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Affordable Meal Packages Offered by Fast Food Chains to Push Processed Meat Market Demand at US$ 356.6 Billion by 2031

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The global processed meat market is anticipated to grow at a CAGR of 4.6% during the forecast period from 2021 to 2031. The global market is likely to be valued at US$ 356.6 Billion in 2031 from a valuation of US$ 219.1 Billion in 2020.

Increasing demand for various processed meat products such as sausages, hot dogs, jerky, and pepperoni, especially in developed countries, including the U.K. and the U.S. would push growth in the market. Besides, rising number of fast food outlets across the globe owing to high disposable income and changing lifestyles of the millennial population is expected to aid growth.

Moreover, key manufacturers are nowadays adding several preservatives to the meat to protect it from spoilage due to harmful organisms such as bacteria. Fast food outlets are also providing affordable meal packages and huge discounts, which is significantly contributing to growth.

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As per the Centers for Disease Control and Prevention (CDC), nearly 36.6% of adults in the U.S. consumed fast food on a given day during 2013–2016. In addition, the percentage of adults who consumed fast food decreased with age: 24.1% aged 60 and over, 37.7% aged 40–59, and 44.9% aged 20–39 years.

Increasing population of youngsters in both developed and developing countries is thus projected to augment growth in the next decade. Also, surging consumption of ready-to-eat and ready-to-cook food items with growing rate of employment worldwide is set to boost growth.

As per Fact.MR, Germany generated about 23.7% of the Europe processed meat market share in 2021. Increasing shift towards the polarized snacking trend and high demand for organic processed meat are likely to drive growth in Germany.

Key Takeaways:

  • By product type, the processed beef industry accounted for nearly 46.6% of the global processed meat market share in 2021.
  • Based on form, the fresh or chilled processed meat segment reached a valuation of around US$ 141.3 Billion in 2021.
  • By end-use application, online retail sales of processed meat are anticipated to grow at a CAGR of 5.8% in the next ten years.
  • The hypermarkets/supermarkets category accounted for approximately 36% of the retail sales segment in 2021.
  • The frozen processed meat segment is likely to surpass a valuation of US$ 60.8 Billion by 2031 and exhibit a CAGR of 6.2% over the forecast period.

Growth Drivers:

  • Rising demand for flavorful and nutrient-dense meat products is likely to push growth in the global market.
  • Popularity of regional cuisines, as well as adoption of numerous meat-processing and preservation methods would significantly contribute to market expansion.

Restraints:

  • Excessive consumption of processed and red beef can result in colorectal cancer, which may hamper sales.
  • Many local companies use artificial preservatives in their processed meat, which can have a detrimental effect on the human body.

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Competitive Landscape:

Key players operating in the global processed meat market are focusing on implementing a wide range of developmental strategies to strengthen their presence. A few other companies are striving to enhance market profitability by introducing innovative products and gain a large consumer base.

For instance,

  • In January 2021, Ingemar Johansson was purchased by Danish Crown’s KLS Ugglarps in Sweden. With this acquisition, the company was able to strengthen its position in the Swedish market for processed foods like sausages.
  • In January 2021, in order to strengthen its position in Belgium, Vion Food Group declared that it would buy Adriaens, a beef producer situated in Zottegem. The new deal would enable the business to build a robust supply chain and ensure that the market for beef is transparent.

Key Companies Profiled by Fact.MR

  • JBA SA
  • Hormel Food
  • Harim Co Ltd.
  • Tyson Foods Inc.
  • Danish Crown A/S
  • Cargill Meat Solution Corp.
  • WH Group
  • BRF SA
  • Smithfield Foods, Inc.
  • SYSCO Corp.
  • OSI Group
  • ConAgra Foods Inc.
  • Cherkizovo Group PJSC
  • Others

More Valuable Insights on Processed Meat Market

In the latest study, Fact.MR offers a detailed study on global processed meat market for the forecast period of 2021 to 2031. This study also highlights key drivers promoting the sales of processed meat through detailed segmentation as follows:

By Product Type:

  • Processed Beef
  • Processed Pork
  • Processed Poultry Meat
  • Processed Sheep Meat

By Nature:

  • Organic Processed Meat
  • Conventional Processed Meat

By Form:

  • Fresh or Chilled Processed Meat
  • Frozen Processed Meat
  • Shelf Stable Processed Meat

By End-use Application:

  • Processed Meat for Food Processing Industry
  • Processed Meat for Food Service Industry
  • Retail Sales of Processed Meat
    • Hypermarkets/Supermarkets
    • Traditional Grocery Stores
    • Convenience Stores
    • Discount Stores
    • Online Retail Stores
    • Others

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • MEA

Key Questions Covered in the Processed Meat Market Report

  • What is the projected value of the processed meat market in 2021?
  • At what rate will the global processed meat market grow until 2031?
  • Which are the factors hampering the growth in the processed meat market?
  • Which region is expected to lead in the global processed meat market during 2021-2031?
  • Which are the factors driving the processed meat market during the forecast period?
  • What is the expected market value of the processed meat market during the forecast period?

