Washington - Poultry will continue to gain U.S. market share in coming years and will exceed red meat consumption on a retail weight basis in 2004, U.S. Agriculture Department economist Milton Madison forecast.
In remarks prepared for the USDA's annual Outlook Forum and released on Monday, Madison said poultry's lower price and health consciousness among consumers would translate into vast increases in per- capita poultry consumption.
At present, Americans eat about 112 pounds of red meat a year and 64 pounds of poultry.
Overall, meat was expected to be cheaper for the consumer in the next few years due to continued economic growth and declining real prices of meat.
The financial crisis in Asia will affect red meat exports more than poultry exports since relatively low- valued poultry items are exported, while meat exports are higher-priced cuts.
In addition, Asia only makes up 24% of U.S. export sales of poultry, with Russia leading with over 40%. For beef, however, Asia is the primary export market, taking nearly two-thirds of U.S. exports in 1997. The market will shrink this year, Madison said.
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