United States has the largest meat sector by value globally, worth in excess of US$200 billion. However, growth for this market is low compared with other developed nations, with a forecast CAGR for 2016–2021 of less than 1%. Japan, China, and Mexico represent three of the largest export destinations for US meat producers, although the recent US withdrawal from the TPP trade deal and deterioration in relations between the US and key trading partners threaten to restrict exports, with tit-for-tat tariffs a possible outcome of recent tensions. Proposed interest rate hikes seek to manage domestic demand, while the strong US dollar continues to make meat imports more expensive for foreign buyers, particularly in developing markets. Fluctuations in demand are possible, and producers should be careful to avoid surplus production and overcapacity in the meat sector.
The US meat market will struggle to match the growth in average consumer spend witnessed in other markets, such as Austria and Hong Kong. A positive economic outlook, buoyed by strong consumer confidence and regulatory reform, will support growth in meat consumption in the immediate future, and create opportunities for both established brands and new market entrants to target consumers.
The Off-Trade meat sector has experienced steady growth since 2011, with value-conscious consumers choosing to create meal ‘experiences’ at home and buying meat in certain segments. Frozen Meat, for example, has posted an impressive CAGR, and looks set to outstrip growth in other segments in the five years to 2021. US economic growth and positive consumer sentiment could help boost On- Trade growth in the meat sector in the next five years. Chilled Raw Packaged Meat Processed) is the highest value category, and is estimated to be worth US$63 billion by 2021, despite a slowing growth rate overall.
In the US in 2016, hypermarkets and supermarkets accounted for over 82% of meat consumption value. This shows the prominence of the channel in the US market. Food & Drink Specialists in meat often sell high-priced items such as gourmet and premium meat products, which help it to account for more than 10% of the money spent on meat in the country. Convenience Stores are able to attract 4.5% of the money spent on meat despite having a higher price tag. This is because consumers are willing to pay more for convenience. Cash & Carries allow consumers to buy in bulk and save money on everyday food products such as meat and frozen goods. This channel accounted for almost 1% of consumption by value in 2016.
The report Top Growth opportunities: Meat in the US, provides recommended actions and detailed analysis of how to target the best growth opportunities for meat producers and retailers. Readers can understand what categories, channels, companies, and consumers will drive the success of Meat markets in the US.
In depth, this report allows to access the following -
Key consumer demographic groups driving consumption within the US market. Improve your consumer targeting by understand who’s driving the market, what they want, and why.
A study of market value and volumes over 2011–2016 for the US, supplemented with category, brand and packaging analysis that shows the current state of the market, and how it will evolve over the 2016-2021 period.
White space analysis, to pinpoint attractive spaces in the market and the key actions to take.
Insight into the implications behind the data, and analysis of how the consumer needs will evolve in the short-to-medium term future.
Examples of international and US-specific product innovation targeting key consumer needs.
The US meat market presents an opportunity for producers due to its very large size, stability and consumer spending confidence
The modest growth witnessed in the US meat market in the five years to 2016 is set to slow by 2021. However, with a meat market worth in excess of US$200 billion - the largest globally - the US is too large for producers to ignore
Cooked Meats (Packaged) and Frozen Meat will see the fastest US$ value growth between 2016 and 2021.This reflects consumers’ real or perceived time-scarcity and the desire to reduce time spent on cooking
Hypermarkets & Supermarkets account for more than four fifths of Meat market value share, with US consumers responding postively to aggressive pricing strategies.
The top 10 meat brands in the US control over a fifth of market value. Private label brands are growing well in the US meat sector.
Reasons to buy
This report brings together consumer analysis and market data to provide actionable insight into the behavior of US Meat consumers.
This is based on GlobalData's unique consumer data, developed from extensive consumption surveys and consumer group tracking, which quantifies the influence of 20 consumption motivations in the Meat sector.
Category, brand, and packaging dynamics are also examined.
This allows product and marketing strategies to be better aligned with the leading trends in the market.