New York, USA, Oct. 19, 2020 (GLOBE NEWSWIRE) — According to a study of Research Dive, the forecast shall cross $1,17,259.2 million by 2026, growing at a CAGR of 5.1%.
Impact Analysis of COVID-19 on the Southeast Asia Meat Product Market
The Southeast Asia meat product market is projected to experience a low growth rate amid the COVID-19 health emergency due to massive hit to the livestock sector, revenue losses, and supply-chain disruptions. The food & beverage sector, specifically meat manufacturers operating in Southeast Asia (SEA) regions, are facing challenges such as extensively reduced meat-consumption, coupled with shortage of raw materials. These elements are dramatically hampering the Southeast Asia meat product market.
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Furthermore, enterprises across the Southeast Asia regions are coming forward with insightful events and workshops to serve the needs of the meat product manufacturers of the SEA market. For instance, UBM Malaysia has made an announcement to conduct Malaysia International Feed, Livestock & Meat Industry event in Malacca from 7 to 9 April 2020. The event will focus primarily on the poultry industry sector along with promoting the industry’s recent and future technological advancements in the products & services. These inititatives may generate positive opportunities for the SEA meat product market, throughout the forecast period.
Southeast Asia Meat Product Market Analysis
The changing lifestyle of people in southeast asia also changes their food preferences. The rising disposable incomes and urbanization expand penetration of advanced food delivery services mainly in Thailand, Singapore, and Indonesia, which may flourish the Southeast Asia meat product market. Furthermore, the notable meat providers of the region are offering services according to the needs customers with enhanced quality assured products at a less expensive rate. Also, these players are following strategic alliances, capacity expansion, and technological advancements to acquire the largest share in the global industry. For instance, in March 2020, Charoen Pokphand Foods PCL. has made an announcement to acquire the economic shares in Tesco Asia Group, a significant retailer brand in Malaysia and Thailand. The company has teamed up with Tesco Asia group mainly to stronghold its presence in Thailand and Malaysia. These acquisitions and key factors are expected to drive the Southeast Asia meat product market, during the analysis timeframe.
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However, the exponential rise of veganism in the Southeast Asia region may create a negative impact on the meat product throughout the analysis timeframe.
Moreover, some of the emerging ventures such as Balletic foods and Future Meat are engaged with the innovation and commercialization of cultured meat. Meat culture is the process of artificial meat production instead of animal slaughtering. As per publication of ‘Straits Time Singapore’ March 2019, cultured meats are the key protein alternatives of the upcoming years. As the technology is emerging, “A*Star’s” (the Agency for Science, Technology, and Research) and “Bioprocessing Technology Institute” (BTI), Singapore-based research institutes have initiated their trials in culturing lab-grown meat. These ongoing researches and initiatives may provide lucrative opportunities for the SEA meat product market, in the coming years.
The pork meat type for the Southeast Asia meat product market will have a dominating market share and it is projected to surpass $43,636.9 million by 2026, with an increase from $30,775.7 million in 2019. The popularity of pork meat products is significantly increasing due to the availability of digitalized supply chain platforms, coupled with changing food preferences among consumers. In addition, key players operating in this region such as Charoen Pokphand Foods Pcl, Angliss Singapore Pte Ltd. are heavily investing in product innovations. Furthermore, enhanced quality, convenience, and food safety in the pork meat product may create a positive impact on the segment, throughout the forecast period. Contrary to this, the beef sub-segment will have significant growth and is projected to grow at a CAGR of 5.2% by registering a revenue of $33,382.5 million by 2026. Extensively growing demand for meat products along with government support is expected to create demand for beef products which will ultimately surge the growth of the segment, during the projected period.
The chilled packaging type sub-segment for the Southeast Asia meat product market shall have the largest market share and it is anticipated to generate a revenue of $57,360.5 million by 2026, with the fastest CAGR of 5.3%, during the forecast period. Chilled meat products help to enhance the nutrient-rich diet and fulfill the increasing needs of busy people in the fast-paced city. Due to these factors, the adoption of chilled meat will extensively increase in the packaging segment, which may offer lucrative opportunities for the segment, during the forecast timeframe. In addition to this, chilling technology offers customers a wide choice of nutritious, safe, and tasty meat products that are easy and quick to prepare. Moreover, this technology helps to preserve the texture and taste of the meat products. These elements may also help to propel the market growth.
