Factors influencing willingness to pay for red meat with potential to improve consumer wellness

Consumers are shifting towards a more holistic view of health and well-being and are not only interested in food consumption for physical fitness but also mental wellness. This study investigated consumers’ attitudes towards physical and mental wellness improvements through red meat consumption and their willingness to pay (WTP) premium price for the meat. Online surveys were conducted in the US (n = 1,000) and Australia (n = 523) using commercial platforms. Results showed that over 90% of respondents indicated their interest in purchasing red meat that would improve their wellness status. Respondents from the two countries indicated different interests in the aspects of wellness that they would like to improve through food consumption. Additionally, about 85% indicated their WTP for red meat with potential to provide wellness benefits, with stronger interest by American than Australian respondents. The strong interest consumers showed about eating red meat for improved physical and mental wellness was the key factor contributing to consumers’ WTP a price premium. Other favourable factors for increasing WTP were also observed, such as higher frequency of meat consumption, more exercise, good sleep quality and better economic position. Positive consumer responses obtained in this study, could provide the meat industry with a unique opportunity to position meat outlining qualities that support improved health and mental wellbeing. Providing science-based evidence that meat consumption can result in immediate and/or longer-term wellness benefits, would represent a major opportunity to create and capture more values for the red meat industry.