As per the latest study by FMI, the global grass fed beef market is 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.
Meat grilling has become more popular in recent years, particularly in Western countries. According to the Quick-Service and Fast Casual Restaurant (QSR) magazine, about 95% of Americans enjoy barbecued (BBQ) cuisine such as steak, ribs, and other products.
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.
As their taste for high-quality food products rises, consumers are increasingly choosing goods with quality assurance certificates and labels. Grass-fed beef is quickly gaining popularity among meat lovers due to its high levels of vitamin B6 and B3, selenium, carnosine and creatine, and zinc, as well as being healthier and more nutrient-dense than typical beef products.
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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 Beef Market 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
Key Drivers
- 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.
Key Restraints
- High cost of grass fed beef meat compared to conventional beef meat is hampering the growth in the market.
Competitive Landscape
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.
For instance:
- 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)
- Tyson Foods
- Australian Agricultural Company Limited
- Hormel Foods Corporation
- Cargill, Inc.
- ANZCO Foods
- Conagra Brands, Inc.
- Creekstone Farms Premium Beef, LLC
- Sysco Corporation
- Others
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More Valuable Insights on Grass Fed Beef Market
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:
By Form:
- Raw Meat
- Processed Meat
- Fresh Processed
- Cured
- Smoked
- Restructured
- Slices
- Chop meat
- Steak cuts
- Cuts
- Patties
- Sausages
- Nuggets
- Meatloaf
- Dried
- Others (Fermented, Pickled, etc.)
- Fresh Processed
By Format:
- Chilled
- Frozen
- Shelf Stable
By End-Use:
- Food Processing Industry
- Foodservice (Hotels, Restaurants, Cafés
- Sauces, Dressings and Glazes
- Snacks
- Baked Products
- Ready Meals
- Processed Meat Products &Marinades
- Seasoning
- Instant Noodle/Pasta
- Soups, Stocks and Bouillon
- Others (Pie Gravies, etc.)
- Institutional
- Household (Retail)
By Distribution Channel:
- Direct Sales/B2B
- Indirect Sales/B2C
- Hypermarkets/ Supermarkets
- Specialty Meat Outlets
- Groceries/Mass Retailers
- Wholesale Club Stores
- Butcher Shops
- Ranch
- Online Retailing
- Hypermarkets/ Supermarkets
Key Questions Covered in the Report
- 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
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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