Corporate Profiles - 2022 - 34

INDUSTRY REVIEW: MEAT AND POULTRY
increased demand and the projected global increase in population of 11% will
underpin an estimated growth of 15% in global meat consumption by 2031.
SHOPPING HABITS SHIFTING
To offset rising food costs, consumers are bargain hunting when grocery
shopping, eating more meals at home and reducing restaurant visits, according
to IRI, a market research firm, and The NPD Group, both based in Chicago. The
nearly $1.5 trillion at- and away-from-home food market is forecast to grow
around 8% in 2022, with at-home food (8.7% sales growth versus a year ago)
outpacing away-from-home (6% versus a year ago). The research forecasts the
aggregate food market to grow by 3% to 5% in 2023.
The effect of these market dynamics are consumers adjusting their meat
purchases to ease pressures from inflation and supply chain disruptions, as
38% of shoppers acknowledged seeing more out of stocks and 21% saying
they see less variety, according to the 2022 Power of Meat consumer study
produced by 210 Analytics, San Antonio. Additionally, 72% of consumers said
they have changed retail meat purchases.
Seventy-five percent of consumers participating in the Power of Meat study
noted higher meat and poultry prices, and 43% said they have seen fewer
promotions. In response, 61% said they save money by eating out or ordering
in less and instead try to recreate restaurant experiences at home.
Shoppers are on the lookout for meat promotions amid higher prices, although
there were fewer promotions available, the Power of Meat study said.
Still, 75% of shoppers check specials pre-trip, 80% compare prices/promotions
across items in-store, and 89% look for the ideal package price.
Convenience was key for consumers looking for time savings and interesting
flavors. Interest was high among shoppers for more value-added, fully cooked
items, meal kits and deli-prepared meat variety, the study said.
While shopping for meat and poultry, consumers said their focus was on
" better-for-me/my family " products while better-for-the-animal, planet and
worker were top of mind to about one-third. Among the 64% considering
LEADING REFRIGERATED
bacon vendors
1 Kraft Heinz Co.
2 Hormel Foods Corp.
3 Smithfield Foods
4 Wright Brand Foods, Inc.
5 Farmland Foods, Inc.
6 Hillshire Brands Co.
7 Bar-S Foods Co.
8 Cloughtery Packing LLC
9 Sugardale Foods, Inc.
Private label
Total
% change
from
Dollar sales
$1,059,534,228
$801,908,713
$572,460,598
$529,940,030
$180,220,678
$170,927,383
$107,542,553
$100,259,956
$91,736,436
$1,668,495,996
$6,316,259,553
year ago
-0.7%
-0.3%
4.7%
10.6%
-7.1%
12.3%
8.3%
12.7%
5.6%
11.8%
4.5%
better-for-me/my family, leaner cuts were the most common choice, followed
by avoiding second helpings.
Local, grassfed and environmentally-friendly packaging were important
among the 32% of individuals emphasizing better-for-the-planet.
The US population's share of meat eaters remained strong with carnivores
making up 74% of consumers compared with 71% in 2021, the Power of
Meat found. Flexitarians make up 16% of consumers and vegans/vegetarians
remain at 6%.
Most consumers agreed meat belongs in a healthy, balanced lifestyle, but
even so, 37% said they try to eat a little less of it. Home-prepared dinners with
an actual portion of meat/poultry dropped back to pre-pandemic levels, at 3.9
per week, according to the study.
LABOR, CLIMATE AND BIRD FLU
While the labor situation has been one of the greatest challenges facing all
LEADING REFRIGERATED
bacon brands
1 Oscar Mayer
2 Hormel
3 Smithfield
4 Wright
5 Farmland
6 Jimmy Dean
7 Bar-S
8 Farmer John
9 Sugardale
Private label
Total
% change
from
Dollar sales
$1,054,999,520
$801,908,713
$564,827,040
$526,347,784
$180,220,678
$170,927,383
$105,970,473
$100,259,956
$91,736,436
$1,668,495,996
$6,316,259,553
Data for 52 weeks ended Sept. 4, 2022
Total US - Multi-outlet with C-Store (Supermarkets, Drugstores and Mass Market Retailers, Gas/C-Stores, Military Commissaries and Select Club & Dollar Retail Chains)
Source: IRI
year ago
-0.4%
-0.3%
4.5%
11.4%
-7.1%
12.3%
7.7%
12.7%
5.6%
11.8%
4.5%
34 \ November 2022
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Corporate Profiles - 2022

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