The North American Red Meat market is projected to register a CAGR of 0.86%. Key features. The largest segment by type is Beef: The market is witnessing a growing demand for grass-fed beef as it is leaner and less fat.
New York, Jan. 13, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the “Red Meat Market in North America – SIZE, SHARE, IMPACT OF COVID-19 AND FORECAST TO 2028” report – https:/ /www. .reportlinker.com/p06381181/?utm_source=GNW
It is also marketed as a high quality and premium product.
The largest segment by country is the United States : The US is ideal for animal husbandry due to the availability of grass and abundant water. Distribution is much easier with recycling facilities spread across the country.
The fastest-growing segment by type is pork: The market has been resilient through economic crises, with the USDA’s Farm Service Agency providing financial support to the nation’s small hog producers.
The fastest growing segment in the country is Mexico : The country’s improved meat practices, along with high quality, safety, supply and availability, have contributed to the growth of the Mexican market.
Key market trends
Beef is the largest segment by type.
The North American edible meat market is driven by beef, which has the highest growth rate in terms of value in 2021. It is expected to register a CAGR of 8.82% during the forecast period. There has been a shift in the consumption patterns of American shoppers, with 28% of them focusing on choosing nutritious and healthy meats in 2021. This trend has been seen throughout the COVID-19 pandemic, with sales of grass-fed beef growing faster. Compared to 2020, it increased by 45%.
The decline in mutton and lamb production was accompanied by higher prices, which led to higher production costs. Their production is 20% more expensive than other meats in the region. Lack of supply and high prices have reduced the consumption of sheep and lambs and hindered their growth. Pork is the fastest growing meat category in the North American region, with a CAGR of 0.85% during the forecast period. While pork consumption remains relatively stable, it is subject to supply-related price fluctuations.
The government and regulatory agencies are taking additional measures to stabilize the pig industry in the region. The U.S. Department of Agriculture’s Farm Service Agency (FSA) has approved more than $545 million in payments to producers who applied for the Coronavirus Food Assistance Program. This initiative is aimed at producers who have experienced a price drop of 5% or more due to COVID-19 and are facing significant additional costs due to reduced demand, excess production and disruptions in marketing and supply. In 2020, the number of pigs slaughtered in the United States reached 2 million 452 thousand.
The United States is the largest segment by country.
During the review period, the United States held the major market share for red meat, as the sales value increased by approximately 43.4% from 2016 to 2021. This increase was mainly due to increased consumption of beef in the United States. Beef accounted for about 63% of the market in 2021 compared to other types of meat. Beef producers are using technology-based methods like 3D printing and sensors to improve beef production.
Mexico is the fastest growing country in North America. Owing to the steady growth of US exports to Mexico over the past few years, the CAGR is estimated to be 1.33% during the forecast period (2022-2028). This increase in exports was fueled by the North American Free Trade Agreement (NAFTA) and Mexico’s growing meat consumption. Mexico is the largest market for U.S. pork and poultry and the second largest market for U.S. beef exports. As pork imports and production increased in Mexico, people began to prefer cheaper pork to beef.
Consumers continued to buy poultry products in Q4 2021, despite disruptions due to high numbers of COVID-19 cases, high inflation and supply chain disruptions. The retail delivery industry continued to move more pounds of meat through the system, up 3.5% over 2019.
Trade is the main distribution channel, accounting for 58% of the market in 2021. Tyson Foods Inc. and major red meat companies such as Cargill Incorporated have more than 40 processing plants and partnerships with them. – trade distribution channels such as restaurants and hotels.
Race landscape
The North American Red Meat market is moderately consolidated with the top five companies accounting for 44.91%. Key players in this market include Cargill, Incorporated, Hormel Foods Corporation, Marfrig Global Foods SA, Sysco Corporation and Tyson Foods, Inc. (arranged alphabetically).
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