Market Trends of north america processed meat Industry
This section covers the major market trends shaping the North America Processed Meat Market according to our research experts:
Pork is the largest Type
- The North American processed other meat segment includes lobsters, crabs, and oysters. It is projected to record the fastest revenue-based CAGR of 4.52% over the forecast period. With the increasing demand for quick-to-eat meals and the growing meat manufacturing industry, the market is projected to expand in the coming years. For instance, in Cuba, the on-trade channel records high sales of lobsters, as the channel offers a buy 1 get 1 scheme for lobster dishes. The increasing number of tourists, especially in Havana, is boosting the channel.
- The processed beef segment held the largest revenue share of 65% in 2021, owing to the increasing consumption of processed beef meat, at 25.53 kg/capita, in the year. Over the forecast period, the market growth is likely to be driven by organic feed used by farmers. Increased consumer disposable income and the number of working professionals, which increased by 34% in 2021, may drive the market.
- In 2020, processed items accounted for more than 63% of the total revenue of the meat market. Companies are innovating their products to gain consumers' interest. They are also expanding the supply of meat products in the market for items like sausages, salami, hot dogs, ham, bacon, and corned beef, which are frequently preserved to maintain quality.
- In July 2021, the USDA announced its intent to invest USD 500 million in the American Rescue Plan funds to expand the capacities of processed meat and poultry. With this investment, the market is likely to observe a constant Y-o-Y growth rate of 2% during the forecast period. The USDA is also issuing new rules on "Product of the USA” labels, which may further drive the processed meat market.
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United States is the largest Country
- In North America, the overall sales by value for processed meat increased by 33% in 2020 from 2016. There is an increasing demand for ready-to-eat or ready-to-cook meat among consumers across the region, owing to their busy lifestyles. Factors such as long shelf life and hygienically processed and stored meat are boosting the growth of the North American processed meat market.
- The United States is a major country that consumes processed meat in the North American region. The overall sales value for processed meat increased by 40% in 2021 since 2016. Of all processed meat, processed pork is the most consumed in the United States and accounts for the major share of 47%, followed by processed poultry with 28%. Processed meat has wide availability in supermarkets, convenience stores, departmental stores, and vending machines, further driving the market's growth in the United States.
- Mexico is expected to be the fastest-growing country to consume processed meat in North America and is projected to register a CAGR of 3.34% during the forecast period. Mexicans usually prefer to consume processed meat, especially poultry. Due to this, Mexican animal health authorities are keen to gain recognition of avian influenza disease-free zones in the future, which is expected to further drive the market's growth.
- Moreover, government bodies in the United States are investing in processing facilities to benefit American farmers. For instance, in July 2021, USDA invested USD 500 million in meat and poultry processing facilities to increase the capacity and make agricultural markets more accessible. It also announced more than USD 150 million for the existing small processing facilities to compete in the market and increase the consumer base.
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