during the analysis period. Besides, the increasing focus on freezing meat products to preserve them for long period and fulfill the demand of customers in all seasons is predicted to foster the growth of the market over the forecast timeframe. Moreover, the growing prominence of modern technologies such as meat culture is expected to create expansive growth opportunities during the estimated period. However, an upsurge in vegetarianism may impede the growth of the market throughout the analysis period.
Segments of the Southeast Asia Meat Product Market
The report has divided the market into segments based on meat type, packaging, processed meat type, and region.
Meat Type: Pork Sub-Segment to be Most Productive
The pork sub-segment is projected to generate a revenue of $43,636.9 million during the analysis timeframe. This is mainly due to the higher demand for pork meat for many practical and historical reasons. Moreover, the changing consumer preferences and the rising availability of popular brands manufacturing various pork meat products are predicted to upsurge the growth of the market over the forecast period.
Packaging: Chilled Meat Packaging Sub-Segment to be Most Profitable
The chilled meat packaging sub-segment is expected to garner a revenue of $57,360.5 million throughout the analysis timeframe. This is mainly because of the increasing demand for ready-to-eat foods in chilled form for longer shelf life. In addition, the increasing health concerns among people and increasing demand for a diverse nutrient diet are expected to amplify the growth of the market sub-segment during the estimated period.
Processed Meat Type: Hamburgers Sub-Segment to be Most Lucrative
The hamburgers sub-segment is predicted to generate a revenue of $37,660.3 million over the forecast timeframe. This is mainly due to the rising demand for processed meat products all across the globe. Furthermore, the development of multiple franchises, the fast-paced life, and production efficiency are some vital factors expected to propel the growth of the Southeast Asia meat product market during the analysis period.
Region: Vietnam Meat Product Market to Have Wide Growth Opportunities
The Vietnam meat product market is expected to garner a revenue of $44,155.2 million over the forecast timeframe. This is mainly because of the heavy investments made by the market players for the production of innovative meat products. Moreover, the surging population and new trade agreements across the country are expected to drive the regional growth of the market during the estimated period.
Covid-19 Impact on the Southeast Asia Meat Product Market
The outbreak of the Covid-19 pandemic has had a negative impact on the Southeast Asia meat product market, likewise several other industries. This is mainly due to the disruption in the supply chain, production, transportation, product manufacturing, and various other activities due to the stringent regulations imposed by the government of Southeast Asian countries. However, the supportive government initiatives for food industries to overcome the loss by adopting new business strategies are expected to create significant growth opportunities during the forecast period.
Key Players of the Southeast Asia Meat Product Market
The major players of the Southeast Asia meat product market include
- GFPT Public Company Limited.
- Saha Farms Co. Ltd.
- Thai-German Meat Product Company Limited
- BETAGRO PUBLIC COMPANY LIMITED
- Bangi Agro Malaysia
- F & G Food Pte Ltd
- Angliss Singapore Pte Ltd.
- Chop Hup Chong Food Industries Pte Ltd.
- Charoen Pokphand Foods PCL.
These players are widely working on the development of new business strategies and tactics such as mergers and acquisitions, partnerships and collaboration, and product development to acquire a leading position in the industry.
For instance, in August 2021, Shiok Meats, leading cultivated meat and seafood company, announced its collaboration with Gaia Foods, Southeast Asia’s first cultivated red meat company. With this collaboration, the companies aimed to expand their product portfolios in the cell-based meat arena by incorporating promising technology to produce structured and textured meats.
Further, the report also presents other crucial aspects including SWOT analysis, product portfolio, the financial performance of the key players, and the latest strategic developments in the Southeast Asia meat product market.
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