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According to the report, China is not only the world's largest producer and consumer of meat, but its market size is growing steadily at a compound annual growth rate of 3.9% and is expected to reach 2,088.7 billion yuan by 2023.
In 2022, red meat products accounted for 64% of new products, with pork products dominating at 49%. According to consumer surveys, "delicious" and "healthy" are the two main reasons for choosing meat products, accounting for 43% and 35% respectively. Processed meat products should not only satisfy the taste buds, but also take into account health.
In order to cater to the tastes of consumers, the processed meat industry is constantly exploring flavor innovations. Data for 2022 shows that black pepper flavor is the most popular flavor type with 23%, followed by smoked and grilled flavor and spiced flavor. Spices and flavors are the mainstream flavor ingredients, among which garlic, chili pepper, black pepper and ginger are common basic flavor ingredients. As the popularity of barbecue flavors continues to rise, this trend is expected to drive innovation and development of related meat products.
Health has become an important factor in consumers' choice of processed meat. According to the survey, 51% of consumers believe that "product safety" is their top concern when buying meat products, followed by "real ingredients" and "high protein". This has prompted the processed meat industry to respond with product upgrades, such as products with health claims that are low in fat, no additives, less salt and no antibiotics. In 2022, the proportion of new meat and poultry products with health claims will be about 8%, of which products with "high protein" claims are the most.
In terms of raw materials and processes, the processed meat industry is also being upgraded. For example, steak products enhance the high-end feel of the product by using specific raw materials and combining it with upgraded processes such as acid removal and aging. Safety claims such as "no antibiotics" and "zero hormones" have also become new selling points of the product. Claims such as "high meat content", "real meat particles" and "starch-free" have also been widely used in new products to meet consumer demand for "real materials".
As an important branch of processed meat products, the lo-mei market is also experiencing rapid growth. From 2019 to 2023, the compound growth rate of China's lo-mei market is about 4.8%, and the market size is expected to exceed 310 billion yuan in 2023. In particular, the emergence of the new category of "hot brine" has brought new growth points to the market.
Excerpts from the report are set out below
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