CLEVELAND, 27 February 2021 / PRNewswire / – US demand for manufactured foods is expected to grow 1.4% annually in nominal terms through 2024, according to Food processing: United States of America, a report recently released by Freedonia Focus Reports. The market for manufactured foods will expand as real per capita income increases by 0.4% annually during this period. Additionally, consumers will pay dearly for products that require little or no preparation and are considered healthy or natural. Therefore, food purchases of higher value are expected to support demand growth. However, the maturity of the market, the decline in real incomes in 2021, and the decline in meat and chicken prices will hold back the faster rise.
Demand for meat, poultry and seafood products is expected to increase by 2.1% annually until 2024, remaining the leading product segment. While per capita meat consumption has fallen over the past four decades, stagnant beef prices and falling chicken prices will support a small additional increase in the volume of meat consumption. Demand will also be driven by the purchase of more expensive cuts of meat, supported by demand for higher quality meat when eating out, more environmentally friendly meat (e.g., grass-fed, free food, organic, no antibiotics or hormones used during production. ), and meat products with added value (for example, marinated or seasoned meat). Increased competition from alternatives such as plant-based meat is expected to hold back profits more quickly. Competition from meatless products will also increase over the forecast period due to consumer concerns about the health, animal welfare and environmental impacts of meat production.
These and other important insights are shown on Food processing: United States of America. This report provides a 2020 forecast and a forecast through 2024 of the manufacturing and delivery food demand for employers and non-employers in nominal US dollars at producer level. Total requests are grouped by product in terms of:
- meat, poultry and seafood
- dairy products
- grains and vegetable oils
- bakery and related products
- processed fruit and vegetables
- pet food
- sugar and confectionary products
- other manufactured foods, such as seasonings and sauces, dried coffee and tea, egg substitutes, frozen specialty foods, peanut butter, baked beans, and spices
To illustrate historical trends, total demand, total shipments, various segments and trade are provided in an annual series from 2009 to 2019.
Exempted from the scope of this report are ready-to-drink drinks such as bottled water, carbonated soft drinks and liquid milk; beverage syrup; and unprocessed foods such as fresh fruit, vegetables and eggs. Also excluded are flavoring syrups and concentrates for the production of soft drinks. Cotton fiber is also not included. Inedible by-products from slaughtering animals, such as bones and skins, are not included in the total demand or shipment for meat, poultry and seafood products. Re-exports of manufactured food are not included in the demand and trade figures.
Further information on the report is available at:
About Freedonia Focus Reports
Every month, The Freedonia Group – a division of MarketResearch.com – publishes more than 20 new or updated Freedonia Focus Reports, providing fresh and unbiased analysis of a variety of markets and industries. Published in 20-30 pages, Focus Report coverage ranges from raw materials to finished goods and related services such as transport and construction. Additional Consumer goods reports can be purchased at The Freedonia Focus Report or MarketResearch.com.
Analysis is meant to guide busy readers through related topics in sequence, including:
- total historical market size and industrial output
- segmentation by product and market
- identification of market drivers, constraints, and key indicators
- segment-by-segment prospects in the five-year forecast
- supply base survey
- suggested resources for further study
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SOURCE Freedonia Group
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