A recent study conducted by Future Market Insights (FMI) offers unbiased analysis of thegrass fed beefmarket. It provides crucial insights into factors influencing demand, sales, revenue generation, and recent product developments in the market for the assessment period from 2021 to 2031. The report also sheds light on hidden opportunities for growth across various segments in terms of form, format, end use, distribution channel, and region
DUBAI, U.A.E., Nov. 2, 2021 /PRNewswire/ -- As per the latest study by FMI, the global grass fed beef marketis poised to top US$ 11.6 Bn in 2021. Increasing demand for premium quality beef across hotels, restaurants, and cafés is favoring the market growth.
In response to this, the market is expected to reach US$ 17.9 Bn, growing at a CAGR of 4.4% during the forecast period from 2021 to 2031.
Over the last few years, barbequing meat has emerged as a popular trend worldwide, especially across western countries. According to the Quick-Service and Fast Casual Restaurant (QSR) magazine, nearly 95% of the population in the U.S. enjoy barbequed (BBQ) dishes such as steak, ribs, and others.
Beef being the most preferred meat for BBQ owing to its meaty flavor, sales of grass fed beef are anticipated to rise at 3.7% CAGR in terms of volume through 2031.
With rising inclination towards the consumption of high quality food products, consumers are increasingly opting for products with quality assurance certifications and labeling. As grass fed beef is healthier and more nutritious than conventional beef products and is considered a rich source of vitamin B6 & B3, selenium, carnosine & creatine, and zinc, it is gaining immense popularity among meat lovers.
As per FMI, the foodservice sector is projected to emerge as the most lucrative end-use segment in the global market. Increasing demand for sauces, glaze, marinades, baked products, and others made using premium quality meat across hotels and restaurants is driving the segment growth.
"Key players are emphasizing on obtaining food quality certificates such as Kosher, Halal, and Beef Quality Assurance (BQA) to capitalize on the rising demand for premium quality food products. This is expected to bode well for the market growth," says the FMI analyst.
Key Takeaways from the Grass Fed BeefMarket Study
Sales in North America are expected to rise at a CAGR of 3.3% through 2031, owing to the rising trend of consuming BBQ meat in the U.S.
Favored by the surging demand for premium quality meat in the U.K. and Germany, the market in Europe is anticipated to grow at a CAGR of 3.8% over the assessment period.
New Zealand, being one of the leading producers and exporters of grass fed beef in the world, is forecast to account for a significant revenue share in the Oceania market.
On the basis of the format, frozen grass fed beef is projected to emerge as a dominant segment during the forecast period.
In terms of form, processed meat is estimated to outpace raw meat, owing to rising demand for meat from specific parts such as chop meat, loin meat, and others
Growing consumption of ready-to-eat meals and rising demand for convenient packaged food products is expected to push the sales of processed grass fed beef.
Increasing demand for frozen meat for exporting beef products overseas, owing to its ability to stay fresh during transportation is spurring the sales across the frozen meat format segment.
High cost of grass fed beef meat compared to conventional beef meat is hampering the growth in the market.
Top players in the global market include JBS Foods, Tyson Foods, Australian Agricultural Company Limited, Hormel Foods Corporation, Cargill, Inc., and Conagra Brands, Inc, as per FMI.
These companies are projected to account for nearly 30% to 50% of global revenue share through 2031.
Leading players are emphasizing on promoting sales of grass fed beef by providing information about the safety and health benefit of the product. Besides this, some of the manufacturers are actively participating in collaborations, mergers, acquisitions, and agreements with regional players to expand their production capacity and facilities.
In January 2020, WH Group and JBS, a Brazilian red meat processing company, announced signing a Memorandum of Understanding (MoU) to supply beef and other meat products in China. The latter company has invested around US$ 17.08 million for the acquisition and construction of the plant in the Chinese market.
In September 2017, Verde Farms, a meat processing company, announced launching new Grass-Fed beef and Never Ever product lines. The company will offer pasture-raised meats sourced from cattle that were not treated with antibiotics or growth hormones and fed in feedlots.
Some of the key players operating in the market profiled by FMI are:
JBS Foods ® (Brand - Grass Run Farms)
Australian Agricultural Company Limited
Hormel Foods Corporation
Conagra Brands, Inc.
Creekstone Farms Premium Beef, LLC
More Valuable Insights on Grass Fed BeefMarket
FMI, in its new report, provides a detailed analysis of the global grass fed beef market, forecasting statistics through 2021 and beyond. The survey reveals growth prospects on in grass fed beef market along with detailed segmentation:
The report offers insight into grass fed beef market demand outlook for the forecast period 2021-2031
The market study also highlights projected sales growth for grass fed beef market between 2021 and 2031
Grass fed beef market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Grass fed beef market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.