Beef And Veal Market Size, Share, Growth Analysis, By Type(Beef meat, Veal meat), By Distribution Channel(Supermarkets, Hypermarkets, Convenience stores, Specialty stores), By Region - Industry Forecast 2024-2031

Beef And Veal Market size was valued at USD 928.45 billion in 2019 and is poised to grow from USD 991.58 billion in 2023 to USD 1792.55 billion by 2031, growing at a CAGR of 6.80% in the forecast period (2024-2031).

The beef and veal market is relatively fragmented, with a high level of competition. Few large players, like Tyson Foods Inc., Cargill Inc., and National Beef Packing Company LLC., now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability. 'Tyson Foods Inc.', 'JBS S.A.', 'Cargill Inc.', 'National Beef Packing Company LLC', 'Marfrig Foods S.A.', 'Minerva S.A.', 'Nipponham Group', 'NH Foods Ltd.', 'Beijing Sanyuan Foods Co. Ltd.', 'Danish Crown A/S', 'Vion Food Group Ltd.', 'Sysco Corporation', 'Hormel Foods Corporation', 'Danish Crown Beef', 'Frigorífico Concepción S.A.', 'Japfa Ltd.', 'FPL Food LLC', 'Greater Omaha Packing Co. Inc.', 'Westfleisch eG', 'ABP Food Group', ' In April 2022, Hormel Foods Corporation announced its organic meat products demand growing up and it has shown a growth of 37% over the last two years which is more than the overall meat market which has only grown by 20% in the same period.   ', ' In April 2022, the per capita meat consumption of meat in Germany decreased by 600 grams as compared to 2021. This report also shows a decline in total meat production too which is 2.4% lower than the previous year.   ', ' In February 2022, Tyson Foods Inc. announced its investment into a US$ 355 million bacon production facility in bowling green. This will help the company to meet the rising demand for bacon products and long-term growth in the beef and veal industry.   ', ' In January 2022, the USDA reported a decline in cattle headcount slaughtered because of soring price of beef by 17% as compared to 2021 which has led to increased input cost and reduced output. '

Increasing awareness regarding the benefits of meat-sourced protein on human health is a primary driver of the beef and veal market as it is nutrient-dense and packed with amino acids that can be useful in multiple ways. Shifting consumer choice toward low calories and high protein food is pushing the demand for red meat.

The beef and veal market has witnessed exponential growth over the past years because of the growing demand for meat-based protein and fast food raising globally. Multiple QSRs providing 100% beef burgers and hotdogs are growing in the US rapidly due to the swelling demand for meat-based foods. Rising demand for organic meat also contributed a lot to the market as the sales of organic meat have grown by 37% over the last year which is more than the overall meat industry growth. This will also push the beef and veal market growth during the analysis period.

In 2022, according to USDA agricultural report, US beef and veal industry alone contributed 17% of the US$ 390 billion total revenue generated by agricultural commodities. North America is one of the dominating beef and veal markets globally. This dominance is due to the presence of countries like the US, Canada, and Mexico who are among the largest beef and veal producer and exporters and contribute to the beef and veal market in the region. Brazil and Argentina are one of the largest beef and veal consumers globally with 10.4 million metric tons and 3.5 million metric tons of beef consumption according to USDA, in the year 2021.