Explore Fact.MR’s Coverage on the Food & Beverages Domain

Process Meat Packaging Market:  Sales of processed meat represents 15%-20% of overall demand in the processed food market. The trend of food traceability among new-age consumers seeking healthy alternatives has fueled major increase in demand for processed food across the world.

Plant-Based Eggs Market: The market for plant-based eggs is currently being driven by changing consumer lifestyles and rising health consciousness. Increasing use of mung beans, peas, and chickpeas to make eggs for preparing various dishes, including egg rolls, frittatas, scrambled eggs, and omelettes is likely to aid growth.

Plant-Based Supplement Market: The market for plant-based supplements is expected to be pushed by numerous benefits provided by them, including lower toxicity rates and better bioavailability. Increasing shift of the millennial population towards plant-based products from animal-based or synthetic supplements is also set to fuel growth.

Meat Substitute Market: Meat Substitute Market Analysis by Source (Plant-based Protein, Mycoprotein, Soy-based Meat Substitutes), by Distribution Channel (Foodservice, Retail), by Region – Global Forecast 2022 to 2032

Specialty Meat Ingredients Market: Specialty Meat Ingredients Market By Ingredient Type (Fiber & Protein, Starch & Derivative, Acidulant), By Function (Moisture Control, Yield Improvement, Coloring & Flavoring, Preservation), By End Use Application, By Region – Global Insights 2021-2031

Frozen Meat Market: Frozen Meat Market is estimated to reach a valuation of US$ 61.5 Billion. Sales of frozen organic meat to grow at a CAGR of 7.7% during the years.

Check it Out More Reports by Fact.MR on Food & Beverage Industry

https://www.factmr.com/industry/food-and-beverage

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Wladimir P. is a Content Editor at European Gaming Media and at PICANTE Media and covers a large variety of industries.

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Artificial Intelligence

Redefining Data Storage in the Data Awakening Era

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May 14, 2024

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BERLIN, May 14, 2024 /PRNewswire/ — At the Huawei Innovative Data Infrastructure Forum 2024 in Berlin, Dr. Peter Zhou, Vice President of Huawei and President of Huawei Data Storage Product Line, presented Huawei’s latest thinking in his talk  “Redefining Data Storage in the Data Awakening Era.”

AI looks to disrupt traditional data storage, by not only focusing on performance, reliability, and data paradigm, but also on scalability, sustainability, and data fabric, Zhou said. In the data awakening era, he added, Huawei will redefine data storage through leading innovation in these six dimensions:
Ultra performance: Huawei enhances storage performance by a factor of 10, compared to traditional storage. The storage also supports bandwidth in PB/s and 100 million IOPS, which greatly improves the efficiency of the entire generative AI process.Data resilience: Innovative architecture and technologies boost high reliability of 99.9999%. The built-in ransomware detection engine raises the detection accuracy to 99.99%. Even the checkpoint recovery time during AI training is shortened to less than a minute.New data paradigm: The multi-dimensional tensor data is enabled to support fast data retrieval via an intelligent search engine. The retrieval-augmented generation (RAG) technology works with the embedded knowledge base to eliminate hallucination in large AI models.Scalability: A single storage cluster can be scaled out for EB-level capacity and each engine can be scaled up with more GPUs, DPUs, or NPUs for near-storage computing.Sustainability: Innovations in storage media and devices have brought about outstanding storage energy efficiency (less than 1 watt/TB) and storage density (greater than 1 PB/U).Data fabric: The capabilities of storage metadata management and search enable global data visibility and manageability, as well as data mobility that is 10 times more efficient.These six dimensions guide the philosophy behind the recent launch of the high-performance OceanStor A800, which is a powerful addition to Huawei OceanStor A series storage models. Tailored for AI applications, OceanStor A800 can increase AI cluster utilization by 30%, and as for performance, it delivers high bandwidth and IOPS, which are four and eight times better than its peer vendor’s. Regarding scalability, OceanStor A800 supports scaling out to EB-level capacity with up to 512 controllers, as well as scaling up to a maximum of 4,096 computing cards. As for conserving space and energy, it achieves an outstanding storage density of 1 PB/U and energy efficiency of 0.7 watt/TB. It also provides a new data paradigm with vector index, tensor data, and RAG. In terms of data resilience, the accuracy of ransomware detection is improved from 99.9% to 99.99%. In addition, the data fabric capability facilitates data asset management.
At the same time, storage media innovations are driving sustainable development. Huawei’s newly released high-capacity SSDs provide 10 times more capacity with the same disk size, which can further reduce energy consumption of a data center. With 128 TB capacity per disk, the new SSDs consume 88% less storage space and 92% less energy than the peer vendor’s SSDs when storing every one PB of data.
To be AI-ready, enterprises must get data-ready. The Omni-Dataverse global file system built in the DME makes enterprise data assets visible, manageable, and mobile across regions, thereby building a solid AI data lake storage foundation for enterprises.
Dr. Peter Zhou ended by emphasizing Huawei’s commitment to redefining data storage that focuses on customer challenges and demands in the data awakening era, and building leading AI-ready data infrastructure for greater customer value.
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Artificial Intelligence

