They also use market research to help partners develop products consumers want. Finally, the team helps coordinate sales and marketing efforts from cooking instructions and packaging to public relations to help facilitate market success. Beef industry profits currently come from less than one-third of the total beef carcass, principally from ground beef and steaks. The undervalued two-thirds can be a cash cow for the beef industry. Through new product development, this two-thirds can be used to create products that offer consumers new conveniences, different flavors and a better eating experience.
Producers also benefit from more value for their cattle.
At the same time as beef demand is on the rise, the convenient beef category continues to grow. There is significant opportunity for the beef industry to realize increased profit potential of ground beef through value-added product lines. There s no question the ubiquitous boneless, skinless chicken breast has captured an important place on America s dinner table. A beef equivalent that can rival the chicken breast in terms of convenience, ease and speed of preparation and proportionality presents a significant growth opportunity for beef. In addition, if the beef equivalent could be created using the chuck and round, it could help add value to the product.