(MENAFN- Ameliorate Digital Consultancy)
The global hams market has seen a historical CAGR of nearly 2.3% during the period (2014-2019) and is further projected to create a valuation of about US$ 47 Bn by 2030. The global hams market is poised to expand at a CAGR of over 3% during the forecast period (2020-2030).
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The Covid-19 outbreak is currently having a significant negative impact on the ham market. For market participants, disruptions in the global supply chain, difficulties obtaining raw materials, and restrictions on movement are creating logistical and sales nightmares. The global ham market is also continuing to stagnate due to the widespread closure of restaurants and foodservice outlets, which account for almost half of all ham consumption.
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Key Takeaways of the Global Hams Market Study
China leads the global hams market, capturing a market share of over 45% in 2020. The country holds a large number of established meat processors and emerging ham facilities. Fresh/chilled hams remain highly preferred over their frozen counterparts and are expected to account for over 65% of the total sales by 2030. Strong demand for fresh/chilled hams from households and retail and foodservice chains continues to offer tailwinds to the market growth. During the last five years, household demand for hams has been on a significant rise, attributing to robust expansion of retail chains and high popularity of e-Commerce platforms.
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Hams Market: Segmentation
The FactMR's study has done the segmentation of hams market on the basis of form, process, buyer, sales channel across eight regions.
Air Dried Cured Hams Smoked Hams
Food Processor & Manufacturers HoReCa Sector Residential Buyers
Supermarket/Hypermarket Independent Retailers Convenience Stores Specialist Retailers Online Retailers
North America Latin America Europe China Japan South Korea South East Asia India Oceania MEA
Competitive Analysis: Hams Market Shows High Level of Fragmentation
Due to the Covid-19 outbreak, two Brazilian meat processing plants were forced to suspend operations, which were BRF (Brazil Foods), and JBS. Demand for hams from restaurants and other foodservice firms fell drastically, leaving vendors with large quantities of unsold stock.
Tyson Foods informed its investors about a 50% decline in the U.S. pork production. Costco also announced restrictions on fresh meat sales, limiting customers to buy not more than three items from poultry, beef, and pork products. Considering the situation, the U.S. Food & Drug Administration (FDA) has relaxed its guidelines on food labeling to allow ham manufacturers to directly sell products to retailers originally intended for the foodservice industry.
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