Growing awareness regarding health benefits and consumption of a balanced diet, along with increasing sales of bulk food ingredients via online retail channels are expected to provide impetus to grass fed beef market growth. Considering this, FMI has projected the sales of grass fed beef to expand at a 3.7% CAGR through 2031 in terms of volume.
The grass fed beef market is expected to reach a valuation of US$ 11.6 Bn in 2021. As per Future Market Insights (FMI), the overall market value is forecast to total US$ 17.9 Bn by 2031, rising at a 4.4% CAGR between 2021 and 2031.
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.
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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.
“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.
Impact of COVID-19 on Industry:
As the COVID-19 pandemic has disrupted manufacturing operations to an extent, independent processors of grass fed beef market have had an opportunity to shine. Shutting down of meatpacking facilities in the industrial system structure have resulted in meat shortage in grocery stores and bulk processing plants. While small packers, slaughterhouses, and butchers are filling up the gap with adequate supply and ramped up production.
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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.
Grass Fed Beef by Category
By Distribution Channel:
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Key Questions Answered
What is the grass fed beef market value?
The grass fed beef market is projected to total US$ 11.6 Bn in 2021.
What is the grass fed beef market demand outlook?
The grass fed beef market is forecast to grow by 4.4% CAGR to total US$ 17.9 Bn by 2031.
What are the key trends shaping the grass fed beef market?
Mergers and acquisitions undertaken by leading companies, besides strategies adopted to expand presence and production capacity are key trends shaping growth of the market.
At what rate did the demand for grass fed beef grow in the last five years?
The demand for grass fed beef increased by 3.7% CAGR between 2021 and 2031.
Who are the top players in the grass fed beef market and what is the market share?
JBS Foods, Tyson Foods, Australian Agricultural Company Limited, Hormel Foods Corporation, Cargill, Inc., and Conagra Brands, Inc. are the top market players accounting for nearly 30% to 50% of global sales.
What is the North America grass fed beef market outlook?
Demand in North America is expected to grow by 3.3% CAGR between 2021 and 2031.
At what rate will the demand for grass fed beef rise in Europe?
The demand for grass fed beef will increase by 3.8% CAGR over the assessment period.
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