What is the global market size of the Beef Market?

Global Beef Market size was valued at USD 395.22 billion in 2021 and is poised to grow from USD 416.96 billion in 2022 to USD 639.9 billion by 2030, growing at a CAGR of 5.5% in the forecast period (2023-2030).

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 News

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 Market Report Snapshots

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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).

The nature of the beef market is highly fragmented, owing to the presence of a large number of regional and 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. 'JBS SA', 'Tyson Foods Inc.', 'Cargill Inc.', 'National Beef Packing Co.', 'Marfrig Foods SA', 'Nippon Ham Group', 'WH Group Ltd.', 'Minerva Foods', 'NH Foods Ltd.', 'Australian Agricultural Co.', 'Danish Crown', 'Smithfield Foods Inc.', 'BRF SA', 'Dawn Meats', 'Danish Crown', 'Sysco Corp.', 'Hormel Foods Corp.', 'J.R. Simplot Co.', 'Perdue Farms', 'Vion Food Group'

The growing population, especially in developing countries, has resulted in an increase in the demand for beef.

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.

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.

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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

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