As per the report published by FMI, the global organic lamb market is projected to have a moderate-paced CAGR of 5.5% during the forecast period. The current valuation of the market is US$ 3.71 Billion in 2022. The market value of organic lamb is anticipated to reach a high of US$ 6.34 Billion by the year 2032. A historical CAGR of 2.7% has been recorded during 2021.
According to FMI specialists, health difficulties associated with non-organic meat are projected to drive the market growth for organic lamb. Meat obtained from animals fed various antibiotics and growth hormones offers a plethora of health risks.
Antibiotics cause bacterial food contamination, which has claimed the lives of more than 50,000 individuals in the United States and the European Union, according to a report. As a result, people’s health consciousness is growing, and they are increasingly seeking for organic alternatives.
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It is anticipated FMI that demand from young people and developing nations, which is surpassing supply, is predicted to drive a significant CAGR increase in the organic lamb market.
According to FMI, in addition to reducing food contamination, organic meat provides various benefits in cancer prevention due to its high concentration of vital vitamins and antioxidants. Furthermore, organic options contribute to the reduction of environmental contamination, particularly air pollution.
Furthermore, as countries have opened their borders in this period of globalisation, nations’ interdependence has grown. As a result, people in today’s society have far more opportunities to earn a living and live a happy life. However, numerous issues are projected to impede the organic lamb market’s growth throughout the forecast period. In the future years, lab-grown meat, pressure from animal welfare organisations, high costs, restricted raising, and rigorous government controls are expected to slow expansion.
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Key Takeaways from Market Study
- Sales of organic lamb products in the US surpassed $2 billion in 2022. As a result of health-conscious consumers, the market for organic and natural lamb foods is expanding.
- As of 2011, there were 2.3 million acres of pasture and grassland that met organic criteria in the United States, and there were 3.1 million acres of farmland.
- Australia and New Zealand will likely be bitter rivals. Despite this, the market is likely to continue being modest.
- The biggest market for lamb and organic lamb in New Zealand right now is China.
- Europe accounted for 40% of the total organic lamb market share during the base year.
- By the end of 2032, it is expected that the processed lamb market would have grown by 66 BPS, the volume will exceed 45,000 MT, and value will be close to US$ 200 million.
“The rising trend of consuming premium organic food products, coupled with mild taste and chewable nature of organic lamb is unraveling new opportunities for the market players prevailing in the organic lamb market.” says a Future Market Insights analyst.
Competitive Landscape
Several significant participants in the production of organic lamb are focusing on business growth and broadening their geographic reach in order to strengthen their positions in the organic lamb sector globally. Increasing production capacity and improving quality are two more strategies employed by large companies to get a competitive edge in the organic lamb industry.
Thomas Food International, Arcadian Organic & Natural Meat, Mallow Farm & Cottage, Colin & Sally’s Organic Lamb & Beef, Elliott Agriculture, Tulip Ltd, and Good Earth Farms are some of the key players in the market.
Recent Developments
- On May 28, 2020, Australia-based recognized meat processing company “Thomas Food International” announced that the company has acquired 50% of ownership interest in Victoria, Australia-based company “Frew International”, a company that deals in sheep meat. The financials of the transaction were kept undisclosed. Moreover, the companies have publicized that they will continue to operate autonomously.
- On October 15, 2019, Colorado, United States-based food company “Pilgrim’s Pride Corporation” announced that it has successfully acquired the United Kingdom-based meat company “Tulip Ltd.” Pilgrim has made a payment of $354 (all in cash) in order to bring the acquisition to a close. The transaction has reinforced Pilgrim’s UK-specific portfolio.
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