UCloud partners with HGC to provide high-quality cloud services to enterprises and OTT in Southeast Asia

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May 14, 2024

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HONG KONG, May 14, 2024 /PRNewswire/ — HGC Global Communications Limited (HGC), a fully-fledged ICT service provider and network operator with extensive global coverage and UCloud Technology Co., Ltd. (UCloud), a neutral cloud computing service provider, have announced the strategic partnership to jointly expand into the cloud market in Southeast Asia, starting in Thailand. This collaboration aims to provide enterprises and OTT with efficient, flexible, and reliable cloud services, enabling and accelerating their digital transformation.

This collaboration marks a promising beginning for HGC and UCloud to jointly develop the market in Southeast Asia. With UCloud’s comprehensive suite of cloud products and secure, stable technical solutions, HGC will swiftly establish an asset-light public cloud infrastructure and enhance its cloud service portfolio in EdgeX by HGC, a one-stop-shop solution that includes Global Connectivity, Data Center, Cybersecurity, Managed Services, and Cloud Connection. It will enable us to deliver exceptional, flexible, and customized cloud computing services along with comprehensive spectrum of Internet Services such as Eyeball-as-a-Service and AMS-IX backed by a robust Telecom infrastructure.
UCloud, as a leading cloud technology company, has been actively expanding its presence in international markets since 2013. Through years of dedicated efforts, UCloud has developed the capabilities of robust and reliable overseas infrastructure operation, gaining recognition from over 60,000 global users. With 30 years of experience as a network operator with extensive global coverage, HGC has profound insights and understanding of customer need in Southeast Asia. Moreover, HGC has rich local service experience in Thailand, playing a crucial role in accelerating the rapid deployment of UCloud’s advanced cloud technology solutions in the region. By combining UCloud’s technology prowess with HGC’s local market expertise, the partnership is uniquely positioned to deliver tailored and effective integrated cloud solutions. 
Steven Xu Tan, CEO, Oversea Business of UCloud said: “This collaboration represents a significant milestone in the integration of cloud computing and telecommunications ecosystems. It also marks the beginning of a comprehensive collaboration between UCloud and HGC’s overseas team to effectively serve global customers. As one of the leading cloud service providers in China expanding globally, UCloud has achieved extensive overseas infrastructure coverage by establishing availability zones in Southeast Asian countries such as Thailand, Singapore, Indonesia, Vietnam, and the Philippines. HGC has extensive global network infrastructure and expertise in digital services, enabling the delivery of customized solutions for customers across industries. We firmly believe that UCloud and HGC can work together to drive the adoption of cloud computing in Thailand and other regions.”
Cliff Tam, Senior Vice President, Global Data Strategy & Operations, International Business of HGC said: “We are delighted to embark on this strategic collaboration with UCloud, leveraging their cutting-edge cloud infrastructure and service capabilities to swiftly establish EdgeX with HGC cloud service portfolio in overseas markets. With decades of expertise under our belt, we are committed to delivering excellence to Internet community and OTT customers, catering to their diverse requirements on the digital transformation of the region’s agile environment. Building upon our collaboration in Thailand, we are confident that we will replicate this advanced experience and achieve greater breakthroughs across various industries and in other overseas regions.
About HGC Global Communications Limited
HGC Global Communications Limited (HGC) is a leading Hong Kong and international telecom operator and ICT solution provider. The company owns an extensive network and infrastructure in Hong Kong and overseas and provides various kinds of services. HGC has 19 overseas offices and staff presence in 31 cities worldwide. It provides telecom infrastructure service to other operators and serves as a service provider to corporate and households. The company provides full-fledged telecom, data centre services, ICT solutions and broadband services for local, overseas, corporate, SME and mass markets. HGC owns and operates an extensive fibre-optic network, five cross-border telecom routes integrated into tier-one telecom operators in mainland China and connects with hundreds of world-class international telecom operators. The company is committed to further investing and enriching its current infrastructure and, in parallel, adding on top the latest technologies and developing its infrastructure services and solutions. In 2019, HGC Group completed the acquisition of Macroview Telecom Limited (Macroview), a leading digital technology solution and managed services provider. The addition of Macroview further accelerates HGC Group’s digital transformation path and positioning as a pioneering ICT and digital services leader. HGC is a portfolio company of I Squared Capital, an independent global infrastructure investment manager focusing on energy, utilities, transport, social infrastructure, digital infrastructure, and environmental infrastructure in North America, Europe, Latin America and Asia.
To learn more, please visit HGC’s website at: www.hgc.com.hk
About UCloud
Established in 2012, Shanghai-based UCloud (UCloud Technology Co., Ltd.) is a neutral and secure computing service platform. Continuously achieving breakthroughs in key and core technologies, UCloud offers a comprehensive range of cloud products, including public, private, hybrid, and edge cloud solutions. The company has independently developed IaaS, PaaS, and the SafeHouse big data exchange platform, along with various AI terminals and service platforms. UCloud operates 31 cloud available zones globally, spanning 24 countries and regions such as China, Southeast Asia, Europe, North America, South America, and Africa. These data centers form the foundation of UCloud’s digital information infrastructure, characterized by its seamless integration of cloud and network, security and stability, intelligent agility, and environmental sustainability.
UCloud adheres to the customer-first service principle, offering a wide array of products and application scenario solutions related to cloud computing, big data, and AI technology. Catering to users in diverse sectors such as industrial internet, education, healthcare, retail and finance etc., UCloud aims to accelerate digital transformation and innovation, enhance total factor productivity, and advance industry digitalization and digital industrialization.

