The huge meat market in the US is projected to grow steadily over the next years, driven by the increasing popularity of private label and frozen meat products. However, new brands must establish themselves as being trustworthy and reliable, finds new report by Canadean.
The US meat market was valued at approximately USD68 bn in 2013 and is forecast to grow at a CAGR of 1.7% to reach close to USD84 bn by 2018, according to the report. Products such as frozen meat that can be bought in bulk and preserved for long periods of time also appeal to a large number of consumers. In 2013, the US frozen food market was valued at USD18 bn and is forecast to grow to reach USD22 bn by 2018, making up more than half of the value of the global frozen food market, expected to lie at USD43 billion in 2018, according to Canadean.
Safwan Kotwal, analyst at Canadean says: “Consumers are showing less brand and product loyalty, switching to alternatives they see as providing better value for money. Although fresh meat continues to sell well, processed foods have been growing in popularity over the past decade due to their affordability and convenience. Fresh meat manufacturers must ensure that they keep the price of their meat competitive in order to continue to appeal to value-conscious consumers.”