In a recent published report, Kenneth Research has updated the market report for US Meat & Poultry Product Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for US Meat & Poultry Product Market products.
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The US meat & poultry product shipment totaled USD 203.8 billion in 2017, growing with 4.2% CAGR during the forecast period, 2018-2025
A steadily rising population and the dietary requirement for protein confer stability to the US market for meat and poultry products. Furthermore, beef and poultry are staples of ubiquitous fast food restaurants due to factors such as ease of preparation and low cost. US producers also benefited from a predominantly urbanized population and the fact that domestic market penetration by foreign firms is limited in most categories, owing to factors such as high costs of transporting these products and food safety concerns. At the same time, the US meat and poultry industry exerts its influence throughout the world, bolstered by abundant resources for raising animals and a reputation for quality among many international consumers.
Beef & Veal
Lamb & Other
Beef & Veal segment accounted for significant revenue share owing to the rising product demand. Also, pork products is estimated to grow with promising growth rate over the study period. Persistent demand growth in many export markets will support rising shipment of this products. As an additional boost, South Korea began phasing out existing tariffs on pork product imports in 2014, with all such tariffs slated for elimination by 2021. Ractopamine – a growth hormone that is often included in US animal feed – is banned in many countries, impeding US meat exports.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Fresh & Frozen
Over the forecast period, increased levels of consumer spending and a trend toward convenience food will drive sales of higher-cost, value-added products in the Fresh & Frozen and Processed categories. While fresh meat and poultry is broadly considered healthier than processed varieties, the latter are generally less expensive and more conducive to on-the-go consumption.
Key Vendors Takeaway
Greater Omaha Packing Company
Barriers to entry are relatively low for small companies that sell meat and poultry products locally, because small-scale operations do not require using expensive processing equipment. Companies are actively engaged in strategic merger and acquisition to expand their market presence. For example, in March 2017, JBS announced that it was acquiring Plumrose USA, a US-based producer of bacon, ham, and deli meat. The acquisition aimed to expand company’s product portfolio and brand offerings as well as its customer base and geographic distribution in the country.
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The market size and forecast for each segment and sub-segments has been considered as below:
Historical Year – 2014 & 2016
Base Year – 2017
Estimated Year – 2018
Projected Year – 2025
Traders, Distributors, and Suppliers
Government and Regional Agencies
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY PRODUCTS
Beef & Veal
Lamb & Other
MARKET, BY END USE
Fresh & Frozen
About Kenneth Research
Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation
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