US meat market to reach $215.76 billion by 2028
The latest market report from Fortune Business Insights predicts an expansion for the US meat market over the next 7 years, as consumers' increasing interest in protein-rich and ketogenic diets will drive the market during the forecast period. Last year, the market reached a value of $170.38 billion but, according to the report, it will reach $215.76 billion by 2028, with a CAGR of 3.21% during the forecast period.
However, 2020 was a year marked by severe disruptions in the supply chain and distribution channels due to the COVID19 crisis. The entire 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 US 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, mentions the market report.
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.
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.
On the other hand, consumers are more and more attracted to protein-rich food, as they adopting a healthy, active lifestyle. 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 for US Chicken, beef, and pork are increasingly being used by manufacturers to make healthy snacks.
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