Grass-fed beef market to grow by $6.3 billion over the next decade

According to a study by Future Market Insights (FMI) in the United States , the global grass-fed beef market will reach $11.6 billion in 2021.  

According to the latest research published by Future Market Insights (FMI), the global grass-fed beef market will exceed $11.6 billion this year, but is expected to grow for at least 10 years. The market is expected to reach $17.9 billion, with a CAGR of 4.4% over the forecast period from 2021 to 2031.

Over the past few years, grilled MEAT has become a popular trend around the world, especially in Western countries. According to Quick-Service and Fast Casual Restaurant (QSR) magazine, almost 95% of the US population enjoys grilled (BBQ) meals such as steaks, ribs and others. Beef is the most preferred BBQ meat due to its meaty flavor, and grass-fed beef sales are expected to grow at a 3.7% CAGR in volume terms through 2031.

With the growing inclination to consume high-quality food products, consumers are increasingly choosing products with quality certificates and labels. Because grass-fed beef is healthier and more nutritious than regular beef products and is considered a rich source of vitamins B6 and B3, selenium, carnosine, creatine, and zinc, it is gaining huge popularity among meat lovers.

“Key players are focusing on obtaining food quality certifications such as Kosher, Halal and Beef Quality Assurance (BQA) to capitalize on the growing demand for premium quality food. This is expected to bode well for the growth of the market,” FMI said in a statement. 

Growth in ready-to-eat consumption and growing demand for convenience packaged foods are expected to drive sales of grass-fed processed beef. In addition, the growing demand for frozen meat for beef exports abroad, due to its ability to stay fresh during transport, is driving sales in the frozen meat segment.

Leading global players such as JBS Foods, Tyson Foods, Australian Agricultural Company Limited, Hormel Foods Corporation, Cargill and Conagra Brands are projected to account for between 30% and 50% of global grass-fed beef sales by 2031.

Sales in North America are expected to grow by an average of 3.3% through 2031 due to the rising trend in US barbecue meat consumption. With growing demand for premium meat in the UK and Germany, the market in Europe is expected to grow at a CAGR of 3.8%. New Zealand, one of the world's leading producers and exporters of grass-fed beef, is forecast to account for a significant share of sales in the Oceania market.