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 growing global meat distribution network is expected to drive market growth 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.
Competitive Landscape-
Key Players Adopt New Growth Strategies to Stay Ahead of the Competition
The global beef market is highly consolidated, with several large corporations 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 to gain 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.