$5.38 billion growth expected in the US processed meat market
The US processed meat market is poised to grow by USD 5.38 billion during 2021-2025, progressing at a CAGR of almost 4% during the forecast period, according to the latest market report from Technavio.
Due to the effects of the COVID-19 crisis, processed meat has increased sales in the US, with a CAGR of 4.24% expected for this year only. The market is driven by the increasing demand for convenience foods, says the analysis. The best-positioned companies in the market are Aurora Packing, Ben E. Keith, Cargill, Conagra Brands, Foster Farms, OSI Group, Pilgrims Pride, Sysco Corp., Kraft Heinz and Tyson Foods.
However, an increase in meat prices is expected in the medium-term as the feed prices and additional costs (labor, logistics, safety) are expecting to have an important impact in the following years.
Currently, US pork and beef prices have increased in the last two months by 3.8% and 2.4% but mostly on the fresh segment due to a shortage in supply and high demand created by the grilling season. Nevertheless, the trend is expected to continue for the following months.
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