Steak is any type of meat sliced across muscle fibers with the inclusion of a bone. The different types of steaks depend on the places in the body from where they are sliced For instance, skirt steak is the steak cut from the plate of the animal, flank steak is cut from abdominal muscles, and the Silverfinger steak is cut from the loin including three rib bones. There are many varieties of steaks such as beef steaks, fish steaks, pork steaks, and others. Most of the market sales come from beef steaks.
Technavio’s analysts forecast the global steaks market to grow at a CAGR of 3.53% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global steaks market for 2017-2021. To calculate the market size, the report considers sales of steak products to individual consumers.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Steaks Market 2017-2021
Technavio recognizes the following companies as the key players in the global steaks market: Conagra Brands, Hormel Foods, JBS, Marfood USA, and Tyson Foods.
Other Prominent Vendors in the market are: Bridgford Foods, Certified Angus Beef, Dawn Meats, THANASI FOODS, Golden Valley Natural, Greater Omaha Packing, Kepak Group, Monogram Food Solutions, and Strauss Brands.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is 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.”
According to the report, one driver in the market is new product launches. One of the important growth drivers of the market is the increase in the number of new product launches. Players in the market are coming up with new products to remain competitive and to meet the rising consumer demand. A successful new product launch will help the player in increasing its revenue stream and will also help in strengthening its position in the market. Players in the market are investing in product innovation and new product development and the number of new product launches by the players is expected to increase during the forecast period.
Further, the report states that one challenge in the market is product recalls. One of the important challenges for the market is the increasing instances of product recalls. Manufacturers recall their products after discovering an actual/possible contamination of foreign agents or in cases when the product itself does not meet the standards issued by regulatory bodies. With every product recall, the consumer faith and the market share of the manufacturer gets affected. Also, product recalls can pose many financial liabilities, in the case of any lawsuits filed against the company. In June 2017, Maid-Rite Specialty Foods issued a recall of its steak products due to the presence of undeclared milk in the products and Hilo Fish Company issued a recall of its tuna steaks as the product tested positive for Hepatitis A.
Conagra Brands, Hormel Foods, JBS, Marfood USA, Tyson Foods, Bridgford Foods, Certified Angus Beef, Dawn Meats, THANASI FOODS, Golden Valley Natural, Greater Omaha Packing, Kepak Group, Monogram Food Solutions, and Strauss Brands.
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