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Organic Meat Products Market:Executive Summary
The global organic meat products market is expected to grow from $14.38 billion in 2019 to $15.92 billion in 2020 at a compound annual growth rate (CAGR) of 10.7%. The coronavirus pandemic has led to a surge in the demand for organic and sustainable foods. This is because COVID-19 has driven consumer awareness about health and nutrition, and currently, organic foods that are free of pesticides or synthetic chemicals are viewed as safe alternatives. However, the challenge is to maintain the supply with such a surge in demand. Therefore, the organic meat products market is prone to supply-demand swings due to which the market growth is not as significant as expected. The market is expected to reach $20.39 billion in 2023 at a CAGR of 8.6%.
The organic meat market comprises of revenue generated by establishments that produce organic meat products obtained from livestock raised in an organic system. Organic meat is obtained from livestock raised on certified organic land and fed 100% organic feed without any antibiotics or added growth hormones.
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Europe was the largest region in the global organic meat products market in 2019. Asia Pacific is expected to be the fastest-growing region in the forecast period.
In May 2019, Perdue Premium Meat Company Inc., an industry leader in humane animal care and sustainable agriculture announced the acquisition of Panorama Meats, the largest producer of 100% organic beef for an undisclosed amount. The acquisition is aimed towards expanding the company’s product portfolio and global presence.
The organic meat products market covered in this report is segmented by product type into beef; pork; mutton; poultry; others and by distribution channel into super/hypermarket; online retailers; meat shop; health and natural food stores; others.
The increasing inclination of consumers towards organic products is anticipated to boost the demand for organic meat products market. This can be attributed to the growing health concerns among consumers and increasing awareness about the health benefits associated with the consumption of organic products. According to The Organic Trade Association, the US sales for organic food products reached $48.0 Billion in 2018, recording an increase of 5.9% as compared to the previous year. Organic meat has gained importance in recent years, and the rising demand for organic food is projected to drive the demand for organic meat products over the forecast period.
The prices of organic meat products are comparatively higher than that of conventional meat products and this factor is likely to hinder the growth of the market. The premium price reflects the higher prices involved in raising the livestock in an organic system without the use of any synthetic chemicals, antibiotics, or growth hormones. The organic meat production process is expensive, takes more time and is labor-intensive. Additionally, producers impose price premiums on the 'on-demand' products to gain an advantage. However, the price premium often decreases the affordability of organic food products, thus hindering the market growth.
In June 2018, Tyson Foods Inc., a leading producer of organic branded chicken acquired Tecumseh Poultry LLC., a producer of air-chilled, deli-style, fresh chicken and variety of chicken sausages. The purchase includes the air-chilled Smart Chicken brand. This acquisition will strengthen the product line of Tyson Foods Inc., and help scale up the business.
Major players operating in the market are launching new innovative products to meet the consumer requirements for taste preferences and healthy eating. In March 2019, Applegate, the leading natural and organic meat company, announced the launch of the company’s new products at Natural Products Expo West 2019. The new line of products includes The Great Organic Blend Burger, Applegate Organics, and others.
Major players in the organic meat market are Coolanowle Organics, Arcadian Company, Danish Crown, Tyson Foods, Inc., Perdue Farms, Inc., Pilgrim's, Foster Farms, Meyer Natural Foods, JBS S.A., Foster Farms, and Eversfield Organic.
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NOTE : Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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