Technavio's latest market research report on the global steaks market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technaviodefines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
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Technavio has published a new report on the global steaks market from 2017-2021. (Graphic: Business Wire)
The report lists beef steaks, chicken steaks, fish steaks, lamb steaks, pork steaks, as the five major product segments, of which the beef steak segment accounted for around 42% of the market share in 2016. The global steaks market is expected to grow at a rapid pace during the forecast period due to increasing consumer demand for protein-rich foods and the introduction of exotic steaks, for example, bison steaks.
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The top three emerging market trends driving the global steaks marketaccording to Technavio research analysts are:
- Increasing demand for organic and grass-fed steaks
- Introduction of new packaging methods
- Fluctuating prices of steaks
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Increasing demand for organic and grass-fed steaks
The increasing demand for organic and grass-fed steaks is a positive trend said to influence the growth of the market during the forecast period. The increasing awareness about the health benefits of organic food products is increasing the demand for organic steaks. Players in the market are coming up with new certified organic and grass-fed steaks to target potential consumers. Organic Prairie offers various organic steak products such as organic filet mignon, organic ribeye steak, organic sirloin steak, and others.
"The value-added benefits of grass-fed steaks, such as better taste and high nutritional values are increasing the demand for grass-fed steak. 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," says Manjunath Reddy, a lead analyst at Technavio for food research.
Introduction of new packaging methods
Another trend that is set to influence the growth of the market during the forecast period is the introduction of new packaging methods. Attractive and good-quality packaging improves the product visibility and helps to store the product for a longer period. New packaging designs also help manufacturers to market their products with attractive designs and captions effectively.
In September 2016, Greater Omaha Packing introduced a new TenderAge packaging technology that keeps refrigerated beef fresh up to 30 days. This technology allows the direct shipment of fresh beef steaks to consumers. In November 2016, Aldi introduced linerless labels for its new Specially Selected Aberdeen Angus steaks range.
Fluctuating prices of steaks
The fluctuating price of steaks is another trend that can influence the growth of the market during the forecast period. The price of steak depends on many factors such as meat production, environmental conditions, and disease outbreak among animals. The average price of beef steak decreased 3.5% in 2017 when compared to that of 2016.
"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. 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," says Manjunath.
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