Market Size:
The global beef market size was valued at USD 436.60 billion in 2023 and is projected to grow from USD 459.87 billion in 2024 to USD 656.44 billion by 2032, exhibiting a CAGR of 5.52% during the forecast period.
Fortune Business Insights™ reports that the growing consumer preference for animal-based protein products is expected to drive market growth from 2024 to 2032.
List of Key Market Players:
- JBS SA (Brazil)
- National Beef Packing Company, LLC (U.S.)
- American Foods Group, LLC. (U.S.)
- Agri Beef Co. (U.S.)
- Perdue Farms Inc. (U.S.)
- Tyson Foods, Inc. (U.S.)
- Strauss Brands LLC (U.S.)
- Cargill, Incorporated(U.S.)
- Central Valley Meat (U.S.)
- Danish Crown A/S (Denmark)
Segmentation-
The beef market is divided into different categories based on the type of cut, including ground beef, roasts, steaks, and others. It is also segmented by distribution channels into retail sales, HoReCa (hotels, restaurants, and cafes), and butcher shops. Geographically, the market is split into regions: Asia Pacific, North America, Europe, and the Middle East & Africa.
Report Coverage-
The report offers a detailed look at the beef market, focusing on major companies, different beef cuts, and distribution channels. It also provides market insights and highlights important industry developments. Additionally, the report covers other factors that have contributed to the market’s growth in recent years.
Source: https://www.fortunebusinessinsights.com/beef-market-106640
Drivers & Restraints-
Increasing Beef Consumption and Sales to Augment Market Growth Worldwide
The expanding global meat distribution network is projected to fuel market growth in the coming years. As more consumers choose to dine out at cafes, hotels, and restaurants, the demand for meat in the foodservice industry is rising. Additionally, online platforms, offering a wide range of products and discounts, are expected to further boost the sales of fresh and chilled meat products. However, growing concerns about the environmental impact of animal farming, particularly its contribution to greenhouse gas emissions, are driving efforts to reduce meat consumption. This trend is likely to result in fewer animals being farmed, potentially slowing the growth of the beef market.
Beef Market Future Outlook
- Rising Demand: Global demand for beef is projected to grow, driven by population growth and shifting dietary preferences, particularly in developing nations.
- Sustainability Concerns: With increasing awareness of environmental issues, consumers are likely to push for more sustainable farming practices within the beef industry.
- Technological Advancements: Innovations in farming technology are expected to enhance production efficiency, helping meet rising demand while lowering costs and reducing environmental impact.
- Health Trends: The growing focus on leaner meat options may influence beef production strategies, leading to a shift in product offerings to align with health-conscious consumer preferences.
Competitive Landscape-
Key Players Adopt New Growth Strategies to Stay Ahead of the Competition
The global beef market is dominated by a few major corporations, with companies like Cargill Inc., JBS SA, Tyson Foods Inc., LLC, National Beef Packing Company, and Danish Crown A/S leading the competition to boost revenue. To drive market growth, these companies are adopting strategies focused on product innovation and expanding their manufacturing operations geographically.
In addition, they are working to integrate their supply chains to gain greater control over production processes. Blockchain technology is being utilized to monitor cattle health and ensure product safety. Manufacturers are also focusing on developing innovative solutions to cater to diverse consumer tastes and preferences across different regions, in response to the growing demand for unique meat products.
Beef Market Trends
- Rising Demand: Global demand for beef is on the rise, with consumers increasingly seeking higher-quality meat, which in turn drives prices upward.
- Health-Conscious Choices: A growing number of consumers are opting for leaner cuts of beef, influencing the types of products that are marketed and sold.
- Sustainable Practices: In response to consumer demand for eco-friendly options, many producers are adopting sustainable farming methods.
- Price Fluctuations: The beef market is subject to regular price fluctuations, driven by factors such as weather conditions, feed costs, and disease outbreaks.
Notable Industry Development-
- April 2023 –Â Aleph Farms, one of the leading cultivated meat producers, announced plans to launch its brand Aleph Cuts with beef products, such as Petit Steak. The company was planning to launch these products in Israel and Singapore.