Albany, NY -- (SBWIRE) -- 02/09/2017 -- The GCC processed meat market is highly fragmented with the existence of several small, medium, and large-sized companies, says Transparency Market Research (TMR) in a research report. To establish a stable position in the market, the players are focusing on product innovation and economies of scale. The market players are likely to compete against each other in terms of pricing, product portfolio, and product differentiation. The leading players in the market are Almunajem, Gulf Food Industries, Cargill Inc., Tyson Foods, BRF S.A., Sunbulah Group, Al Islami Foods, and National Food Co. (American Meat). The top four players, Al Islami Foods, National Food Co., Sunbulah Group, Almunajem, Gulf Food Industries, and BRF SA accounted for a share of approximately 35% in 2015. To meet the requirements of consumers, in the July of 2015, Perdigão, a brand of BRF SA introduced its new line of pork cuts, hams, and smoked sausages.

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The GCC processed meat market is expected to expand at a CAGR of 8.4% between 2016 and 2024. The market was estimated to me US$760.7 mn in 2015 and is projected to rise to a valuation of US$1.5 bn by the end of 2024.

Poultry to be Most Preferred Processed Meat in GCC Countries

On the basis of meat type, the poultry segment led the GCC processed meat market in 2015 with a share of above 43% in the same year. It has been estimated that the segment of lamb will register strong growth with a CAGR of 8.9% during the forecast period. The poultry segment is expected to retain its dominance until 2024. This dominance can be attributed to rising consumption of poultry products in Saudi Arabia. With the preference of poultry gaining momentum, the demand for frozen options is also expected to rise at a significant rate. In the products segment, frozen food is expected to take over the market over the next couple of years owing to the growing consumption of hot dogs, salami, franks, and burgers among the young population. Frozen processed meat products are also preferred as they can be conveniently stores and easily prepared when needed.

In terms of country, the GCC processed meat market was dominated by Rest of GCC in 2015 with a share of 93.6% in the same year. It has been projected that it will retain the leading position until 2024. In the Rest of GCC, Saudi Arabia emerged as the most formidable market closely trailed by the United Arab Emirates. This growth can be attributed to factors such as strong economic growth, rising tourism in the countries, growing domestic population, and rising preference for processed meat.

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Growing Retail Sales to Act as Boon for Market Growth

Retail is the leading distribution channel for the products of processed meat. Modern grocery retailers such as hypermarkets, supermarkets, and convenience stores are by far the most prominent channels for the distribution of processed meat. Traditional grocery retailers such as independent small grocers are also propelling the growth of the distribution channel for processed meat. Increasing number of retail outlets in developing economies is expected to boost retail sales of processed meat over the coming years.

According to a TMR analyst, "Rising number of households with kids, high popularity of hot dogs and salami among the younger generation, and growing demand for organic food products are the key factors driving the processed meat market." Manufacturers of processed meat products produce low fat products to meet the changing consumer needs. This is another factor propelling the frozen processed meat market across the region. Additionally, the use of innovative and modern technology in processed meat packaging by manufacturers is another factor empowering this market.

This review is based on a Transparency Market Research report titled, "Processed Meat Market - GCC Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."

GCC Processed Meat Market, by Meat Type
Lamb
Poultry
Beef

GCC Processed Meat Market, by Product Type
Frozen Processed Meat
Hot Dogs
Salami
Mortadella
Others

Chilled Processed Meat
Burger
Nuggets
Others

Others (Shelf Stable Meat)

GCC Processed Meat Market, by Package Type
Retail
Bulk

GCC Processed Meat Market, by Region
Qatar
Rest of GCC