The analysis includes beef steaks, chicken steaks, fish steaks, lamb steaks and pork steaks as the five major product segments, of which the beef steak segment accounted for about 42 percent of the market share in 2016.
The top three trends noted in the research are:
• Increasing demand for organic and grass-fed steaks
• Introduction of new packaging methods
• Fluctuating prices of steak
The growing awareness about the health benefits of organic food products is increasing the demand for organic steaks. Companies in the grass-fed and organic market continue to develop products to capitalize on these health-conscious consumers.
“The value-added benefits of grass-fed steaks, such as better taste and high nutritional values are increasing the demand for grass-fed steak.” said Manjunath Reddy, a lead analyst for food research at Technavio. “Grass-fed steaks are priced higher than regular steaks. Players in the market are coming up with new grass-fed steak products to cater to the increasing demand from the consumers.”
Improved product visibility through attractive, high-quality packaging that allows a longer shelf life will also influence growth during the period, according to the report.
Pricing volatility in the steak segment isthe third trend listed in Technavio’s report for the time period, citing factors such as meat production, environmental conditions and animal disease. The average price of beef steak decreased 3.5 percent from 2016 to 2017.
“The increasing number of players in the market and the rising demand for high-quality steaks will affect the steak prices during the forecast period,” Reddy said. “The intense competition among players will force them to decrease the price of their product offerings, which will affect the growth of the global steak market and the revenue stream of the players.”