US pork sector braced for record-breaking numbers
The high level of production is expected to continue well into 2017 and, as the US economy continues to grow, meat production is expanding in tandem.
“The US economy is growing, and that is good for meat demand,” said Len Steiner, an economist at Steiner Consulting Group, which tracks commodity markets, such as the meat industry.
“Some key indicators of growth include the stock market recently hitting all-time record highs, increasing consumer confidence and an unemployment rate now at 4.9%, demonstrating the US economy is at or near full employment.”
Meat production has grown in line with the country’s economic growth. In 2014 total meat production was around 90 billion pounds (lb) and experts believe meat production will exceed 101bn lb this year – the fastest-growing in US meat production since the mid-1990s.
“We estimate that 2016 US pork production will set an all-time record just shy of 25bn lb, with even more pork expected to be produced in 2017,” Steiner added. “The good news is that retailers and foodservice operators feel more secure about the growing meat supply, which can translate into falling meat prices and more promotional activity.”
Pork is also the fastest-growing protein in the foodservice sector, according to the National Pork Board.
“Pork is featured in the top three items on restaurant menus today,” said Patrick Fleming, director of market intelligence for the National Pork Board.
“And it is not just main entrées like ham and pork loin. It now includes items such as candied bacon, pork belly and porchetta – flavour, versatility and value set pork apart.”
