Meat processing industry’s revenue expected to grow, according to report
LOS ANGLES — The Meat, Beef and Poultry Processing industry’s revenue is expected to increase 1.4 percent in 2012, bringing total sales to an estimated $179.4 billion, according to an IBISWORLD industry report.
As a result of slowly recovering consumer sentiment, IBISWorld forecasts meat processing revenue to grow over the next five years.
According to IBISWorld industry analyst Josh McBee, “The recession has exacerbated consumption declines, with consumers scaling back the quality of meat purchased in light of reduced disposable incomes and low sentiment toward the economy in general. Also, changing attitudes toward the health effects associated with red meat consumption have driven some consumers toward alternative protein sources.”
However, returning purchasing power is expected to bolster the meat processing industry’s revenue through 2012, the report states.