North America Processed Meat Market Outlook 2031
The North America processed meat market size was USD 28.28 Billion in 2022 and is projected to reach USD 38.54 Billion by 2031 expand at a significant CAGR 3.5% during the forecast period, 2023–2031. The growth of the market is attributed to the innovation in processing technologies.
Meat is considered developed when it is successfully treated by salting, smoking, and adding ingredients to extend its shelf life and enhance its taste. Chicken, Beef, pork, turkey, and lamb are some of the most common meats used to make processed meat. Pepperoni, jerky, hot dogs, and sausages are examples of processed meat products. Meat is treated with preservatives to keep it from spoiling due to bacteria and other microorganisms.
The COVID-19 outbreak wreaked the meat industry. In the processed meat market's distribution chain, hotels, restaurants, and cafés play a significant role. Most notably, fast food restaurants such as McDonald's, KFC, Subway, and Burger King were forced to close temporarily or permanently during COVID-19 pandemic, which negatively impacted the market growth.
North America Processed Meat Market Trends, Drivers, Restraints, and Opportunities
- Expanding growth of processed meat shops is estimated to propel the North America processed meat market.
- Advancement in manufacturing technology have allowed for a wider range of products on the market, driving the market growth.
- Increasing consumption of hotdogs and salamis is anticipated to boost market expansion.
- Rising cost of crude materials of processed meat can hamper the market growth.
- The risk of disease associated with the consumption of processed meat can hinder the growth of the processed meat market.
- Increasing demand for high-value animal protein and convenience food products are estimated to create huge opportunities in the coming years.
Scope of the North America Processed Meat Market Report
The report on the North America processed meat market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Processed Meat Market - North America Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Meat Types (Poultry, Beef, Pork, Mutton and Others) Product Types (Chilled, Frozen and Canned/Preserved), and Distribution Channels (Hypermarkets/Supermarkets, Convenience Stores, Online Retailing and Others)
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Geographical Scope
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The US, Canada, Mexico, and Rest of North America
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Foster Farms; Farmland Foods; Conagra, Inc.; and Hormel Foods Corporation
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North America Processed Meat Market Segment Insights
Poultry segment is expected to grow at a rapid pace
Based on meat types, the market is divided into poultry, beef, pork, mutton, and others. The poultry segment is expected to grow at a rapid pace during the forecast period due to high proportion of the composition. However, the pork segment is anticipated to hold a key share of the market in the coming years due to growing consumer consumption of various products such as bacon and ham.
Chilled segment is projected to expand at a considerable CAGR
On the basis of product types, the market is segregated into chilled, frozen and canned/preserved. The chilled segment is projected to expand at a considerable CAGR during the forecast period due to its beneficial aspects such as changing diet patterns of consumers around the area and reduction in cooking hours. On the other hand, the Frozen segment is anticipated to account for a major market share during the forecast period.
Hypermarkets/supermarkets segment is anticipated to account for a significant market share.
Based on distribution channels, the market is divided into hypermarket/supermarket, convenience stores, online retailing and others. The hypermarkets/supermarkets segment is estimated to account for a significant market share during the forecast period due to the presence of long retail chains such as Walmart.
Moreover, the preference among consumers to visit hypermarkets due to easy of shopping and presence of sales assistants is propelling the segment growth.
The US is anticipated to constitute a key market share
In terms of regions, the North America processed meat market is classified as the US, Canada, Mexico, and Rest of North America. The US is expected to constitute a key share of the market during the projected period. The country is the prominent exporter of poultry meat and a significant producer of eggs. Moreover, the changing lifestyle and increasing consumption of meat products are anticipated to spur the market growth in the region.
Segments
The North America processed meat market has been segmented on the basis of
Meat Types
- Poultry
- Beef
- Pork
- Mutton
- Others
Product Types
- Chilled
- Frozen
- Canned/Preserved
Distribution Channels
- Hypermarkets/Supermarkets
- Convenience Stores
- Online Retailing
- Others
Geography
- US
- Canada
- Mexico
- Rest of North America
Key Players
Competitive Landscape
Key players competing in the North America processed meat market are Foster Farms; Farmland Foods; Conagra, Inc.; and Hormel Foods Corporation.
Mergers, expansions, acquisitions, and partnerships, as well as new product development, are highlighted as strategic techniques used by prominent corporations to increase their brand exposure among customers.
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