Abstract
In our last report, we concluded that the growth of the red meat market would be based on a larger premium segment. The growth achieved has been greater than expected, partly as a result of active new product development (NPD) in premium products and increased promotion, but also as a result of inflation of red meat prices.
The future is more challenging. The “credit crunch” is making consumers more careful about how they spend their money, trading down to cheaper alternatives, and a shift towards less expensive cuts of meat has been observed in the meat category. Growth rates for organic meats have slowed, and overall volume consumption is constrained by consumers' concerns over the health implications of red meat. This report considers whether a better strategy in targeting consumers and further development of provenance attributes can offset these negative factors.
Key report themes:
- Two years of significant market growth are coming to an end
- Health concerns act as a barrier to increased red meat consumption
- Provenance is a product attribute that can be further exploited
- More effective segmentation is required to reach lower-consuming target markets
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