Processed Meat - Colombia | Statista Market Forecast

The Processed Meat Market in Colombia is facing stagnant growth due to various factors such as increasing health awareness, changing consumer preferences, and strict regulations on meat products. Despite the sub-markets of Ham & Bacon, Sausages, and Cold & Roast Meat Products, the overall market is experiencing negligible growth due to declining demand and competition from alternative protein sources.

Customer preferences: In Colombia, consumer preferences for processed meats are shifting towards healthier and more environmentally sustainable options. This trend is influenced by cultural values that prioritize natural and organic foods, as well as concerns about the impact of meat production on the environment. Demographic shifts, such as an aging population and an increase in health-conscious millennials, are also driving this change. As a result, there is a growing demand for plant-based and ethically sourced processed meat products in the country.

Trends in the market: In Colombia, the Processed Meat Market of the Meat Market within The Food market is experiencing a shift towards healthier and more sustainable options. This trend is driven by the increasing consumer awareness of the negative health effects of processed meat consumption. As a result, there is a rise in demand for plant-based alternatives and products with reduced levels of preservatives and additives. This trend is expected to continue, as more consumers prioritize their health and seek out more ethical and environmentally-friendly options. For industry stakeholders, this trend presents an opportunity to diversify their product offerings and cater to a growing segment of health-conscious consumers. However, it also poses a challenge for traditional processed meat producers to adapt and innovate in order to remain competitive in the market.

Local special circumstances: In Colombia, the Processed Meat Market of the Meat Market within The Food market is heavily influenced by the country's diverse culinary culture. Colombian cuisine often incorporates processed meats, such as chorizo and chicharron, as key ingredients in traditional dishes. Additionally, the country's geographical location and climate make it a prime location for meat production, resulting in a wide variety of locally sourced processed meat products. However, strict regulations on food safety and labeling have recently been implemented, affecting market trends and consumer preferences. Furthermore, the growing demand for healthier and more sustainable food options in the country has led to the development of alternative plant-based processed meat products in the market.

Underlying macroeconomic factors: The Processed Meat Market of the Meat Market within The Food market in Colombia is heavily influenced by macroeconomic factors such as consumer spending, population growth, and government policies. As the country experiences steady economic growth and rising disposable incomes, consumers are more likely to increase their meat consumption, boosting demand for processed meat products. Government policies promoting trade and investment in the food industry also play a significant role in market growth. Additionally, factors such as changing dietary preferences and increasing urbanization are expected to further drive the demand for processed meat in Colombia.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.