Processed Meat - Montenegro

Montenegro

Revenue in the Processed Meat market amounts to US$118.40m in 2024. The market is expected to grow annually by 2.77% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (US$42bn in 2024).
In relation to total population figures, per person revenues of US$189.10 are generated in 2024.
In the Processed Meat market, volume is expected to amount to 17.01m kg by 2029. The Processed Meat market is expected to show a volume growth of 0.1% in 2025.
The average volume per person in the Processed Meat market is expected to amount to 27.1kg in 2024.

Key regions: India, China, United Kingdom, Spain, South Korea

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Analyst Opinion

The Processed Meat Market in Montenegro has seen marginal growth due to factors such as increasing health consciousness, growing demand for convenience foods, and the availability of a variety of meat products. However, the market faces challenges such as rising concerns over the health risks of processed meat consumption and strict regulations on food safety. These factors contribute to the negligible growth rate in the overall Meat Market within The Food market in Montenegro.

Customer preferences: As consumer awareness of the environmental impact of meat production grows, there is a rising demand for sustainable and ethically sourced processed meat products. This trend is further fueled by the growing popularity of flexitarian and vegetarian diets, as well as the increasing focus on animal welfare and ethical food consumption. In response, manufacturers are incorporating eco-friendly practices, such as using renewable energy and reducing packaging waste, to cater to this growing consumer preference.

Trends in the market: In Montenegro, the Processed Meat Market within The Food market is seeing a shift towards healthier and more sustainable options. This trend is driven by increasing consumer awareness and demand for ethically sourced and environmentally friendly products. As a result, companies are investing in plant-based and organic alternatives, as well as implementing eco-friendly packaging solutions. This trend is expected to continue, with potential implications for industry stakeholders such as changes in production processes and supply chains to meet consumer demands for healthier and more sustainable options.

Local special circumstances: In Montenegro, the Processed Meat Market of the Meat Market within The Food market is heavily influenced by the country's rich meat-producing tradition and the local preference for cured and smoked meats. Additionally, the country's small size and limited domestic market make it challenging for processors to expand locally, leading to a focus on export markets. The regulatory environment, with strict food safety standards and labeling requirements, also plays a significant role in shaping the market's dynamics.

Underlying macroeconomic factors: The growth of the Processed Meat Market within the Meat Market is impacted by various macroeconomic factors in Montenegro. The country's stable economic growth, favorable regulatory environment, and increasing investment in the food industry have contributed to the growth of the Processed Meat Market. Furthermore, the rising disposable income and changing consumer preferences towards convenience and packaged food products have also stimulated market demand. However, the market is also influenced by global economic trends, such as fluctuating raw material prices and trade policies, which can affect the cost of production and profitability. Additionally, the increasing health consciousness and demand for healthier food options have resulted in the introduction of new processed meat products, such as organic and plant-based alternatives, to cater to evolving consumer trends.

Methodology

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.