Asia has been a profitable hub for interested meat traders to export livestock until a sudden fall in demand was experienced in quarter one and two of 2020,with the emergence of COVID-19 pandemic. This has majorly affected meat trade from China, where large scale lockdowns in agricultural enterprises have led to an acute shortage of livestock owing to supply chain disruptions. In Europe, the decision to suspend livestock trading was taken due to risk of infections. Forecasted global growth will be cut down to nearly 1.5% in 2020 owing to the fall in consumer demand.
The grassfed meat market has witnessed a skyrocketing growth owing to the evolving tastes of health conscious meat consumers who prefer quality. This rising demand has encouraged producers as well as distributors of meat to offer grassfed meat products to capture a potentially growing market share. Supermarkets and hypermarkets are presently contributing to nearly 1/2 of the overall retail store supplies, owing to a shift in demand from conventional meat variants to organic and natural meat products. However, online stores are expected to grow at a CAGR of 5.0% during the forecasted period owing to shifting dynamics in buying behavior of the customers. Moreover, in regions like North America and Europe the demand for grass-fed meat will grow at nearly the same rate as the global average.
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Key Takeaways of Grass-Feed Meat Market
- Direct salesare expected to retain their dominance over retail sales channels. The former’smarket share is expected to grow by 5.5%largely on account of asurge in demand from food processing and HoReCa sectors.
- Latin America holds nearly 2/5th of the total grass-feed meat consumption. However Asia Pacific will grow at CAGR of nearly 6.0% which is higher than the overall global average.
- China’s demand for grass feed meat is expected grow by 2X during the forecast period, owing to the current ban imposed on eating wild animals due to outbreak of covid-19.
- Consumption of lamb and goat will grow at a CAGR of 5.0% considering the impact of covid-19 outbreak which will affect the trade of live-stock.
- United States expenditure on processed meat will grow at a CAGR of 4.0%, owing to the rising demand from its demographic. Along with this, food processing companies will see a rise in demand for processed meat with a CAGR of nearly 5.0%in global market.
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Players look to Obviate Supply Chain Disruptions amid COVID-19 Pandemic
Earlier the players were developing technologies due to high concern for meat quality. However, during the last five years new players have fragmented the market of grassfed meat by introducing technologies like block chain to maintain their supply channel and to reduce cost. One of the existing key players JBS USA, has adopted block chain to trace their meat through RFID and QR codes.These technologies have shown that now the market is not limited just to quality. Reducing cost by adopting new technologies is of significant priority.
Top Players Are Collaborating to Obviate Competition with Emerging Players
Global grassfed meat market has fragmented after the rise of emerging players like Pre Brands and Verde Farms that are focusing on new products with different strategies like labelling. To meet the evolving competition in their region, top players have now started collaborating with each other and are trying to minimize their supply chain disruptions by collaborating with supermarkets and stores.
- In January 2020, JBS signed a distribution agreement with WH Group to enter more than 60,000 point of sales locations in markets of China.
- In March 2019, Australian Agricultural Company Ltd, went into a small joint venture with Classic Fine Foods to introduce its signature food menu in 5 restaurants in Dubai.
- In April 2019, Creekstone went into join venture with Walmart, to support its supply channel of Angus beef.
- In 2019, Sysco Corporation acquired J Kings Food service, J & M Wholesale Meats and Imperio Foods, to extend its distribution channels as a part of its strategic acquisition.
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Grassfed Meat Market: Segmentation
FactMR’s study has done the segmentation of grassfed meat market on the basis of base product type, nature, animal type, end user, sales channel and regions.
- By Product Type :
- Raw Meat
- Processed Meat
- Fresh Processed
- Cured Meat
- Roasted and Precooked
- By Nature :
- By Animal Type :
- Cow and Bison
- Lamb and Goat
- By End User :
- Food Processing
- House Hold
- By Sales Channel :
- Direct Sales
- Retail Sales
- Hypermarket and Supermarket
- Online Retail
- Meat Stores
- Other Retail Channels
- By Region :
- North America
- Latin America
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