United States Processed Meat Market - Size, Share, COVID-19 Impact & Forecasts up to 2028

United States Processed Meat Market - Size, Share, COVID-19 Impact & Forecasts up to 2028

The United States Processed Meat Market is projected to register a CAGR of 2.20%

Key Highlights

• Largest Segment by Distribution Channel - On-Trade : Fast food outlets or restaurants with extensive menus comprising Chinese cuisines that use processed meat products have fueled the market growth in the United States.
• Largest Segment by Type - Pork : Products such as bacon, sausages, and ham have boosted the demand for processed pork items in the North American region as they are majorly consumed for breakfast and lunch.
• Fastest-growing Segment by Distribution Channel - Off-Trade : Purchases through online channels and supermarkets/hypermarkets, along with the innovations in processed meat delivery and self-checkouts, are driving the segment's growth.
• Fastest-growing Segment by Type - Beef : Ground beef, luncheon meat, sausages, hot dogs, salami, pepperoni, burgers and beef jerky are the most popular processed beef products consumed in the United States.

Key Market TrendsPork is the largest segment by Type.

• Processed meat has been growing at a steady rate, and it progressed at a CAGR of 6.14% from 2016 to 2020. The most consumed processed meat type is processed pork. Although some communities or regions do not eat pig, it is one of the most popular processed meats in the United States. Lunch meats, hot dogs, bacon, sausage, smoked ham, and other processed pork make up the category of processed pork. Among the various ethnicities in the country, processed pork is popular among the African-American and Hispanic communities.
• In 2020, the market's growth was lower than previously, and it registered a growth rate of 7.62% by value. Processed meat products were primarily sold through retail outlets like supermarkets, grocery stores, and convenience stores. In 2020, pork sales represented 33.5% of the total value of meat sold, while poultry meat and beef contributed 19.84% and 16%, respectively. Moreover, processed mutton saw its trend change from declining by 6.48% from 2018 to 2019 to a rise in sales of 5.87% from 2019 to 2020. This primarily occurred because of panic buying by customers from the major meat distribution channels. Since purchasing essential commodities was permitted, consumers stocked up on processed meat products as they have a very long shelf life.
• The fastest-growing segment of processed meat is the other meat category, projected to record a CAGR of 5.5% during the forecast period. Processed meat products require constant innovation and multiple iterations of the same product. The ongoing trend in the processed category is clean-label and all-natural products. Low-sodium, low fat, low calorie, no MSG, and free from additives and preservatives are some popular claims on labels in the processed meat product category.

Competitive Landscape

The United States Processed Meat Market is fairly consolidated, with the top five companies occupying 74.65%. The major players in this market are Hormel Foods Corporation, Marfrig Global Foods SA, Sysco Corporation, Tyson Foods, Inc. and WH Group Limited (sorted alphabetically).

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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