(MENAFN- GlobeNewsWire - Nasdaq) The growth of the smoked meats market is driven by increasing consumer demand for convenient protein-rich foods, rising health consciousness, and the growing trend of gourmet and premium food products. The market is also benefiting from innovations in smoking techniques, new product launches, and the expanding popularity of ready-to-eat smoked meat products.NEW CASTLE, Delaware, Oct. 17, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, " Smoked Meats Market by Product Type (Smoked Bacon, Smoked Sausages, Smoked Ham and Smoked Poultry), Source (Pork, Beef, Chicken and Others), and Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Online Retail and Specialty Stores): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the smoked meats market was valued at $25.3 billion in 2023, and is estimated to reach $62.1 billion by 2033, growing at a CAGR of 9.5% from 2024 to 2033.
Prime Determinants of Growth
The smoked meats market is primarily driven by several key factors. The increase in consumer preference for ready-to-eat and convenience food has led to a growing demand for smoked meats. Consumers are increasingly seeking high-quality, flavorful protein options, driving innovations in smoking techniques and product offerings. The expansion of gourmet and premium food segments has further propelled the market growth, with a significant increase in the adoption of smoked meats globally. In addition, rise in availability of smoked meats across various retail channels, including supermarkets, online platforms, and specialty stores foster the market growth.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2035 |
| Base Year | 2023 |
| Market Size in 2023 | $25.3 Billion |
| Market Size in 2035 | $62.1 Billion |
| CAGR | 9.5% |
| No. of Pages in Report | 488 |
| Segments Covered | by Product Type, Source, Distribution Channel and Region. |
| Drivers | Rising consumer demand for convenient protein-rich food
. Growth in gourmet and premium food products |
| Opportunity | Expansion into emerging markets |
| Restraints | Health concerns related to processed meats |
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Segment Highlights
The pork segment is experiencing high demand in the smoked meats market due to its rich flavor and versatility in various culinary applications. Pork products are particularly popular in regions like North America and Europe, where traditional smoked pork items, such as bacon and sausages, are staples in many diets.
The natural smoked segment is the leading segment by source in the smoked meats market. This segment is preferred by consumers who are increasingly seeking products with traditional, authentic flavors and clean-label attributes. The natural smoking process, which uses real wood and traditional methods, is seen as superior in terms of taste and quality compared to liquid smoked products. This preference is driving the demand for naturally smoked meats, making it the dominant segment in the market.
The supermarket/hypermarket segment is leading in the distribution of smoked meats, driven by the wide availability of products and the convenience of one-stop shopping experiences. Supermarkets are the preferred channel for purchasing smoked meats due to their extensive product variety and frequent promotions, attracting a broad range of consumers.
Regional Outlook
North America is the largest market for smoked meats, driven by a strong tradition of smoked food consumption, particularly in the U.S. The region benefits from a well-established food processing industry, high consumer spending on premium food products, and a growing demand for convenient and ready-to-eat options. The U.S. market, in particular, is characterized by a diverse product range, from traditional smoked meats to innovative offerings such as smoked seafood and plant-based alternatives.
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Key Players:
The report provides a detailed analysis of these key players in the smoked meats market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Developments
In 2023, Tyson Foods launched a new range of smoked chicken products to cater to the growing demand for convenient, high-protein snacks.
In 2021, Smithfield Foods expanded its portfolio with the introduction of plant-based smoked meats under the Pure Farmland brand, targeting health-conscious and flexitarian consumers.
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