Published By : 19 Sep 2016 | Published By : QYRESEARCH
Busy lifestyle and changes in food habits of consumers in the Gulf Cooperation Council countries has significantly lifted the demand for processed meat over the last couple of years. People have shifted their focus towards the consumption of ready to consume food products. The growing culture of fast food consumption and the rising number of fast food chains in the GCC are factors that are driving the demand for processed meat across the GCC countries. The popularity of processed meat fast food among youth and a significant growth in the working women population in the GCC countries are further expected to boost the growth of the processed meat market in the GCC over the coming years.
Frozen Foods to Emerge Dominant in terms of Consumption
Based on product type, the segment of frozen processed meat accounted for the leading share in the market for processed food in the GCC countries in 2015. It led the market in terms of both volume and revenue. Owing to the mounting demand for packaged and convenient food products from consumers of various age groups, the frozen processed meat segment is projected to witness strong over the next couple of years in the GCC countries. Frozen processed meats such as salamis and hot dogs are likely to emerge as the most popular segment among all the frozen processed meat products. The shelf stable processed meat segment is also likely to witness strong growth due to its low unit price and rising circulation in convenient and retail stores across GCC countries.
Owing to Health Benefits Poultry to Lead Meat Type Segment
The poultry meat segment is anticipated to emerge as the most attractive segment over the forecast period. The burgeoning awareness regarding health benefits of poultry products among consumers is likely to fuel its consumption in the GCC countries over the upcoming years. In comparison to beef, poultry processed meat products are less expensive and are good for preventing cardiovascular diseases.
Owing to these factors, the GCC processed meat market is likely to rise at a CAGR of 8.4% from 2016 to 2024. The market stood at a value of US$760.7 mn in 2015 and is projected to rise to a valuation of US$1.5 bn by the end of 2024.