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U.S. - Turkey Meat - Market Analysis, Forecast, Size, Trends And Insights
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Article Publishing Date: Nov 22, 2021

Turkey Prices in the U.S. Keep Soaring Due to Strong Demand and Labor Shortages

IndexBox has just published a new report: 'U.S. - Turkey Meat - Market Analysis, Forecast, Size, Trends and Insights'. Here is a summary of the report's key findings.

This November, the price for fresh whole body turkeys surpassed November 2020 figures by 9%, while frozen whole body turkeys jumped 20% y-o-y. A short supply of workers led to lower turkey output and higher prices on the backdrop of consistently strong consumer demand. Turkey imports to the U.S. maintained the previous year’s levels. Canada and Chile remain the only turkey suppliers to America. Unprecedented inflation rates have struck the entire food sector; in October 2021, price increases for meats, poultry, fish and eggs became the highest recorded in the past 30 years.

Key Trends and Insights

Due to accelerating food inflation, Thanksgiving dinner this year will cost Americans significantly more than the previous one. According to the latest report from the USDA, the average price for fresh whole body turkeys in November 2021 was $1.46 per pound, which is 9% more than the previous year. The price for frozen whole body turkeys came to $1.36 per pound, a 20% increase in comparison to 2020.

The average cost of organic fresh whole body turkeys totaled $3.24 per pound (+4.8% compared to November 2020), while organic frozen whole body turkeys were $3.30 per pound (+23%). On average antibiotic-free fresh whole body turkeys cost $2.37 per pound (a decrease of 7%), at the same time, frozen whole body turkeys are going for $3.30 per pound (twice the gains compared to November 2020).

The increase in turkey prices is caused by solid demand running into a 6% y-o-y drop in butchered turkeys to 4.6M tonnes, due in part to a deficit of workers. The turkey market size in 2020 totaled 2.4M tonnes, while this year, it is expected to decrease to about 2.3M tonnes.

Higher turkey prices are occurring in the broader context of unprecedented inflation for food products. According to the U.S. Bureau of Labor Statistics, October prices for meats, poultry, fish and eggs grew by 11.9% in comparison with October 2020. That is the fastest rate of price increases in the past 30 years.

It is unlikely that imports will offset the short supply of turkeys in the US. In 2021, imports remained at comparable levels to the previous year and from January through September consisted of 7K tonnes, accounting for about 0.4% of US consumption. In monetary terms, imports totaled $19.6M, having grown by 7% in comparison with the same period in 2020. Canada makes up 80% of American imports, together with Chile being the only suppliers of turkeys to the U.S.

Turkey Exports from the U.S.

In 2020, exports of turkey meat from the U.S. contracted to 214K tonnes, with a decrease of -11.8% compared with 2019. In value terms, turkey meat exports shrank from $483M to $416M (IndexBox estimates). 

Mexico (135K tonnes) was the main destination for turkey meat exports from the U.S., accounting for a 63% share of total exports. Moreover, turkey meat exports to Mexico exceeded the volume sent to the second major destination, China (17K tonnes), eightfold. The third position in this ranking was occupied by Guatemala (4.8K tonnes), with a 2.2% share.

In value terms, Mexico ($262M) remains the key foreign market for turkey meat exports from the U.S., comprising 63% of total exports. The second position in the ranking was occupied by China ($27M), with a 6.6% share of total exports. It was followed by the Dominican Republic, with a 2.6% share.

From 2010 to 2020, the average annual growth rate of value to Mexico (+0.2% per year) was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-3.0% per year) and the Dominican Republic (+0.2% per year).

In 2020, the average turkey meat export price amounted to $1,945 per tonne, with a decrease of -2.4% against the previous year. There were significant differences in the average prices for the major export markets. In 2020, the country with the highest price was the Dominican Republic ($2,434 per tonne), while the average price for exports to Jamaica ($1,195 per tonne) was amongst the lowest. Over the past decade, the most notable rate of growth in terms of prices was recorded for supplies to China, while the prices for the other major destinations experienced more modest paces of growth.

Source: IndexBox Platform

Product coverage:
• FCL 1080 - Turkey meat

This report provides an in-depth analysis of the turkey meat market in the U.S.. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2025.


