U.S.: Preserved Turkey Market 2024

Preserved Turkey Market Size in the U.S.

The U.S. preserved turkey market reached $X in 2021, with an increase of 4.1% against the previous year. Over the period under review, consumption, however, recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2016 to 2021, the growth of the market remained at a lower figure.

Preserved Turkey Production in the U.S.

In value terms, preserved turkey production rose to $X in 2021. In general, production, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of 19% against the previous year. As a result, production attained the peak level of $X. From 2016 to 2021, production growth failed to regain momentum.

Preserved Turkey Exports

Exports from the U.S.

In 2021, approx. X tons of prepared or preserved meat or offal of turkeys were exported from the United States; declining by -30.8% against the previous year's figure. Over the period under review, exports showed a pronounced shrinkage. The pace of growth appeared the most rapid in 2014 when exports increased by 27%. Over the period under review, the exports reached the peak figure at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, preserved turkey exports declined markedly to $X in 2021. Overall, total exports indicated a tangible increase from 2012 to 2021: its value increased at an average annual rate of +2.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -35.7% against 2017 indices. The pace of growth appeared the most rapid in 2014 when exports increased by 24%. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

Mexico (X tons) was the main destination for preserved turkey exports from the United States, with a 46% share of total exports. Moreover, preserved turkey exports to Mexico exceeded the volume sent to the second major destination, Canada (X tons), twofold. The third position in this ranking was taken by Panama (X tons), with a 5.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Mexico totaled -2.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (-5.7% per year) and Panama (+18.2% per year).

In value terms, Mexico ($X) remains the key foreign market for prepared or preserved meat or offal of turkeys exports from the United States, comprising 48% of total exports. The second position in the ranking was taken by Canada ($X), with a 19% share of total exports. It was followed by Panama, with a 5.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Mexico totaled +6.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (-3.0% per year) and Panama (+17.2% per year).

Export Prices by Country

The average preserved turkey export price stood at $X per ton in 2021, increasing by 13% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +4.5%. The pace of growth appeared the most rapid in 2015 an increase of 32% against the previous year. Over the period under review, the average export prices hit record highs in 2021 and is expected to retain growth in years to come.

Average prices varied somewhat for the major export markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Costa Rica ($X per ton) and Singapore ($X per ton), while the average price for exports to the Dominican Republic ($X per ton) and Japan ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the Dominican Republic (+12.6%), while the prices for the other major destinations experienced more modest paces of growth.

Preserved Turkey Imports

Imports into the U.S.

After three years of growth, purchases abroad of prepared or preserved meat or offal of turkeys decreased by -8.2% to X tons in 2021. In general, imports, however, showed a remarkable increase. The pace of growth appeared the most rapid in 2014 when imports increased by 64%. Over the period under review, imports hit record highs at X tons in 2020, and then declined in the following year.

In value terms, preserved turkey imports rose significantly to $X in 2021. Over the period under review, imports, however, posted resilient growth. The most prominent rate of growth was recorded in 2014 when imports increased by 72% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in years to come.

Imports by Country

Mexico (X tons), Canada (X tons) and Israel (X tons) were the main suppliers of preserved turkey imports to the United States, with a combined 89% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Canada (with a CAGR of +44.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest preserved turkey suppliers to the United States were Canada ($X), Israel ($X) and Mexico ($X), together comprising 95% of total imports.

Canada, with a CAGR of +57.0%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average preserved turkey import price amounted to $X per ton, jumping by 24% against the previous year. Over the last nine years, it increased at an average annual rate of +3.4%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Canada ($X per ton), while the price for Mexico ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Canada (+8.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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