The North America cooked meat market size was valued at $62,213.3 million in 2021, and is estimated to reach $101,970.0 million by 2031, registering a CAGR of 4.5% from 2022 to 2031.
Ready-to-eat meat or cooked meat is meant for direct consumption that does not require any kind of further processing. It is sold through various distribution channel such as food service industry and retail channel such as supermarket/hypermarket, convenience stores and others. Food service industry includes full service restaurants, quick service restaurants, fast food out outlets, hotel and other businesses that deal in serving cooked meat for direct consumption.
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Ready-to-eat or cooked meat is being considered as closet alternative to regular meat that people take raw and processed uncooked meat to their home for cooking. Growing demand for convenience food including readyto-eat and read-to-cook food and changing consumption behavior are likely to upsurge the demand for cooked meat including cooked meat. For cooked meat, consumers can have it through food service industry or they can have it in retail stores. Increased demand for cooked meat has encouraged meat manufacturing companies to launch cooked meat products in the ready-to-eat food category.
Expansion of residential areas, food chain outlets and availability of the cold storage systems in convenience and small retail stores are further supporting the growth of the cooked meat market during the forecast period. However, availability of meat alternative products in cost-effective prices and rise in demand for low fat and calories food products and plant based meat products are expected to restrict the market growth. Furthermore, rising health consciousness among consumer hampers the growth of the North America cooked meat market.
According to the North America cooked meat market analysis, the market is segmented on the basis of type, breading, sales channel, product type and country. On the basis of type, the North America cooked meat market is categorized into poultry, beef, pork and others. On the basis of breading, the market is segmented into, breaded and unbreaded. By sales channel, market is segregated into food service, supermarkets/hypermarkets, convenience stores, e-commerce and others. On the basis of product type, it is segmented into frozen, fried and canned. Country wise, it is analyzed across the U.S., Canada, and Mexico.
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According to the North America cooked meat market trend, on the basis of type, the poultry segment was the highest contributor to the market, with $28,372.5 million in 2021, and is estimated to reach $44,786.8 million by 2031, at a CAGR of 4.1% during the forecast period. Increased health awareness, rise in demand for convenience food, increasing production of poultry meat and increased per capita consumption of meat with high share of poultry meat are expected to propel the growth of the North America cooked meat market during the forecast period. For instance according to Food and Agriculture Organization of the United Nations 2021, global per capita consumption is forecasted to increase by 0.3% p.a. to 35.4 kg in retail weight equivalent by 2030. Over one-half of this increase is expected to be due to highest per capita consumption of poultry meat.
On the basis of breading, the breaded segment has gained the highest share in the market. Breaded cooked meat is usually coated with flour, whisked eggs and breadcrumbs, which enhance the functional and physical properties including texture of the cooked meat. Increased popularity for the crispy and textured meat products and enhanced taste gained through breading of the meat are expected to supports the growth of the North America cooked meat market during the forecast period.
According to the North America cooked meat market trend, on the basis of sales channel, the supermarket/hypermarket segment was the significant contributor to the market, with $3,048.2 million in 2021, and is estimated to reach $6,770.0 million by 2031, at a CAGR of 7.7% during the forecast period. Ease of access to the cooked meat through supermarket/hypermarket and presence of various advanced and big retail giants such as Wal-Mart, Costco Wholesale Corporation, Tesco PLC and others in North America, are projected to upsurge the growth of the North America cooked meat market through supermarket/hypermarket segment.
On the basis of product type, the frozen segment has been gaining considerable share in the market and is expected sustain its share during the forecast period. Increased cold storage facilities at retail stores, increased use of frozen ready-to-eat meat products in food service industry for quick service is projected to increase the demand for North America frozen cooked meat market during the forecast period. The popularity for the frozen cooked meat has been growing as it increases the shelf life of cooked meat, which can be conveniently used in food service and household consumption.
The players operating in the North America cooked meat market have adopted various developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include Bolton Group S.r.l., Goya Foods, Inc., Hormel Foods Corporation, JBS S.A., Koch Foods LLC, Kraft Heinz Company, Link Snacks, Inc., Perdue Farms, Inc., Tyson Foods, Inc. and Yum! Brands, Inc.
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Key Findings Of The Study
- The North America cooked meat market size was valued at $62,213.3 million in 2021, and is estimated to reach $101,970.0 million by 2031, registering a CAGR of 4.5% from 2022 to 2031.
- In 2021, by type, the pork segment is estimated to witness the significant growth, registering a CAGR of 5.6% during the forecast period.
- In 2021, depending on breading, the unbreaded segment was valued at $28,482.2 million, accounting for 45.8% of the North America cooked meat market share.
- In 2021, by sales type, the e-commerce segment is estimated to witness highest growth, registering a CAGR of 8.9% during the forecast period.
- In 2021, by country, Mexico was valued at $3,931.9 million, accounting for 6.3% of the North America cooked meat market share.
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