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The Grass-fed Beef Market size is projected to increase by USD 3.66 billion and the market size is estimated to grow at a CAGR of 5.48% between 2023 and 2028.
The report includes a comprehensive outlook on the grass-fed beef market offering forecasts for the industry segmented by Product, which comprises fresh grass-fed beef and processed grass-fed beef. Additionally, it categorizes Distribution Channel into indirect and direct and covers Geography regions, including North America, APAC, Europe, Middle East and Africa, and South America. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
Rising consumer preferences and demand for beef are notably driving the market growth. The rising consumer preferences and demand for specific attributes in the beef sector have led to shifts in production practices, marketing strategies, and consumer offerings. These evolving preferences are shaping the industry landscape and influencing various aspects of the beef sector. Consumers seeking higher-quality dining experiences are driving demand for premium cuts of beef known for tenderness and flavour. Moreover, the push for sustainability has increased the demand for beef produced using regenerative agriculture practices. Consumers are interested in beef that is raised in a way that promotes soil health, biodiversity, and carbon sequestration, which, in turn, will promote the growth of the grass-fed beef market during the forecast period.
The Grass-fed Beef Market shows an accelerated CAGR during the forecast period.
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The increasing popularity of the vegan diet is an emerging trend shaping the market growth. Vegan food consumption is increasing globally and is expected to rise further during the forecast period. Veganism is termed as the practice of abstaining from the use of animal products, particularly from the diet. People are adopting vegan diets primarily for health benefits such as the reduced risk of obesity, better heart health, and others. The number of people opting for vegan diets has increased by about 300% over the last decade. Foodservice outlets are also encouraging the growth of veganism and are adding various options to their menu to attract vegan consumers.
Additionally, in the US, many food startups are promoting veganism and are being endorsed by celebrities such as Bill Gates and others. Celebrity endorsements for vegan diets will also increase the popularity of veganism. Thus, the increasing popularity of the vegan diet may hinder the growth of the grass-fed beef market during the forecast period.
High prices associated with grass-fed beef are a significant challenge hindering market growth. The premium price of grass-fed beef is one of the primary challenges for the market. Grass-fed beef is estimated to be almost 70% more costly than grain-fed beef. This premium price discourages price-sensitive consumers and can affect the growth of the market. The supply chain of grass-fed beef is different from conventional beef, which can lead to a rise in the cost of production of grass-fed beef. For instance, the processing facilities of conventional beef can handle about 5,000 animals per day, while the processing facilities of grass-fed beef may process only a few animals per day.
Moreover, the supply chain of grass-fed beef is longer and more expensive than conventional beef, which increases the price of the final product. Moreover, most slaughterhouses do not have the right facilities to handle grass-fed beef, which can also drop the revenue of the market during the forecast period. Hence, the premium price of grass-fed beef is expected to hamper the growth of the grass-fed beef market during the forecast period.
The indirect sales segment based on the distribution channel accounted for a significant market share in the global grass-fed beef market in 2023. Indirect sales channels include hypermarkets/supermarkets, departmental stores, specialty stores, independent small grocery stores, and online channels. Many vendors, especially those operating on a large scale, market their products directly to consumers by using indirect sales channels such as online retail. Furthermore, indirect sales channels such as online retailing have become a favourable option, especially since the COVID-19 lockdown. This trend is expected to continue, which, in turn, will positively affect the growth of the grass-fed beef market during the forecast period.
The market share growth by the fresh grass-fed beef segment will be significant during the forecast period. The high demand for fresh grass-fed beef can be attributed to the perception that fresh grass-fed beef is healthier than processed grass-fed beef. The awareness of the health benefits of grass-fed beef, such as higher content of omega-3 fatty acids, linoleic acid, and antioxidant vitamins such as vitamin E, propel its demand in the US, Australia, and other markets.
The fresh grass-fed beef segment segment was the largest and was valued at USD 6.56 billion in 2018
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Further, companies are focused on launching a new line of fresh grass-fed beef. This consequently adds to the revenue, thus boosting the market growth. For instance, in September 2022, Niman Ranch (Perdue Farms Inc.), a beef serving company, launched a new line of USDA-graded, domestic, culinary-driven, 100% grass-fed, and finished beef programs. However, the short shelf life of fresh grass-fed beef can throttle the growth of the segment. The global non-vegan population preferring fresh grass-fed beef can positively affect the segment, which in turn will fuel the growth of the grass-fed beef market during the forecast period.
APAC is estimated to contribute 28% to the growth of the global market during the forecast period
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America was the largest grass-fed beef market by revenue in 2023 in the grass-fed beef market. Hence, the demand for grass-fed beef in North America, especially the US, is expected to remain high during the forecast period. Awareness of the benefits of grass-fed beef will also help in the growth of the market. Companies are constantly introducing new products, while the number of players entering the market is also increasing. However, the higher price of grass-fed beef than conventional beef can negatively influence the growth of the market. The popularity of grass-fed beef is increasing. In 2023, the US market accounted for about 21% of the beef consumed in the world.
However, the grass-fed beef market in North America is characterized by high demand for packaged beef. The preference for packaged beef meat over fresh meat can be attributed to lifestyle evolutions where consumers prefer ready-to-eat foods to save time. Thus, the regional grass-fed beef market is expected to grow during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The grass-fed beef market report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The grass-fed beef market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Grass-fed Beef Market Scope |
|
Report Coverage |
Details |
Page number |
153 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.48% |
Market Growth 2024-2028 |
USD 3.66 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.98 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 28% |
Key countries |
US, China, Australia, UK, and Brazil |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abel and Cole Ltd., Arizona Grass Raised Beef, Fanatical Foods Ltd., Graig Farm Organics, Grass Fed Cattle Co., Green Vista Farm LLC, Gwaun Valley Meats, Heritage Cattle Co., Hilltop Angus Farm, Hormel Foods Corp., JBS SA, Kimbardel Eversfield Ltd., Oreganic Beef Co., Perdue Farms Inc., Primal Supply Meats LLC, Rain Crow Ranch, US Wellness Meats, Verde Farms, Vestey Foods Ltd., and Eversfield Organic |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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