As a result of consumers settling in and preparing more meals at home due to pandemic-related restrictions, retail volume sales growth of processed meat and seafood is expected to triple in 2020 while value sales growth is set to nearly double. In particular, value sales of popular chilled processed red meat and chilled processed poultry are approaching double-digit growth rates in 2020.
Due to consumers’ traditional preference for processed red meat and processed poultry, in recent years demand for processed seafood has been relatively sluggish, with processed seafood remaining a much smaller segment than processed meat throughout the review period. Demand has also been dampened by the fact that processed seafood—especially chilled and frozen variants—has tended to be pricier than processed meat, an important constraint subduing demand amongst price-conscious consumers.
In 2020, amidst the strong demand generated by home-bound consumers, category leader Akova Group doo is set to see its value share decline, albeit marginally. Processed meat and seafood remained a somewhat fragmented category in 2020, with only the leader Akova Group doo and second-ranked Argeta doo set to post double-digit value share amongst numerous other players with single-digit value share.
Following the considerable rise in 2020 as a result of consumers responding to the impact of the COVID-19 pandemic, value sales of processed meat and seafood at 2020 constant prices are projected to post marginal growth in 2021 before settling in to greater but moderate growth over the remainder of the forecast period. Generally, due to increasing health awareness—boosted by experiences and concerns during the pandemic in 2020—and the ongoing popularity of the health and wellness trend, over the forecast period growth rates for processed red meat are expected to be less robust than growth rates of processed poultry and processed seafood, products considered to be healthier options.
In recent years, the competitive processed meat and seafood category has been characterised, at least in part, by a plethora of new product launches. Efforts are likely to continue over the forecast period and provide opportunities for players in the competitive category to gain value share.
Grocery retailers continued to dominate distribution in the processed meat and seafood category during the review period, but e-commerce nevertheless appeared and slowly grew its distribution share. Growth was bolstered in 2020 as some consumers, in efforts to avoid in-store grocery shopping, switched to e-commerce to secure their processed meat and seafood.
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This report originates from Passport, our Processed Meat and Seafood research and analysis database.
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