Processed Meat Market

The processed meat market is on an upward consumption trend, with a forecasted increase in market volume and value by 2030. China holds the top spot in both consumption and production, while prepared or preserved meat leads in volume and value. The market saw fluctuations in recent years, but overall growth remains positive. Discover the key players, trends, and prices shaping the global processed meat market.

Market Forecast

Driven by increasing demand for processed meat worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +4.7% for the period from 2022 to 2030, which is projected to bring the market volume to 229M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.2% for the period from 2022 to 2030, which is projected to bring the market value to $1,138.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Processed Meat

In 2022, consumption of processed meat decreased by -8.1% to 159M tons, falling for the second year in a row after nine years of growth. The total consumption volume increased at an average annual rate of +2.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, global consumption hit record highs at 175M tons in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

The global processed meat market size declined to $817.6B in 2022, falling by -8.3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2016 with an increase of 9.7%. Global consumption peaked at $902.1B in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

China (36M tons) remains the largest processed meat consuming country worldwide, accounting for 23% of total volume. Moreover, processed meat consumption in China exceeded the figures recorded by the second-largest consumer, the United States (17M tons), twofold. The third position in this ranking was taken by India (14M tons), with a 9% share.

In China, processed meat consumption expanded at an average annual rate of +5.8% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of consumption growth: the United States (+7.7% per year) and India (+5.9% per year).

In value terms, China ($155.6B) led the market, alone. The second position in the ranking was held by the United States ($66.4B). It was followed by India.

From 2012 to 2022, the average annual growth rate of value in China stood at +4.7%. In the other countries, the average annual rates were as follows: the United States (+9.0% per year) and India (+7.1% per year).

The countries with the highest levels of processed meat per capita consumption in 2022 were Canada (78 kg per person), the United States (52 kg per person) and the UK (39 kg per person).

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +7.0%), while consumption for the other global leaders experienced more modest paces of growth.

Consumption By Type

Prepared or preserved meat (93M tons) constituted the product with the largest volume of consumption, comprising approx. 59% of total volume. Moreover, prepared or preserved meat exceeded the figures recorded for the second-largest type, sausages and similar products of meat (35M tons), threefold. The third position in this ranking was held by salted, dried or smoked meat, and offal (23M tons), with a 14% share.

For prepared or preserved meat, consumption expanded at an average annual rate of +2.7% over the period from 2012-2022. For the other products, the average annual rates were as follows: sausages and similar products of meat (+1.2% per year) and salted, dried or smoked meat, and offal (+0.9% per year).

In value terms, prepared or preserved meat ($405.8B) led the market, alone. The second position in the ranking was held by salted, dried or smoked meat, and offal ($114.1B). It was followed by sausages and similar products of meat.

For prepared or preserved meat, market increased at an average annual rate of +2.6% over the period from 2012-2022. For the other products, the average annual rates were as follows: salted, dried or smoked meat, and offal (+0.5% per year) and sausages and similar products of meat (-0.6% per year).

Production

World Production of Processed Meat

In 2022, production of processed meat decreased by -8.1% to 160M tons, falling for the second year in a row after nine years of growth. The total output volume increased at an average annual rate of +2.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2015 with an increase of 6.8%. Global production peaked at 176M tons in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

In value terms, processed meat production contracted to $642.2B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 with an increase of 8.9%. Over the period under review, global production hit record highs at $763.7B in 2019; however, from 2020 to 2022, production failed to regain momentum.

Production By Country

China (37M tons) remains the largest processed meat producing country worldwide, accounting for 23% of total volume. Moreover, processed meat production in China exceeded the figures recorded by the second-largest producer, the United States (18M tons), twofold. India (14M tons) ranked third in terms of total production with a 9% share.

In China, processed meat production increased at an average annual rate of +5.7% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: the United States (+7.4% per year) and India (+5.9% per year).

