The growth witnessed in the retail sector played a major role in boosting the processed meat market in GCC. Modern retailers such as hypermarkets, supermarkets, and convenience stores and the traditional brick and mortar retail outlets such as independent small groceries are considerably contributing to the sales of processed meat. Currently, the developing economies are exhibiting the highest scope for the market’s development. With the rising competition, leading players are thus focusing on capitalizing on opportunities prevalent in the emerging nations. Despite witnessing positive growth in GCC, the rising cost of animal feed has emerged as a key restraint, limiting the market’s trajectory.
Nevertheless, aggressive marketing strategies by the leading vendors and the increasing investment in advertising will boost prospects, thus enabling the GCC processed meat market to exhibit a CAGR of 8.4% between 2016 and 2024. At this pace the market, which stood at US$760.7 mn, is expected to reach US$1.5 bn by the end of 2024.
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Entry of New Player to Render GCC Processed Meat Market More Fragmented
The processed meat market in GCC is highly fragmented, with the cumulative market share of the top six companies accounting for nearly 35% in 2015. These companies are Gulf Food Industries, Al Islami Foods, National Food Co., BRF SA, Sunbulah Group, and Almunajem. These enterprises have a strong presence across GCC, which is why they could enjoy a stronghold.
However, with the increasing number of companies venturing into the market, the existing players are concentrating on product diversification and innovation. Besides this, the players are keen on deciphering the consumer preference to pocket the lion’s share of the market. For instance, to gain better traction Perdigão, which is a brand of BRF SA introduced a line of smoked hams, sausages, and pork cuts.
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With product innovation and diversification at core, leading players are likely to keep no stone unturned to emerge dominant in the GCC processed meat market, subsequently giving it significant impetus.
Demand for Frozen Processed Meat to Remain High
Based on product, the frozen processed meat enjoyed dominance based on volume as well as dominance in the GCC processed meat market in 2015. The rising sales of frozen variant across nations in GCC will create ample opportunities for the market’s growth between 2016 and 2024. Besides this, the market is also expected to gain from the increasing demand for packaged and convenient food among all age groups.
On the other hand the demand for chilled processed meat, which has shorter shelf-life, is not quite high. Meanwhile, the demand for frozen processed meat products such as salamis and hot dogs is significantly high among the younger generation in GCC.
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Chilled processed meat, on the other hand, does not enjoy the same variety and these products have a shorter life. Frozen processed meat products such as hot dogs and salamis are very popular among the younger generation across the GCC. The others segment, which includes shelf-stable meat, is expected to witness high demand over the next few years. This category of meat has the lowest unit price and is demanded mainly for its convenience as no time is lost in cooking.
Growth witnessed across the aforementioned product segments will significantly aid the expansion of the processed meat market in GCC.
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