Meat, Beef & Poultry Processing in the US - Industry Market Research Report

Piggy bank: Dropping feed costs and rising meat costs will boost profit for meat processers

The Meat, Beef and Poultry Processing industry involves the slaughtering, processing and packaging of livestock and poultry. Meat processors have contended with volatile meat prices from drought, disease and unstable feed prices over the five years to 2023, as well as the COVID-19 pandemic, but revenue still rose. Demand both in the US and abroad exhibited strong growth as per capita disposable income increased and consumers were more able to purchase premium cuts of meat. China agreed to import more meat products as part of the phase two trade deal between the US and China in 2020. Boosted export activity as the economy recovered and international trade resumed greatly benefited US meat processors with the production capacity and efficiency to serve emerging markets overseas. Despite price volatility, industry revenue will grow at a CAGR of 2.6% to $295.9 billion in 2023, including a rise of 0.5% in 2023. Profit has also grown 5.2%.as red meat prices have outpaced feed costs and operators lowered costs through vertical integration.

Operators in this industry slaughter animals, process the carcasses and package the meat into products and byproducts. The industry also purifies and refines animal fat, bones and meat scraps. Products are sold to other food manufacturers, renderers, grocery and meat wholesalers and retail traders. Enterprises that mainly cut and pack meats from purchased carcasses are also included in this industry.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.