North America Processed Meat Market: Mexico Is Expected To Expand At The Fastest Revenue-Based CAGR Of 5.9% Over The Forecast Period
North America Processed Meat Industry Overview
The North America processed meat market size is expected to reach USD 34.80 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 3.5% from 2021 to 2028. The market is expected to witness considerable growth in the years to come owing to a surge in the demand for easy-to-make food items. Furthermore, increasing purchasing power, coupled with a surge in the number of working-class professionals, will drive the market over the forecast period.
The beef meat type segment accounted for the largest revenue share in the North American market in 2020. The rising demand for grass-fed beef products that have higher nutritional value is driving this segment. Poultry-based products are expected to exhibit the highest growth rate over the forecast period owing to their low cost and the shift in consumers’ preference for white meat instead of red meat.
The chilled product segment dominated the market in 2020. Chilled products, frozen at a temperature from 1°C to 4°C, are packaged under a modified or controlled atmosphere packaging to preserve them against microbial deterioration and spoilage. Increasing advancements in chilling technology have been enabling better preservation, packaging, and transportation of chilled products. This, in turn, is boosting the growth of the sector over the years.
The U.S. is one of the largest consumers of meat products in the world. Most people in the country consume some form of processed meat in their daily meals. Such consumption patterns in the country offer significant opportunities for meat processors to launch new products. In addition to this, almost all consumers are highly dependent on animal-based protein, which is also boosting the demand for the product in the country.
In February 2020, The Chefs' Warehouse, a leading distributor of specialty food products in North America, acquired Cambridge Packing Company. Cambridge Packing Company, a U.S.-based company, offers high-end beef, pork, poultry, and seafood products.
North America Processed Meat Market Segmentation
Grand View Research has segmented the North America processed meat market on the basis of meat type, type, product, and region:
Based on the Type Insights, the market is segmented into Poultry, Beef, Pork, Mutton, and Others.
- The cured products held the largest revenue share of more than 60.0% in 2020. Curing is a method of preserving meat products by adding salt and sodium nitrites. This method keeps the products pink and is commonly used to preserve products, such as sausages, salami, hot dogs, ham, bacon, and corned beef. A large number of processed meatssuch as hams, frankfurters, bacon, and bologna are typically preserved with the cured method, which requires sodium nitrite.
- Manufacturers are trying to explore other components as alternatives to sodium nitrite for preservation owing to the rising consumer awareness about the harmful effects of these preservatives. In September 2018, Finnebrogue Artisan, a Northern Island-based producer, introduced its new product Naked Bacon, which uses Mediterranean spice and fruit extracts instead of the typical nitrites.
- The uncured segment is expected to expand at the highest revenue-based CAGR of 4.3% from 2021 to 2028. Uncured processed product is typically cured using natural sources like sea salt and celery powder, and hence do not contain any artificial nitrites and nitrates. These products are considered to be healthier in comparison to cured products, which is expected to drive their demand among consumers.
Based on the Meat Type Insights, the market is segmented into Cured, and Uncured.
- The beef segment held the largest revenue share of more than 36.0% in 2020. The rising preference for brands such as Tyson, Gardein, and Hormel and the growing demand for grass-fed beef products due to their high nutritional value are expected to drive this segment. Frozen ground beef in a boneless form is one of the most popular processed beef products among consumers.
- The poultry segmentis expected to expand at the highest revenue-based CAGR of 4.1% from 2021 to 2028. The segment growth can be attributed to its lower price in comparison to other beef, pork, and mutton. The presence of high proteins, vitamins, and minerals, such as A, B6, B12, niacin, thiamine, riboflavin, iron, zinc, magnesium, potassium, and phosphorus also makes it appealing to the consumers who want to include lean protein in their diets.
Based on the Meat Product Insights, the market is segmented into Chilled, Frozen, Canned, and Dry & Fermented.
- Chilled products held the largest revenue share of more than 65.0% in 2020. The growth of the segment can be attributed to a large number of people who still prefer buying chilled products and cook them as per their requirements. Additionally, chilled meat has high demand in the region owing to its longer shelf life and original taste. Chilled raw packaged meat cuts are quite popular among consumers in North America.
- The frozen product segment is expected to register the fastest revenue-based CAGR of 4.4% from 2021 to 2028. The rising consumption of convenience food products is driving the demand for frozen products. Moreover, the long shelf life of these products is influencing consumers’ buying decisions. Some of the common frozen products purchased by consumers include meatballs, chicken nuggets, beef patties, fillets, and chicken breast.
Key Companies & Market Share Insights
The market is characterized by the presence of a large number of global and domestic players. In August 2020, Conagra Brands, Inc. invested USD 100 million to expand its meat snacks processing facility in Troy, Ohio, U.S. This plant produces Duke's and Slim Jim branded products. Considering the increasing sales of its snacks, the company planned to add 63,000 sq. ft. to the plant, including new smokehouses, packaging equipment, and drying rooms. This, in turn, will allow the company to expand its production capacity. Some prominent players in the North America processed meat market include: -
- Tyson Foods, Inc.
- Conagra Brands, Inc.
- Sysco Corporation
- Smithfield Foods, Inc.
- Perdue Farms
- Cargill, Incorporated
- JBS USA
- Hormel Foods Corporation
- National Beef Packing Company, LLC
- OSI Group
Order a free sample PDF of the North America Processed Meat Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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