Frozen Meat Market-Overview:
Seasonality, rising awareness and preferences, and expanded use of ready meals are all variables that influence frozen meat consumption. Technological advancements to extend the shelf life of frozen products, as well as ongoing attempts to provide high-quality products, particularly meats, are propelling the market's development. As per MRFR, the market will likely grow with a 4.78% CAGR by 2032.
The South Korean Frozen Meat Market is a dynamic and rapidly growing segment of the country's food industry, driven by changing consumer lifestyles, increasing urbanization, and a growing preference for convenience foods. Frozen meat products offer consumers an easy and convenient solution for meal preparation, catering to busy schedules and modern lifestyles. In South Korea, the demand for frozen meat is fueled by factors such as rising disposable incomes, changing dietary habits, and the influence of Western cuisines. Market players in South Korea focus on product innovation, marketing strategies, and distribution channels to meet consumer needs and preferences effectively. Moreover, technological advancements in freezing and packaging technologies enhance product quality, extend shelf life, and improve distribution efficiencies, driving further growth and innovation in the South Korean frozen meat industry. Additionally, the COVID-19 pandemic has accelerated the adoption of frozen meat products as consumers prioritize food safety and stockpile essential items, leading to increased sales and market expansion in South Korea.
Frozen Meat Market Size was valued at USD 55.8 Billion in 2022. The Frozen Meat market industry is projected to grow from USD 58.5 Billion in 2023 to USD 85.0 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.78% during the forecast period (2023 - 2032).
Manufacturers are focusing on introducing various types of frozen foods in this segment to meet the requirement for meat products and overcome seasonality. Furthermore, due to the overwhelming prevalence of e-commerce and online delivery services, which is being pushed by an accelerated lifestyle, cafes and restaurants worldwide are relying on frozen meat products to meet the demand for meat dishes.
Segmentations:
The segmentation of the frozen meat market is conducted based on product type, region, distribution channel, and end user. The frozen meat market consists of frozen whole cut and frozen processed meat by product type. The frozen meat market consists of North America, Asia Pacific, Europe, and other major regions by region. By distribution channel, the frozen meat market consists of store-based and non-store-based. By end user, the frozen meat market consists of retail customers and food service.
Competitive Landscape:
The market's development is projected to be hindered shortly due to a shortage of critical resources. The function of mergers and applications is expected to become critical in maintaining development speed in the coming era. Governments worldwide are committing their support for market-friendly changes. The improving trade relations are projected to increase the international market in the coming years. The industry is anticipated to boost as new products are introduced that focus on satisfying the evolving requirements of their respective client bases. The use of the internet for sales and marketing is expected to expand the market's prospects during the forecast period. The global contagion has provided businesses with a new mandate about the purchasing process and a rapid acceleration of digital transformation. Fresh business models and perceptions are present in current core operations and support functions in the forecast term. It is projected that implementing comprehensive research techniques to examine the market's future development will aid in market development.
The Frozen Meat Market Companies are Marfrig Group, BRF SA, and Pilgrim's Pride Corporation.
Industry Updates:
Feb 2022 JBS SA agreed to pay USD 52.5 million to resolve a lawsuit alleging meat-packing businesses conspired to limit supply in the USD 63 billion-a-year US beef market to raise prices and increase profits. The preliminary settlement reached by the Brazilian corporation and its US subsidiaries with so-called direct purchasers is the first in a nationwide antitrust case involving beef price rigging. JBS stated that while it did not acknowledge liability, the settlement was in its best interests. It also stated that it would defend itself against other plaintiffs' claims of beef price manipulation.
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