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Artificial Intelligence

Quobyte Introduces High-Performance File Query Engine for Large-Scale Storage Clusters and AI Workloads

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May 14, 2024

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Quobyte’s File Query Engine Redefines Large-Scale Storage Management with High-Performance Metadata Queries
SANTA CLARA, Calif., May 14, 2024 /PRNewswire/ — Quobyte, the innovator in high-performance storage solutions, has unveiled its new distributed File Query Engine at ISC High Performance 2024, enhancing its storage platform for enterprises and researchers. This engine allows users to query file system metadata at exceptional speeds, making it ideal for environments with massive data sets.

The File Query Engine offers a range of capabilities, including the ability to query user-defined metadata for AI/ML training, enabling users to label files with data directly instead of managing small “metadata files.” Additionally, administrators can quickly answer questions such as identifying space-consuming cold files or locating files owned by specific users. The File Query Engine replaces slow file system tree walks (“find”), offering a faster and more efficient alternative for large volumes.
Key to the File Query Engine’s performance is its integration with Quobyte’s distributed and replicated key-value store, which stores metadata. Unlike other products, Quobyte’s File Query Engine does not require an additional database layer, resulting in faster queries and significant resource savings. Queries are executed in parallel across all metadata servers for fast scans across the entire cluster or select volumes. This engine never operates on outdated data.
“The File Query Engine is a game-changer for our customers,” said Bjorn Kolbeck, CEO of Quobyte. “It streamlines the process of querying file system metadata, offering fast and efficient results even for large datasets, AI, and machine-learning workloads.”
The File Query Engine is part of Quobyte release 3.22 and is automatically available without any configuration. Users can run file metadata queries using the command-line tool “qmgmt,” which supports output in CSV or JSON formats. Additionally, queries can be initiated via the Quobyte API, providing flexibility and ease of use.
For more information about Quobyte’s File Query Engine and its storage solutions, visit www.quobyte.com.
About Quobyte:Quobyte provides a unified storage platform engineered for simplicity and high performance, suitable for enterprises and researchers pushing the frontiers of innovation. It ensures exceptional reliability and enterprise-level features, enabling rapid deployment and streamlined operations for organizations of various sizes, making HPC accessible for all. Quobyte empowers small teams to run large-scale infrastructures, advancing today’s most groundbreaking research.
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