Strong growth in consumer confidence (which increased from 134.7 in August 2018 to 138.4 in September) reflects the optimism in the economy and consumer readiness to spend on indulgence and convenience. Driven by the US Government’s corporate tax reforms, aggressive trade policies, and a push for local manufacturing, the US economy is producing record growth levels across key macro parameters. Furthermore, unemployment in the US is at a 50-year low, indicating a positive outlook in the near future, especially for consumer markets in the country.
Globally, the US represented the largest meat sector by value (US$182.2 billion) in 2018. The US meat sector ranked fifth in terms of per capita expenditure in 2018. Despite an on-going trade war with China, the US meat sector is expected to record stable growth over 2018-2023.
Growing health-consciousness and rising disposable incomes are encouraging Americans to look for high quality meat products that are sourced from grass-fed animals. US consumers perceive grass-fed animal meat to be lean and contain high levels of essential vitamins and minerals, resulting in it being costlier than grain-fed animal meat products.
Moreover, health-conscious Americans are willing to spend more on meat products labeled with health & wellness claims such as ’reduced fat’ and ’all natural’. Consequently, the US meat sector will offer fair opportunities in future, in terms of per capita expenditure.
"Top Growth Opportunities: Meat in the US", provides an overview of the market, analyzing market data, demographic consumption patterns within the category, and the key consumer trends driving consumption. Risk vs Reward Opportunity model pinpoints the best growth opportunities for producers, suppliers and retailers by combining robust, granular data and expert insight. The report uses this framework to identify the best opportunities, analyze white spaces in the market, and outline new product development that will effectively target the most pertinent consumer need states. These are combined to offer strategic recommendations to capitalize on evolving consumer landscapes.
This report provides recommended actions and detailed analysis of how to target the best growth opportunities for producers and retailers. Readers can understand what categories, channels, companies, and consumers will drive the success of the various channels in the sector’s distribution through detailed and robust data, expert insight, and case studies.
- According to the Better Life Index 2015, the US has an average household net-adjusted disposable income per capita of US$41,355, much higher than the OECD average of US$25,908 which is driving the demand of premium meat products in the country.
- The US meat sector grew from US$168,554.4 million in 2013 to US$182,232 million in 2018, registering a CAGR of 1.6% in US$ terms during 2013-2018.
- The US meat sector is led by the chilled raw packaged meat - processed category by value in 2018, while the cooked meats - packaged category is forecast to record the fastest growth at 1.9% CAGR over 2018-2023.
- Key consumer demographic groups driving consumption within the country. Improve your consumer targeting by understanding who’s driving the market, what they want, and why?
- A study of market value and volumes over 2013-2018, supplemented with category, brand and packaging analysis that shows the current state of the market, and how it will evolve over the 2018-2023 period.
- White space analysis, to pinpoint attractive spaces in the market and the key actions to take.
- Insight into the implications behind the data, and analysis of how the consumer needs will evolve in the short-to-medium term future.
- Examples of international and regional product innovation targeting key consumer needs.
Reasons To Buy
- This report brings together consumer analysis and market data to provide actionable insight into the behavior of consumers.
- This is based on GlobalData’s unique consumer data, developed from extensive consumption surveys and consumer group tracking, which quantifies the influence of 20 consumption motivations in the Meat sector.
- Category, brand, and packaging dynamics are also examined.
- This allows product and marketing strategies to be better aligned with the leading trends in the market.