USD 417.04 billion
Beef Market Size, Share, Growth Analysis, By Cut(Brisket, Shank, Loin and Others), By Slaughter Method(Kosher, Halal and Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30I2152 |
Region:
Global |
Published Date: April, 2024
Pages:
198
|Tables:
62
|Figures:
75
Beef Market Insights
Global Beef Market size was valued at around USD 417.04 billion in 2022 and is expected to rise from USD 440.06 billion in 2023 to reach a value of USD 676.38 billion by 2031, at a CAGR of 5.52% during the forecast period (2024–2031).
Global consumers' food preferences have experienced a number of significant shifts as a result of growing global. Consumers are consuming more protein, which is driving up demand for beef. In addition to saving a ton of time and effort in the kitchen, meat and its products are jam-packed with a variety of vital components and nutrients. As a result, producers are mainly concerned with the quality of the flesh and its by-products.
One of the main elements influencing the market is the growing demand for animal-sourced protein and rising health consciousness among the general population. Consumer preferences are quickly changing in favor of food items with high protein content and minimal fat and calorie content due to changing dietary habits.
Additionally, beef's growing use in the food sector is helping the market to expand. To offer customers genuine and multi-cuisine dishes, many cafes and eateries serve beef-based burgers, hotdogs, sausages, filets, steaks, and stews.
The rise in disposable income of middle-class consumers in developing nations in Latin America and the Asia-Pacific, as well as the significant demand for convenience foods among the working population and the younger generations who enjoy cooking at home, are some of the main factors driving the demand for meat. The busy daily schedules of consumers have broadened the market potential for ready-to-eat meat products globally over the past few years.
US Beef Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Halal
Fastest Growth
Kosher
Growth Rate
5.52% CAGR
Global Beef Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Beef Market Segmental Analysis
Global Beef Market is segmented based on cut, slaughter method, and region. In terms of cut, the market is grouped into brisket, shank, loin and others. With respect to segmentation by slaughter method, the market is segmented into kosher, halal and others. Based on region the global market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Beef Market Analysis by Cut
In 2022, the loin segment dominated the market and made for 39.9% of total revenue. One of the main elements influencing the market is the growing demand for animal-sourced protein as well as the general increase in health consciousness among the general population. Dry aging has significant advantages for loin trim. Additionally, these have the best taste, juiciest, and tenderness.
The brisket market is expected to expand at the fastest CAGR during the forecast period. One of the original cuts, brisket is produced from the lower breast or pectoral muscle and is the flesh that encircles the animal's breastbone. The flesh is rather tough and packed with connective tissues as a result of the high degree of physical exercise in this area, making low and slow cooking the best method. Because of its thick, coarse texture, it requires a long time and a low temperature to break down and tenderize. Brisket is one of the most flavorful meat cuts. Brisket pieces are commonly used in barbecue because they are affordable.
Beef Market Analysis by Slaughter Method
The halal segment is projected to exhibit a CAGR of 4.5% during the projection period. The demand for halal products is mainly driven by the world's growing Muslim population. Halal beef is produced or processed in line with Islamic law and is free of any ingredients that Muslims are prohibited from consuming. Halal beef is one of the most consumed meats among Muslims due to religious restrictions.
Global Beef Market By Slaughter Method (%)
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Beef Market Regional Insights
Asia Pacific dominated the market in 2022 and contributed 47.8% of the total revenue. In Asia Pacific, China, India, Japan, and Australia constitute as top livestock markets. China is one of the world's biggest markets for beef as a result of the nation's significant increase in consumption, which is being driven by rising disposable incomes. Australia continues to be the main source of frozen beef imports, which are likely to be supported by continuing labor shortages brought on in part by the pandemic in nations like China.
The market in North America is anticipated to grow significantly over the course of the forecast period, with a CAGR of 5.4%. This is due to the region's robust infrastructure, which includes advanced processing facilities and transportation networks as well as intellectual expertise on topics like genetics, meat quality, and legal property rights. North America is one of the biggest producer of beef for both domestic and international markets.
Global Beef Market By Region
- Largest
- Fastest
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Beef Market Dynamics
Beef Market Drivers
Increase in Disposable Incomes to Propel Growth
- The growing population, especially in developing countries, has resulted in an increase in the demand for beef.
