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.
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.
Demand for grass fed beef is rising consistently due to its advantages over organic and grain fed beef. Grass fed beef consumption maintains blood and heart health and provides a substantial amount of electrolytes. Cattles fed with only grain, or a mixture of grass and grain normally generate more calories in human body when consumed. As a result, sales of grass fed beef are expected to soar over the forecast period.
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Due to this reason, farmers and manufacturers are opting for grass fed beef to reduce go-to-market time and improve sales. Owing to these factors, FMI has projected sales of grass fed beef to grow at a steady 4.4% CAGR over the assessment period.
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.
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.
“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.
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Impact of COVID-19 on the Grass Fed Beef Market
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.
Small market players faced high competition before the onset of the pandemic where large meatpackers held a big chunk meat sales by using CAFOs (concentrated animal feeding operations) to process meat inside large plants by utilizing cheap labor and fast line speeds.
- 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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Key players operating in the global grass fed beef market are focusing on promoting sales of grass fed beef by providing more information regarding the safety and health advantages of the product. Apart from this, in response to high demand, manufacturers are investing in mergers, acquisitions and collaborations with regional players to expand their production facilities. For instance:
- Hong Kong-based Chinese business WH Group and Brazilian red meat processor JBS had undertaken an MoU to supply beef and other meat products in China in January 2020. JBS has invested US$ 17.08 Mn in the acquisition and construction of the plant and is offering a portfolio of Seara and Friboi products in the Chinese market, such as Do Chef Friboi, Maturatta Friboi, Reserva Friboi, Swift Black, and 1953 Friboi.
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