2017 promises to be a year of key change in the global meat industry and London-based insights firm Euromonitor International has highlighted a number of trends around the world that could influence consumer spend.
Here, we look at four of the trends that are most likely to have an impact – good or bad – on the meat industry.
Health and wellness
The sustainable agricultural model of organic food production is set to attract more attention in 2017, with demand for organic meat and vegetables likely to see a spike in many markets. This poses a challenge and an opportunity for organic certification bodies and industry players alike.
Euromonitor International expects to see major food and drink companies move away from artificial ingredients, opting instead for perceivably natural and cleaner alternatives. Enhanced focus on corporate social responsibility and sourcing will be present too, as businesses look for a competitive edge through ethical ideas and increased supply chain transparency.
Flexibility will be the key theme for packaging in 2017, with brands expected to place more emphasis on smaller pack sizes. Demand for smaller packs is key for consumer affordability in growing, populous regions such as India. Euromonitor tips India to lead global growth in packaging this year.
Cash is set to lose more ground to electronic payments in 2017. This could be a big threat to traditional payment methods – used by butchers and small-scale meat producers – and as more electronic finance systems reach remote consumers in emerging markets, this poses a unique challenge to businesses not set up to handle electronic payments. Young and technologically-advanced consumers will lead the charge toward cashless payment.