The global grass fed beef market is forecast to reach a valuation of US$ 11.6 Bn in 2021, opines FMI in a recent market analysis. With the favorable demand outlook, sales are expected to grow at a 4.4% CAGR in terms of value, reaching US$ 17.9 Bn in 2031.
Consumers across North America and Europe consider beef as one of the primary sources of food. Buyers in these regions are aware of organic certifications and labeling of these products and the advantageous effects over conventional food products. As a result, demand for grass fed beef is expected to grow in North America and Europe over the forecast period.
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Globally, consumers are getting inclined towards convenient yet healthy foods that require less preparation time. This has resulted in increasing sales of processed meat products. Grass fed beef offers exceptional quality and nutritional benefits over conventional grain fed beef products, which is driving its applications in the food service sector.
High price for grass fed beef is restricting acceptance of the product among the middle-class population, however, increasing focus on healthy living and rising disposable income are boosting sales of grass fed beef.
In response to growing demand for beef-based products, manufacturers are introducing various product lines, such as ground beef, steak beef, angus beef, which can further have wide ranges of applications in food industries, such as, dairy, confectionery, and bakery items. This is expected to continue providing tailwinds to grass fed beef over the assessment period.
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“Innovative packaging with moderate labelling of grass fed beef products is expected to spur demand for grass fed beef among consumers and the foodservice industry. Apart from this, unique product design, improved product visibility with adequate information offered by market players will continue bolstering sales of grass fed beef through 2031,” says an FMI analyst.
Key Takeaways:
- Demand for processed grass fed beef is expected to remain high over the forecast period.
- Sales of frozen grass fed beef are projected to rise at a steady pace, as it doesn’t loss moisture and remains safe for consumption when opened.
- Sales of grass fed beef through indirect channels are expected to gain traction as online retailing becomes mainstream.
- Applications of grass fed beef in the food service sectors are anticipated to account for a dominant share.
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Competitive Landscape
Some of the leading companies offering grass fed beef are JBS Foods®, Tyson Foods, Australian Agricultural Company Limited, Hormel Foods Corporation, Cargill, Inc., ANZCO Foods, Conagra Brands, Inc., Creekstone Farms Premium Beef, LLC, Sysco Corporation, and others.
Key players in the global grass fed beef market are focusing on merger and acquisitions with different other small and mid-level brands to expand their distribution channels and production facilities. Players are also launching new and innovative products to gain a competitive edge in the market. For instance, players like Verde Farms and Pre Brands are focusing on labelling new products in order to meet customer demand. Top players like Creekstone are collaborating with supermarkets, stores and online retailers to improve sales.