From 2014 to 2023, US meat demand has reported fluctuations, with a noticeable growth trend despite some minor declines. In 2023, meat demand stood at 42.36 million metric tons, representing a year-on-year growth of 0.64%. The CAGR for the five-year period leading up to 2023 was 0.58%. Noteworthy was a peak growth period from 2015 to 2017, whereas the year 2022 saw a slight decline of 1.31%, followed by a modest recovery in 2023.
Looking forward, the meat demand in the US is projected to maintain a stable growth pattern, with an estimated CAGR of 0.46% over the next five years, reaching 43.68 million metric tons by 2028, translating to an overall growth rate of 2.33% from 2023 to 2028. This indicates a continuation of the moderate uplift in demand.
Future trends to watch for:
- Shifts towards plant-based alternatives and their potential impact on meat consumption
- Economic factors and their influence on consumers' purchasing power
- Changes in dietary preferences driven by health and sustainability concerns
- Innovations in meat production and supply chain efficiencies