The kebab processed-food type shall be the fastest-growing and it is expected to register a revenue of $25,437.2 million by 2026, throughout the analysis timeframe. Kebab is one of the tasty and most famous food products across SEA countries. Moreover, inexpensive rates, superior taste, nutritional value, and easy accessibility are some of the factors creating a positive impact on the Southeast Asia meat product market, during the analysis period. On the other hand, the hamburger processed-food type shall have a dominating market share and it is anticipated to generate a revenue of $37,660.3 million by 2026, throughout the forecast period. The extensive market growth of the segment is mainly driven by key factors such as efficiency in production, fast-paced life, and the development of numerous franchises.
The Southeast Asia meat product market for the Vietnam region will have a dominating market share and it is expected to generate a revenue of $44,155.2 million in 2026. The demand for meat market services is surging in the Vietnam region, specifically because of the presence of a large number of people preferring meat products on daily basis. In addition to this, the increasing trend of frozen or ready-to-eat foods in the region is expected to create huge demand, in the analysis period.
Thailand meat product market shall have the fastest market growth and it is anticipated to reach up to $10,693.1 million by the end of 2026 due to the surging penetration of processed meat products in Thailand along with changing lifestyle and preferences for the food products. Furthermore, market players involved in meat product manufacturing such as Charoen Pokphand Foods PCL., Thai-German Meat Product Company Limited and GFPT Public Company Limited. are heavily investing in the new value-added product innovations. These key factors may flourish the Thailand meat product market, throughout the analysis period.
Some of the leading Key Player of Southeast Asia Meat Product Market
- Charoen Pokphand Foods PCL.
- Angliss Singapore Pte Ltd.
- Bangi Agro Malaysia.
- BETAGRO PUBLIC COMPANY LIMITED
- GFPT Public Company Limited.
- Thai-German Meat Product Company Limited
- Saha Farms Co. Ltd
- F & G Food Pte Ltd
- Chop Hup Chong Food Industries Pte Ltd.
Porter’s Five Forces Analysis for Southeast Asia Meat Product Market
• Bargaining Power of Suppliers: In recent years, most of the Southeast Asia meat product companies have adopted for livestock farms. So, there will be a low ultimatum from the supplier.
Therefore, the bargaining power of the supplier is Moderate
• Bargaining Power of Buyer: Buyers are often a demanding lot. They want to buy the best offerings available by paying the minimum price as possible. By rapidly innovating new meat products. Customers often seek discounts and offerings on established products
Thus, the bargaining power of the buyer is HIGH
• The Threat of New Entrants: emerging companies involved in the meat Products business are coming forward with lower pricing strategies, and providing new value-added meat-products to the customers. Meat vendors have to manage all these challenges and build effective boundaries to safeguard their competitive edge.
Thus, the bargaining power of the new entrant is Moderate
• The Threat of Substitutes: When a new design product meets a similar consumer needs in different ways, industry profitability suffers. Several substitutes of meat are available in the meat product market such as cultured meat or plant-based meats. However, such alternative options are not commercialized yet and many people find it unethical to produce animals in the lab.
Thus, the threat of substitute is Low
• Competitive Rivalry in the Market: If the rivalry among the existing players in an industry is higher then it will drop off the prices and decrease the overall profitability of the company. The competitive rivalry among the meat industry leaders is higher especially between the global players including GFPT Public Company Limited. And Thai-German Meat Product Company Limited. These companies are launching high-value meat products in the international market and strengthening the footprint worldwide.
Competitive Rivalry in the meat Market: High
In addition, the report offers in-depth insights into the foremost players of the industry, such as company overview & financial status, annual performance, and product portfolio along with Porter Five analysis and SWOT analysis.
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