CLEVELAND, Feb. 27, 2021 /PRNewswire/ -- US demand for
manufactured food is forecast to grow 1.4% annually in nominal
terms through 2024, according to Food Processing: United States, a report recently released
by Freedonia Focus Reports. The market for manufactured food will
expand as real disposable income per capita advances 0.4% annually
during that period. In addition, consumers will pay a premium for
products that require little or no preparation and are considered
healthy or natural. Therefore, purchasing of higher-value foods is
expected to support demand growth. However, the maturity of the
market, declines in real disposable income in 2021, and falling
meat and chicken prices will restrain faster gains.
Demand for meat, poultry, and seafood products is forecast to
expand 2.1% annually through 2024, remaining the leading product
segment. While meat consumption per capita has fallen over the last
four decades, stagnant beef prices and falling chicken prices will
support small additional gains in volumes of meat consumption.
Demand will also be boosted by purchases of more expensive cuts of
meat, bolstered by demand for high-quality meat while dining out,
more environmentally friendly meat (e.g., grass-fed, free range,
organic, no antibiotics or hormones used during production), and
value-added meat products (e.g., pre-marinated or seasoned meat).
Rising competition from vegetable-based meat-like alternatives is
expected to restrain faster gains. Competition from meatless
products is also set to intensify over the forecast period due to
consumer concerns about their health, animal welfare, and the
environmental impact of meat production.
These and other key insights are featured in Food
Processing: United States.
This report provides an estimate of 2020 and forecast to 2024
for manufactured food demand and shipments for both employer and
non-employer firms in nominal US dollars at the manufacturer level.
Total demand is segmented by product in terms of:
- meat, poultry, and seafood
- dairy products
- grains and oilseeds
- bakery and related products
- processed fruits and vegetables
- animal food
- sugar and confectionary products
- other manufactured foods, such as condiments and sauces, dry
coffee and tea, egg substitutes, frozen specialty foods, peanut
butter, roasted nuts, and spices
To illustrate historical trends, total demand, total shipments,
the various segments, and trade are provided in annual series from
2009 to 2019.
Excluded from the scope of this report are ready-to-drink
beverages such as bottled water, carbonated soft drinks, and fluid
milk; beverage syrups; and unprocessed foods such as fresh fruits,
vegetables, and eggs. Also excluded are flavoring syrups and
concentrates for the production of soft drinks. Cotton linters are
also excluded. Inedible byproducts of animal slaughtering, such as
bones and hides, are not included in demand or shipment totals for
meat, poultry, and seafood products. Re-exports of manufactured
food are excluded from demand and trade figures.
More information about the report is available at:
https://www.freedoniafocusreports.com/Food-Processing-United-States-FF10024/?progid=91541
https://www.freedoniafocusreports.com/Freight-by-Rail-United-States-10775040/
About Freedonia Focus Reports
Each month, The
Freedonia Group – a division of MarketResearch.com – publishes over
20 new or updated Freedonia Focus Reports, providing fresh,
unbiased analysis on a wide variety of markets and industries.
Published in 20-30 pages, Focus Report coverage ranges from raw
materials to finished manufactured goods and related services such
as freight and construction. Additional Consumer Goods reports can
be purchased at Freedonia Focus Reports or MarketResearch.com.
Analysis is intended to guide the busy reader through pertinent
topics in rapid succession, including:
- total historical market size and industry output
- segmentation by products and markets
- identification of market drivers, constraints, and key
indicators
- segment-by-segment outlook in five-year forecasts
- a survey of the supply base
- suggested resources for further study
Press Contact:
Corinne
Gangloff
+1 440.684.9600
cgangloff@freedoniagroup.com
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SOURCE The Freedonia Group