Production By Type

Prepared or preserved meat (94M tons) constituted the product with the largest volume of production, comprising approx. 59% of total volume. Moreover, prepared or preserved meat exceeded the figures recorded for the second-largest type, sausages and similar products of meat (35M tons), threefold. Salted, dried or smoked meat, and offal (23M tons) ranked third in terms of total production with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of the volume of prepared or preserved meat production amounted to +2.8%. With regard to the other produced products, the following average annual rates of growth were recorded: sausages and similar products of meat (+1.2% per year) and salted, dried or smoked meat, and offal (+0.9% per year).

In value terms, prepared or preserved meat ($409.5B) led the market, alone. The second position in the ranking was held by salted, dried or smoked meat, and offal ($114.8B). It was followed by sausages and similar products of meat.

For prepared or preserved meat, production increased at an average annual rate of +2.6% over the period from 2012-2022. For the other products, the average annual rates were as follows: salted, dried or smoked meat, and offal (+0.6% per year) and sausages and similar products of meat (-1.7% per year).

Imports

World Imports of Processed Meat

In 2022, overseas purchases of processed meat increased by 7.3% to 6.9M tons, rising for the second year in a row after two years of decline. The total import volume increased at an average annual rate of +1.3% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, processed meat imports rose notably to $32.7B in 2022. The total import value increased at an average annual rate of +2.5% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports By Country

In 2022, the UK (1,050K tons) and Japan (788K tons) represented the main importers of processed meatin the world, together accounting for approx. 27% of total imports. Germany (505K tons) took a 7.3% share (based on physical terms) of total imports, which put it in second place, followed by the Netherlands (6.9%) and France (5.7%). The following importers - the United States (284K tons), Belgium (243K tons), Canada (186K tons), Hong Kong SAR (176K tons), Spain (157K tons), Denmark (133K tons) and Ireland (121K tons) - together made up 19% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by the United States (with a CAGR of +8.1%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest processed meat importing markets worldwide were the UK ($4.9B), Japan ($3.6B) and Germany ($2.6B), with a combined 34% share of global imports. France, the United States, the Netherlands, Canada, Belgium, Hong Kong SAR, Denmark, Spain and Ireland lagged somewhat behind, together accounting for a further 35%.

The United States, with a CAGR of +9.3%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

In 2022, prepared or preserved meat (4M tons) was the major type of processed meat, making up 57% of total imports. Sausages and similar products of meat (1,444K tons) held the second position in the ranking, distantly followed by salted, dried or smoked meat, and offal (938K tons) and pasta stuffed with meat, fish and cheese (585K tons). All these products together took approx. 43% share of total imports.

Prepared or preserved meat experienced a relatively flat trend pattern with regard to volume of imports. At the same time, pasta stuffed with meat, fish and cheese (+4.4%) and sausages and similar products of meat (+2.6%) displayed positive paces of growth. Moreover, pasta stuffed with meat, fish and cheese emerged as the fastest-growing type imported in the world, with a CAGR of +4.4% from 2012-2022. Salted, dried or smoked meat, and offal experienced a relatively flat trend pattern. From 2012 to 2022, the share of sausages and similar products of meat and pasta stuffed with meat, fish and cheese increased by +2.4 and +2.1 percentage points, respectively. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, prepared or preserved meat ($19.5B) constitutes the largest type of processed meat imported worldwide, comprising 60% of global imports. The second position in the ranking was held by sausages and similar products of meat ($6.2B), with a 19% share of global imports. It was followed by salted, dried or smoked meat, and offal, with a 15% share.

From 2012 to 2022, the average annual growth rate of the value of prepared or preserved meat imports amounted to +2.3%. For the other products, the average annual rates were as follows: sausages and similar products of meat (+3.3% per year) and salted, dried or smoked meat, and offal (+1.5% per year).

Import Prices By Type

In 2022, the average processed meat import price amounted to $4,714 per ton, rising by 4% against the previous year. Over the last decade, it increased at an average annual rate of +1.2%. The pace of growth appeared the most rapid in 2018 an increase of 5.6%. Over the period under review, average import prices attained the peak figure in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by the product type; the product with the highest price was salted, dried or smoked meat, and offal ($5,308 per ton), while the price for pasta stuffed with meat, fish and cheese ($3,518 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by prepared or preserved meat (+1.5%), while the other products experienced more modest paces of growth.

