China Processed Meat Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

China Processed Meat Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

China processed meat market is projected to grow at a CAGR of 5.74% during the forecast period (2020 - 2025).

Key Highlights

• Chinese consumer's dietary patterns have changed considerably since lifestyles have gradually become more rapid pace. On top of that, disposable incomes have risen. Consumption of processed meat has been steadily increasing, in line with growth in income which drives the processed meat market in the country.
• Furthermore, innovations in meat processing technologies due to higher consumption rates have led to the introduction of diverse products in the market that can satiate the rising consumer demand and attract new consumers, simultaneously.
• China's processed meat industry is witnessing a key shift from fresh meat consumption to chilled and frozen pork. As modern trade channels continue to expand, demand for chilled and frozen pork is expected to rise rapidly in the forecast period.

Key Market TrendsIncreasing Per Capita Consumption of Pork

Pork is one of the most commonly consumed red meat that is often consumed unprocessed. However, cured or preserved pork products are also widely consumed. These include smoked pork, ham, bacon, and sausages. China accounts for 49% of the global pork consumption, consuming 28% of the world’s meat supply, which is way ahead of Europe and the United States with 21 and 9.7 million metric tons, respectively. The trend of chilled and frozen pork products is also boosting the market studied. In line with this trend, several chilled processed red meat products, including Classical German Bacon, Tasty Pork Shank, and Black Pepper Pork Chop, have been introduced into the market for this early new trend, which makes the sales for processed meat on the rise. However, the African swine fever epidemic ravaged pig herds resulting in a 14% rise in pork prices. The rising pork prices are expected to trigger a ripple effect throughout China’s economy, as it is importing pork from European Union, Brazil, Canada, and the United States, to meet the domestic demand as it is country’s essential meat.

Online Retailing is the Fastest Growing Retail Channel

Online retailing is an emerging retail platform for processed meat across the country but it is projected to be the fastest-growing channel in terms of sales value in the next several years. The main reason behind the rise in sales through online retailing is the level of convenience it provides for consumers by its complete data-driven process, which aids consumers in selecting the right product for their daily diet. Often, new products are being launched through online platforms in the region, which were previously first seen in the supermarkets, these factors further enhance the share of online retailing in China. Also, with the spread of awareness regarding the benefits of online shopping, consumers are readily purchasing meat products through online retail sites that offer discounts such as buy one get one. Thus, the advantages associated with the distribution channel are expected to drive the market in the near future.

Competitive Landscape

China processed meat market is highly competitive. The market is dominated by both global as well as regional players such as Tyson Foods, WH Foods Limited and others. The leading global players operating in the market are forming a strategic partnership with the domestic players of the country, to increase their product distribution and broaden their consumer base. For instance, in 2017, Smithfield Foods Inc. formed a strategic partnership with JD.com and Henan Shanghai Investment and Development Co. Ltd, to increase the sales of pork products, in China, through online platforms. Thus, online retailing also plays a significant role in the growth of the market studied.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
Tyson Foods, Inc.
WH Group Limited
CHERKIZOVO GROUP
Foster Farms
Hormel Foods Corporation
China Yurun Food Group Ltd.
NH Foods Ltd.

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.