- Additionally, the rising disposable income of consumers has led to a preference for high-quality meat products, including beef.
Beef Market Restraints
Environmental Concerns related to Sustainability may Challenge Growth
- Beef production has a significant impact on the environment, with factors such as deforestation, greenhouse gas emissions, and water usage causing concern among consumers.
- This has led to a growing demand for sustainable and environment-friendly beef products.
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Beef Market Competitive Landscape
The nature of the beef market is highly fragmented, owing to the presence of a large number of regional and global players competing for market share. These companies compete on various factors, such as price, quality, innovation, and distribution network, to gain market share in the beef market. They also invest in research and development, marketing, and strategic partnerships to maintain their competitive edge in the market.
Beef Market Top Player’s Company Profiles
- JBS SA
- Tyson Foods Inc.
- Cargill Inc.
- National Beef Packing Co.
- Marfrig Global Foods SA
- Nippon Ham Group
- WH Group Ltd.
- Minerva Foods
- NH Foods Ltd.
- Australian Agricultural Co.
- Danish Crown
- BRF SA
- Dawn Meats
- Danish Crown
- Hormel Foods Corp.
- J.R. Simplot Co.
- Vion Food Group
Beef Market Recent Developments
-
In January 2024, U.S. CattleTrace, a leading organization dedicated to building a rapid contact tracing database, and IMI Global, the nation’s largest third-party cattle verification company, have formed a strategic alliance. This collaboration strengthens U.S. CattleTrace's efforts to develop its contact tracing database rapidly, while also supporting IMI Global's mission to enhance value for American beef producers.
-
In January 2024, Vytelle, a rapidly expanding independent IVF company known for curating the world’s largest feed efficiency database, is thrilled to unveil a strategic partnership with Blocktrust Network. Blocktrust Network is an innovative, API-driven platform dedicated to improving transparency and efficiency in the beef supply chain. This pioneering collaboration, the first of its kind, aims to harness the unique strengths of both entities to target the feeder cattle market.
-
In December 2023, Ducks Unlimited and ABS Global have partnered with Trust In Beef, enhancing the coalition's technical capabilities. They join existing partners such as Merck Animal Health, National Cattlemen’s Beef Association, Enogen/Syngenta, Tyson Foods, and the U.S. Roundtable for Sustainable Beef.
Beef Key Market Trends
- Growing demand for premium and organic beef: Consumers are increasingly seeking high-quality, natural, and organic beef products, which are perceived as healthier and more sustainable. Producers are responding by investing in premium beef production and certification programs to meet this growing demand.
- Increasing adoption of online and mobile platforms: The trend towards online shopping and mobile apps has impacted the beef market as well. Online platforms and mobile apps allow consumers to conveniently order beef products, and producers to better reach and engage with customers.
- Emphasis on food safety and traceability: The beef industry is increasingly focused on ensuring the safety and traceability of their products, from farm to table. This has led to the adoption of advanced tracking and traceability technologies, such as blockchain, to improve transparency and accountability.
- Growing popularity of plant-based meat alternatives: The growing demand for plant-based meat alternatives is impacting the beef market. While still a small segment of the overall market, plant-based meats are gaining popularity as consumers seek healthier and more sustainable protein options.
Beef Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to the global beef market report analysis, we found that the Beef market has a significant fanbase owing to the increase in consumers' food preferences worldwide. Consumers are consuming more protein, which is driving up demand for beef. In addition to saving a ton of time and effort in the kitchen, meat and its products are jam-packed with a variety of vital components and nutrients. As a result, producers are mainly concerned with the quality of the flesh and its by-products. The growing demand for plant-based meat alternatives is impacting the beef market. While still a small segment of the overall market, plant-based meats are gaining popularity as consumers seek healthier and more sustainable protein options. Asia Pacific dominated the market in the past while North America is likely to register the fastest growth during the forecast period.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 417.04 billion |
| Market size value in 2031 | USD 676.38 billion |
| Growth Rate | 5.52% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Beef Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Beef Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Beef Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Beef Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Beef Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Beef Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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