Pune, India, June 18, 2021 (GLOBE NEWSWIRE) -- The U.S. meat market size is expected to reach USD 215.76 billion by 2028, exhibiting a CAGR of 3.21% during the forecast period. Consumers' increasing interest in protein-rich and ketogenic diets will drive the market during the forecast period, states Fortune Business Insights, in a report, titled “U.S. Meat Market, 2021 – 2028.” The market size stood at USD 170.38 billion in 2020.
COVID-19 Impact:
Disturbed Supply of Meat to Stifle Market Growth Amid COVID-19 Pandemic
The global economy has been severely affected by the COVID-19 pandemic, which has resulted in numerous socio-economic disturbances and the closure of food processing plants and other industries. The initial months of the virus outbreak had a negative effect on the U.S. meat market growth due to the lockdown imposed by the governments. However, after the month of June, the market began to recover its growth as the industry began to work normally.
Consumers were urged to purchase healthier, protein-rich, balanced foods as a result of the promotional activities. Demand for processed beef, pork, and chicken increased across all distribution channels, particularly online retailers, as consumers become more aware of the health benefits of meat products. Hence, increased public understanding of the health benefits of such products will spur development during the global pandemic.
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Top 10 Players Profiled in U.S. Meat Market are:
- Tyson Foods, Inc. (Arkansans, U.S.)
- Cargill, Inc. (Minnesota, U.S.)
- Smithfield Foods, Inc. (Virginia, U.S.)
- Hormel Foods Corporation (Minnesota, U.S.)
- Conagra Brands, Inc. (Illinois, U.S.)
- Foster Farms (California, U.S.)
- Sysco Corporation (Texas, U.S.)
- National Beef Packing Co., LLC (Missouri, U.S.)
- Perdue Farms, Inc. (Maryland, U.S.)
- OSI Group, LLC (Illinois, U.S.)
Market Segments:
Frozen Food Segment to Hold the Largest Share
Meat is a major part of the typical American diet, accounting for more than 15%, 40%, and 20% of daily energy, protein, and fat intake, respectively. A wide range of fresh, frozen, chilled, and canned meat is sold in the region, primarily to retailers and foodservice outlets. Because of its longer shelf life, higher demand, and capacity to transport, chilled meat dominated the industry. The rising consumption of frozen products in foodservice channels, especially restaurants, is driving the segment. Furthermore, frozen products are seen as a healthy alternative to canned products and more convenient due to the reduced processing time. The meat industry in the United States will expand due to the increasing attention of frozen food producers on the launch of new products.
Moreover, because of the growing trend toward white meat consumption, the poultry segment is expected to rise at a faster rate. The supermarket/hypermarket segment is expected to hold a significant market share. The investors are capitalizing on the comforts of customers to have a convenient shopping experience, which, in turn, will boost the supermarket/hypermarket segment.
The market report provides brilliant insights into the market, methodical data with thorough analysis, market dynamics and aspects demonstrating development and growth, meticulous details about key market players, and obtained statistics about dominant regions. COVID-19 is also covered in depth in the study.
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Driving Factor:
Rising Demand for Meat-based Goods among Fitness Enthusiasts to Propel Growth
Consumers' modern-day hectic lifestyles have increased the risk of lifestyle-related health conditions such as diabetes, cardiovascular disease, and obesity across the world. Consumer demand for protein-rich food items has increased as a result of the increasing trend of adopting high-protein diets to reduce the risk of these lifestyle-related health conditions. As a result, the growth of the industry would be aided.
High-protein diets are becoming more common among athletes and fitness enthusiasts. As a result, manufacturers are investing in new meat-based goods, as well as increased advertising campaigns, which are expected to improve sales in the U.S. Chicken, beef, and pork are increasingly being used by manufacturers to make healthy snacks. In addition, to capitalize on the rising demand for high-protein on-the-go snacks among customers, manufacturers are developing healthy snacks.
Competitive Landscape:
Product Launches by Well-known Companies to Boost Sales
The meat industry in the United States is moderately concentrated, with only a few multinational corporations having a significant market share. To further consolidate the industry, major players such as Tyson Foods, Inc., Cargill, Inc., and Smithfield Foods, Inc. are concentrating on new product growth, mergers, and acquisitions. The entry of small players into the industry has a huge impact on the market.
Key Development:
October 2019: Foster Farms purchased 19 poultry ranches in the central valley, adding to the company's existing facilities in California. The purchase would allow the company to meet the rising demand for antibiotic-free, certified organic, and free-range processed chicken products.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Supply Chain and Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Source Launches, and Mergers & Acquisitions
- Impact of COVID-19 on the U.S. Meat Market
- U.S. Meat Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type
- Frozen
- Canned
- Chilled
- Fresh
- By Animal Type
- Beef
- Pig
- Poultry
- Others
- By Distribution Channel
- Hypermarkets/Supermarkets
- Cconvenience Stores
- Specialty Stores
- Online Retail
- Foodservice
- By Type
TOC Continued…!
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Have a Look at Related Research Insights:
Processed Meat Market Size, Share & Industry Analysis, By Type (Frozen, Canned, and Chilled), Animal Type (Poultry, Beef, Pork, and Others), Distribution Channel (Hypermarket/Supermarket, Convenience Stores, Specialty Stores, and Others), and Regional Forecast, 2020 – 2027
Chilled Meat Market Size, Share & Industry Analysis By Type (Beef, Chicken, Pork, Goat, Others (Turkey, Lamb)), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online Retail, Others) and Regional Forecast, 2021-2028
Lab-grown Meat Market Size, Share and Industry Analysis By Type (Beef, Pork, Poultry, Seafood), Application (Food Retail, Food service Channels), and Regional Forecast 2021-2028
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