Market Overview:
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. The rapid shift in consumer dietary preferences, with consumer segments gravitating toward animal-based protein products, has a positive impact on market growth during the forecast period, says Fortune Business InsightsTM in its report titled, “Beef Market, 2024-2032”.
Segmentation-
The beef market share is classified by cut type as ground, roasts, steaks, and others. The market is divided into three segments based on distribution channels: retail sales, HoReCa, and butcher shops. From a geographical standpoint, the market is divided into Asia Pacific, North America, Europe, and the Middle East & Africa.
Report Coverage-
The study conducts a thorough analysis of the beef market, highlighting important factors such top producers, beef cuts, and product distribution routes. In addition, the study highlights significant advancements in the business and offers market insights. In addition to the above mentioned elements, the study covers a number of other variables that have fueled the market's recent expansion.
Source: https://www.fortunebusinessinsights.com/beef-market-106640
Drivers & Restraints-
Increasing Beef Consumption and Sales to Augment Market Growth Worldwide
In the coming years, it is expected that the ever-expanding global beef distribution channel will support market expansion. The foodservice industry is experiencing an increase in demand for meat preparations as a result of the growing trend of eating out at cafes, hotels, and restaurants. Because of their diverse product offerings and discount schemes, online channels are expected to increase fresh and chilled product sales even more. However, as the meat industry contributes heavily to greenhouse gas emissions, reducing meat consumption will eventually result in fewer animals farmed for food. This will impede 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 2021: Tyson Foods invested in a cattle traceability program to detect the disease and ensure that outbreaks do not disrupt production.
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)