Market Size:
The global beefmarket size was valued at USD 436.60 billionin 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 consumerpreference 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 typeof 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 majorcompanies, 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.
Drivers & Restraints-
Increasing Beef Consumption and Sales to Augment Market Growth Worldwide
The growing global meat distribution network is expected to drive marketgrowth in the coming years. More people are dining out at cafes, hotels, and
restaurants, increasing the demand for meat in the foodservice industry. Online
channels, offering a variety of products and discounts, are also expected to
boost sales of fresh and chilled meat products. However, concerns about the
animal farming industry's contribution to greenhouse gas emissions are
encouraging efforts to reduce meat consumption. This will likely lead to fewer
animals being farmed and slow the growth of the beef market.
Beef Market Future Outlook
- Rising Demand: The global demand for beef is expected to increase. This is driven by population growth and
changing dietary preferences, particularly in developing countries.
- Sustainability Concerns: Consumers are becoming more aware of environmental issues. This may lead to a shift
toward sustainable farming practices in the beef industry.
- Technological Advancements: Innovations in farming technology can improve efficiency. These advancements may help
producers meet demand while reducing costs and environmental impact.
- Health Trends: There is a growing interest in leaner meat options. This could influence beef production
strategies and product offerings in the market.
Competitive Landscape-
Key Players Adopt New Growth Strategies to Stay Ahead of the Competition
The global beef market is highly consolidated, with several largecorporations competing against one another to increase overall revenue. Cargill
Inc, JBS SA, Tyson Foods Inc., LLC, National Beef Packing Company, and Danish
Crown A/S are some of the major manufacturers. To achieve market growth, the
companies are implementing product innovation strategies and geographically
expanding their manufacturing units.
Companies are also working to integrate their supply chains in order togain more control over the manufacturing process. A blockchain-based system is
also used to track cattle disease and ensure product safety. Manufacturers are
focusing on developing novel solutions to meet the tastes and preferences of
various consumer segments across geographies in order to meet the increasing
demand for innovative meat products.
Notable Industry Development-
- April 2023 - 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.
