U.S.: Perishable Prepared Food Market 2024

Perishable Prepared Food Market Size in the U.S.

The U.S. perishable prepared food market expanded remarkably to $X in 2021, increasing by 5.9% against the previous year. In general, the total consumption indicated a resilient increase from 2013 to 2021: its value increased at an average annual rate of +6.7% over the last eight years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +2.4% against 2018 indices. Over the period under review, the market attained the peak level in 2021 and is likely to see gradual growth in the near future.

Perishable Prepared Food Production in the U.S.

In value terms, perishable prepared food production rose notably to $X in 2021. Overall, the total production indicated a strong expansion from 2013 to 2021: its value increased at an average annual rate of +6.2% over the last eight years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +2.2% against 2018 indices. The most prominent rate of growth was recorded in 2015 with an increase of 17% against the previous year. Perishable prepared food production peaked in 2021 and is expected to retain growth in the near future.

Perishable Prepared Food Exports

Exports from the U.S.

In 2021, approx. X tons of perishable prepared food were exported from the United States; picking up by 5% compared with the previous year's figure. Over the period under review, exports continue to indicate a prominent increase. The pace of growth appeared the most rapid in 2014 with an increase of 161% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, perishable prepared food exports expanded slightly to $X in 2021. In general, total exports indicated a noticeable increase from 2013 to 2021: its value increased at an average annual rate of +4.6% over the last eight-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +17.7% against 2019 indices. The most prominent rate of growth was recorded in 2017 when exports increased by 35% against the previous year. Over the period under review, the exports attained the maximum in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Canada (X tons) was the main destination for perishable prepared food exports from the United States, with a 89% share of total exports. It was followed by Jamaica (X tons), with a 2.7% share of total exports. Bahamas (X tons) ranked third in terms of total exports with a 1.5% share.

From 2013 to 2021, the average annual rate of growth in terms of volume to Canada stood at +18.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Jamaica (+32.7% per year) and Bahamas (+0.4% per year).

In value terms, Canada ($X) remains the key foreign market for perishable prepared food exports from the United States, comprising 89% of total exports. The second position in the ranking was taken by Jamaica ($X), with a 2.6% share of total exports. It was followed by the Dominican Republic, with a 1.5% share.

From 2013 to 2021, the average annual growth rate of value to Canada stood at +4.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Jamaica (+43.0% per year) and the Dominican Republic (+34.3% per year).

Export Prices by Country

In 2021, the average perishable prepared food export price amounted to $X per ton, approximately equating the previous year. In general, the export price recorded a abrupt downturn. The most prominent rate of growth was recorded in 2020 when the average export price increased by 11%. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably for the major foreign markets. In 2021, amid the top suppliers, the countries with the highest prices were Canada ($X per ton) and Jamaica ($X per ton), while the average price for exports to Bahamas ($X per ton) and Mexico ($X per ton) were amongst the lowest.

From 2013 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the Dominican Republic (+14.5%), while the prices for the other major destinations experienced more modest paces of growth.

Perishable Prepared Food Imports

Imports into the U.S.

After eight years of growth, overseas purchases of perishable prepared food decreased by -15.2% to X tons in 2021. Over the period under review, imports, however, enjoyed a strong increase. The most prominent rate of growth was recorded in 2017 with an increase of 23%. Imports peaked at X tons in 2020, and then declined dramatically in the following year.

In value terms, perishable prepared food imports reduced to $X in 2021. In general, imports, however, showed strong growth. The most prominent rate of growth was recorded in 2020 when imports increased by 54%. As a result, imports attained the peak of $X, and then reduced in the following year.

Imports by Country

In 2021, South Korea (X tons) constituted the largest perishable prepared food supplier to the United States, accounting for a 44% share of total imports. Moreover, perishable prepared food imports from South Korea exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. Thailand (X tons) ranked third in terms of total imports with a 7.8% share.

From 2013 to 2021, the average annual rate of growth in terms of volume from South Korea amounted to +13.2%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+5.2% per year) and Thailand (-3.4% per year).

In value terms, South Korea ($X) constituted the largest supplier of perishable prepared food to the United States, comprising 48% of total imports. The second position in the ranking was held by China ($X), with a 9.6% share of total imports. It was followed by Vietnam, with an 8.4% share.

From 2013 to 2021, the average annual growth rate of value from South Korea stood at +17.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+4.3% per year) and Vietnam (+23.0% per year).

Import Prices by Country

In 2021, the average perishable prepared food import price amounted to $X per ton, increasing by 4.4% against the previous year. Over the last eight years, it increased at an average annual rate of +3.7%. The most prominent rate of growth was recorded in 2020 an increase of 25% against the previous year. Over the period under review, average import prices attained the peak figure in 2021 and is likely to continue growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2013 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+8.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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