Market Research US meat market to approach $100 bn. by 2021
Meat will dominate dollar sales due to its higher price point, though it trails poultry in per-capita consumption volume. Meat substitutes will account for less than $2 bn. of the projected total, Packaged Facts said.
In the years ahead, consumers may be more mindful of meat intake, whether for economic, dietary or ecological reasons, following the report. Specialty products such as grass-fed or local beef, heritage poultry and wild boar may appeal to those seeking sustainable options, while cost-conscious consumers may take cues from other cultures in preparing less-expensive cuts like brisket.
Previously underused cuts of meat, such as pork shoulder, are gaining popularity at retail and in restaurants. Meanwhile, retail sales of poultry, associated with lower costs and a healthier profile, are projected to rise over the next five years, Packaged Facts said. Another trend driving the market for meat and poultry products is the need for convenient, portable snacks, which has given rise to such products as meat jerky, meat snack bars and meat sticks, as well as pork rinds and cracklings.
Still, a faction of consumers has adopted vegan, vegetarian or flexitarian diets as a growing number of innovative meatless products have emerged, mimicking the taste and texture of animal protein.
Evolving consumer preferences have driven the largest meat and poultry processors to reconfigure production practices and marketing, Packaged Facts said. Many of the industry leaders in the USA have adopted new animal welfare policies or committed to eliminating antibiotics or growth hormones from the supply chain. Recognizing the growing demand for plant-based substitutes, Tyson Foods last year purchased a small stake in Beyond Meat, a manufacturer of meat-free burgers, strips, crumbles and single-serve meals, and Maple Leaf Foods recently agreed to acquire plant-based protein brand Lightlife Foods.