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.
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 report provides an in-depth analysis of the beef market, focusing on key aspects such as leading companies, beef cuts, and product distribution channels. Additionally, it offers market insights and highlights significant industry developments. Beyond these factors, the report covers various other aspects that have contributed to the market's growth in recent years.
Drivers & Restraints-
Increasing Beef Consumption and Sales to Augment Market Growth Worldwide
The expanding global meat distribution channel is expected to drive market growth in the coming years. The rising trend of dining out at cafes, hotels, and restaurants has increased the demand for meat preparations in the foodservice industry. Online channels, with their diverse product offerings and discount programs, are anticipated to further boost sales of fresh and chilled products. However, the animal farming industry's significant contribution to greenhouse gas emissions is prompting efforts to reduce meat consumption, which will ultimately lead to fewer animals being farmed and impede the growth of the beef market.
Source: https://www.fortunebusinessinsights.com/beef-market-106640
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)