Country coverage:
• USA

Data coverage:
• Market volume and value
• Per Capita consumption
• Forecast of the market dynamics in the medium term
• Trade (exports and imports) in the U.S.
• Export and import prices
• Market trends, drivers and restraints
• Key market players and their profiles

Reasons to buy this report:
• Take advantage of the latest data
• Find deeper insights into current market developments
• Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:
1. How to diversify your business and benefit from new market opportunities
2. How to load your idle production capacity
3. How to boost your sales on overseas markets
4. How to increase your profit margins
5. How to make your supply chain more sustainable
6. How to reduce your production and supply chain costs
7. How to outsource production to other countries
8. How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business

1.1
REPORT DESCRIPTION
1.2
RESEARCH METHODOLOGY AND AI PLATFORM
1.3
DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
1.4
GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance

3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects

3.1
MARKET SIZE
3.2
MARKET STRUCTURE
3.3
TRADE BALANCE
3.4
PER CAPITA CONSUMPTION
3.5
MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCTS

Finding New Products to Diversify Your Business

4.1
TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
4.2
BEST-SELLING PRODUCTS
4.3
MOST CONSUMED PRODUCT
4.4
MOST TRADED PRODUCT
4.5
MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain

5.1
TOP COUNTRIES TO SOURCE YOUR PRODUCT
5.2
TOP PRODUCING COUNTRIES
5.3
COUNTRIES WITH TOP YIELDS
5.4
TOP EXPORTING COUNTRIES
5.5
LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports

6.1
TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
6.2
TOP CONSUMING MARKETS
6.3
UNSATURATED MARKETS
6.4
TOP IMPORTING MARKETS
6.5
MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry

7.1
PRODUCTION, PRODUCING ANIMALS AND YIELD
8. IMPORTS

The Largest Import Supplying Countries

8.1
IMPORTS FROM 2007–2020
8.2
IMPORTS BY COUNTRY
8.3
IMPORT PRICES BY COUNTRY
9. EXPORTS

The Largest Destinations for Exports

9.1
EXPORTS FROM 2007–2020
9.2
EXPORTS BY COUNTRY
9.3
EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles

LIST OF TABLES
Table 1:
Key Findings In 2020
Table 2:
Market Volume, In Physical Terms, 2007–2020
Table 3:
Market Value, 2007–2020
Table 4:
Per Capita Consumption In 2007-2020
Table 5:
Imports, In Physical Terms, By Country, 2007–2020
Table 6:
Imports, In Value Terms, By Country, 2007–2020
Table 7:
Import Prices, By Country Of Origin, 2007–2020
Table 8:
Exports, In Physical Terms, By Country, 2007–2020
Table 9:
Exports, In Value Terms, By Country, 2007–2020
Table 10:
Export Prices, By Country Of Destination, 2007–2020
LIST OF FIGURES
Figure 1:
Market Volume, In Physical Terms, 2007–2020
Figure 2:
Market Value, 2007–2020
Figure 3:
Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2007-2020
Figure 4:
Market Structure – Domestic Supply vs. Imports, In Value Terms, 2007-2020
Figure 5:
Trade Balance, In Physical Terms, 2007-2020
Figure 6:
Trade Balance, In Value Terms, 2007-2020
Figure 7:
Per Capita Consumption, 2007-2020
Figure 8:
Market Forecast To 2030
Figure 9:
Products: Market Size And Growth, By Type
Figure 10:
Products: Average Per Capita Consumption, By Type
Figure 11:
Products: Exports And Growth, By Type
Figure 12:
Products: Export Prices And Growth, By Type
Figure 13:
Production Volume And Growth
Figure 14:
Yield And Growth
Figure 15:
Exports And Growth
Figure 16:
Export Prices And Growth
Figure 17:
Market Size And Growth
Figure 18:
Per Capita Consumption
Figure 19:
Imports And Growth
Figure 20:
Import Prices
Figure 21:
Production, In Physical Terms, 2007–2020
Figure 22:
Production, In Value Terms, 2007–2020
Figure 23:
Producing Animals Slaughtered, 2007–2020
Figure 24:
Yield, 2007–2020
Figure 25:
Imports, In Physical Terms, 2007–2020
Figure 26:
Imports, In Value Terms, 2007–2020
Figure 27:
Imports, In Physical Terms, By Country, 2020
Figure 28:
Imports, In Physical Terms, By Country, 2007–2020
Figure 29:
Imports, In Value Terms, By Country, 2007–2020
Figure 30:
Import Prices, By Country Of Origin, 2007–2020
Figure 31:
Exports, In Physical Terms, 2007–2020
Figure 32:
Exports, In Value Terms, 2007–2020
Figure 33:
Exports, In Physical Terms, By Country, 2020
Figure 34:
Exports, In Physical Terms, By Country, 2007–2020
Figure 35:
Exports, In Value Terms, By Country, 2007–2020
Figure 36:
Export Prices, By Country Of Destination, 2007–2020

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