Demand for red meats: principles, research evidence, and issues

Area of Science:

• Agricultural Economics
• Consumer Behavior
• Food Marketing

Background:

• Demand is defined as the quantities consumers will purchase at various prices, not solely per capita consumption.
• Factors influencing demand levels and changes include consumer income, prices of substitute goods, and evolving consumer tastes and preferences.

Purpose of the Study:

• To explore the critical role of understanding consumer preferences for new meat products in increasing overall meat demand.
• To investigate the potential of branded products and technological differentiation in meeting consumer desires and driving market growth.

Main Methods:

• Analysis of economic principles defining consumer demand.
• Review of research on consumer willingness to pay premiums for differentiated meat products.
• Examination of branding and technology as strategies for product differentiation.

Main Results:

• Consumer demand is a complex schedule influenced by price, income, substitutes, and preferences.
• Specific consumer segments show a willingness to pay higher prices for branded or technologically differentiated meat products.
• Branding and technology offer viable pathways to better align meat products with consumer desires.

Conclusions:

• Increasing meat demand requires a nuanced understanding of consumer preferences beyond simple consumption metrics.
• Product differentiation through branding (e.g., "natural," "guaranteed-tender") and technology can effectively target consumer segments and increase demand.
• Strategic product development is essential for enhancing the overall demand for meat and livestock products.