Beef Market is Expected To Be A Key Catalyst For Driving In The Region Over The Coming Years
Beef Industry Overview
The global beef market size was valued at USD 467.7 billion in 2021 and is expected to progress at a compound annual growth rate (CAGR) of 4.8% from 2022 to 2030. With increasing globalization, the food preferences of consumers around the world have witnessed some significant changes. Consumers are increasing their protein intake, resulting in the rising demand for meat. Meat and its products are packed with a host of essential ingredients and nutrients and save a lot of time and effort in cooking. Therefore, manufacturers are primarily focusing on the quality of the meat and its products.
The COVID-19 pandemic has caused disruptions in the market. The limited availability of some meat products in retail stores resulted in a price rise. The COVID-19 outbreak has impacted numerous meat production facilities across the globe. These outbreaks affected a large number of plants, which led to the disruption of the supply chain, closure of some factories, and posed a substantial threat to the meat supply across regions. In May 2020, Cargill, Inc.’s beef processing plant in High River, Alberta was the largest factory outbreak in Canada. More than 1,000 cases were linked to the plant, and it was considered the single largest virus cause in North America.
Gather more insights about the market drivers, restrains and growth of the Global Beef market
Rising health consciousness among the masses, along with the increasing demand for animal-sourced protein, is one of the key factors driving the market. With changing dietary habits, consumer preferences are rapidly shifting toward food products with low fat and calorie content and high protein value. Additionally, the increasing utilization of beef in the food industry is favoring market growth. Beef-based burgers, hotdogs, sausages, fillets and steaks, and stews are widely served across cafes and restaurants to provide consumers with authentic and multi-cuisine dishes.
Some of the key factors propelling the demand for meat are the constantly rising income of middle-class consumers in the developing countries of Latin America and the Asia Pacific, as well as the significant demand for convenience foods among the working population and the younger generations who are keen on cooking at home. Over the past few years, the busy daily schedules of consumers have widened the market scope for ready-to-eat meat products across the globe.
Browse through Grand View Research's Consumer F&B Industry Research Reports.
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Beef Market Segmentation
Grand View Research has segmented the beef market based on cut, slaughter method, and region:
Beef Cut Outlook (Revenue, USD Billion, 2017 - 2030)
- Brisket
- Shank
- Loin
- Others
Beef Slaughter Method Outlook (Revenue, USD Billion, 2017 - 2030)
- Kosher
- Halal
- Others
Beef Regional Outlook (Revenue, USD Billion, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Market Share Insights:
- February 2022: JBS, a global leader in protein-based food, presented at Gulfood 2022, the world's largest annual food and beverage trade show, held in Dubai (United Arab Emirates).
- July 2021: Israel-based cultured meat company Aleph Farms received USD 105 million in a Series B investment round, bringing its funding to date up to USD 119.4 million, according to Crunchbase.
Key Companies profiled:
Some of the prominent players in the beef market include:
- Tyson Foods, Inc.
- Danish Crown
- Cargill Incorporated
- Marfrig Global Foods S.A
- NH Foods Ltd
- Minerva Foods
- Helen’s Meat Packers
- Hormel Foods Corporation
- JBS USA
- National Beef Packing Company
- LLC
- Vion Food Group
- Australian Agricultural Company Limited.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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