Import Prices By Country

In 2022, the average processed meat import price amounted to $4,714 per ton, with an increase of 4% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. The pace of growth was the most pronounced in 2018 an increase of 5.6% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is likely to see steady growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United States ($7,388 per ton), while Spain ($4,060 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+5.3%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Processed Meat

In 2022, approx. 7.6M tons of processed meat were exported worldwide; picking up by 6.2% against 2021. The total export volume increased at an average annual rate of +2.2% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2021 when exports increased by 8.4% against the previous year. Over the period under review, the global exports hit record highs in 2022 and are likely to see steady growth in the near future.

In value terms, processed meat exports rose remarkably to $34.7B in 2022. The total export value increased at an average annual rate of +2.9% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of 11%. The global exports peaked in 2022 and are likely to see steady growth in years to come.

Exports By Country

Thailand (786K tons), Germany (609K tons), the Netherlands (592K tons), China (587K tons), Brazil (585K tons), the United States (582K tons), Poland (538K tons), Italy (429K tons), Belgium (304K tons), Spain (278K tons), Denmark (245K tons) and France (205K tons) represented roughly 75% of total exports in 2022. Austria (157K tons) held a relatively small share of total exports.

From 2012 to 2022, the biggest increases were recorded for Poland (with a CAGR of +10.0%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest processed meat supplying countries worldwide were Thailand ($3.4B), Germany ($3.2B) and Italy ($3B), together comprising 28% of global exports. The United States, the Netherlands, Poland, China, Brazil, Spain, Belgium, France, Denmark and Austria lagged somewhat behind, together accounting for a further 51%.

Among the main exporting countries, Poland, with a CAGR of +11.6%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

In 2022, prepared or preserved meat (4.3M tons) was the largest type of processed meat, creating 57% of total exports. It was distantly followed by sausages and similar products of meat (1.6M tons), salted, dried or smoked meat, and offal (1M tons) and pasta stuffed with meat, fish and cheese (0.7M tons), together comprising a 43% share of total exports.

Exports of prepared or preserved meat increased at an average annual rate of +2.2% from 2012 to 2022. At the same time, pasta stuffed with meat, fish and cheese (+4.5%) and sausages and similar products of meat (+3.0%) displayed positive paces of growth. Moreover, pasta stuffed with meat, fish and cheese emerged as the fastest-growing type exported in the world, with a CAGR of +4.5% from 2012-2022. Salted, dried or smoked meat, and offal experienced a relatively flat trend pattern. From 2012 to 2022, the share of pasta stuffed with meat, fish and cheese increased by +1.9 percentage points. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, prepared or preserved meat ($20.4B) remains the largest type of processed meat supplied worldwide, comprising 59% of global exports. The second position in the ranking was held by sausages and similar products of meat ($6.6B), with a 19% share of global exports. It was followed by salted, dried or smoked meat, and offal, with a 15% share.

For prepared or preserved meat, exports expanded at an average annual rate of +3.2% over the period from 2012-2022. For the other products, the average annual rates were as follows: sausages and similar products of meat (+3.0% per year) and salted, dried or smoked meat, and offal (+1.1% per year).

Export Prices By Type

In 2022, the average processed meat export price amounted to $4,545 per ton, picking up by 4% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the average export price increased by 4.5%. Over the period under review, the average export prices attained the peak figure in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major exported products. In 2022, the product with the highest price was salted, dried or smoked meat, and offal ($5,308 per ton), while the average price for exports of pasta stuffed with meat, fish and cheese ($3,331 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by salted, dried or smoked meat, and offal (+1.2%), while the other products experienced more modest paces of growth.

Export Prices By Country

The average processed meat export price stood at $4,545 per ton in 2022, increasing by 4% against the previous year. Overall, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average export price increased by 4.5% against the previous year. The global export price peaked in 2022 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Italy ($7,098 per ton), while Brazil ($3,208 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+2.3%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform