As per a Research Dive published report, the Southeast Asia (SEA) meat product market is expected to grow at a CAGR of 5.1% and is projected to generate a revenue of $117,259.2 million throughout the forecast period from 2019 to 2026. The market is segmented based on type, packaging, processed eat type, and region. According to our analysts, the enormously rising popularity for processed, frozen, and ready-to-eat meat products is the mar factor to boost the growth of Southeast Asia meat product market. The growing prominence and emergence of modern technologies such as meat culture are predicted to create lucrative opportunities for the SEA market growth by 2026. Conversely, the rise in number of vegetarians and vegans in the Southeast Asian countries is likely to impede the market growth in the near future.
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Impact of COVID-19 on the Market
The COVID-19 pandemic is predicted to adversely impact the SEA meat product market majorly due to the slow-down of various activities in various industries such as production, transportation, supply chain, and product manufacturing. However, several government bodies worldwide are supporting food industries to overcome the losses. For instance, in April 2020, Thailand’s Ministry of Commerce announced to have set up 7 joint rooms for relevant working between government and industries to ensure an adequate supply of necessities including meat.
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Beef Segment to Generate Highest Revenue by 2026
By meat type, the SEA meat product industry is categorized into beef, pork, chicken, mutton, and others. Of these, the beef meat type segment is projected to account for highest revenue share in the market owing to the growing popularity of innovative beef products such as canned corned beef, chilled beef and the increasing awareness about the benefits of beef as an important source of protein.
Chilled Segment to Grow at a Considerable Rate
By packaging, the SEA meat product market is trifurcated into chilled, frozen, and canned. Of these, the chilled packaging segment is estimated to be the fastest growing segment during the forecast period mainly due to the rising demand for foods that are frozen for longer shelf life and are ready-to-eat.
Kebabs Segment to Grow at a Rapid Pace
By processed meat type, the market is categorized into hamburgers, fried sausages, kebabs, and nuggets. Of these, the kebabs segment is anticipated to grow at the fastest rate by 2026 as kebabs are recognized as one of the most favorite & popular food products in the SEA region.
Thailand to be Most Lucrative by 2026
By country, the SEA meat product industry is divided into Indonesia, Philippines, Singapore, Malaysia, Vietnam, and Thailand. The Thailand meat product market is estimated to witness a significant growth during the forecast period owing to the enhancement in farm productivity and the strict animal disease & food safety control in the country.
Prominent Players of the Industry
The key players of the SEA meat product market are Angliss Singapore Pte Ltd., Charoen Pokphand Foods PCL, Bangi Argo Malaysia, GFPT Public Company Limited, BETAGRO PUBLIC COMPANY LIMITED, Chop Hup Chong Food Industries Pte Ltd., Thai-German Meat Product Co. Ltd., Centaco, F & G Food Pte Ltd, and Saha Farms Co. Ltd. The report summarizes & includes several aspects of all the major players operating in the market such as recent strategic moves & developments, financial performance, SWOT analysis, and product portfolio.
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