The General Increase in Health Consciousness and The Demand for Animal-Sourced Protein is Escalating the Growth of the Beef market

Beef is one of the most popular types of meat derived from animals such as cattle and buffalo. Cattle, bulls, steers, and heifers can all be used to produce beef. When compared to other types of meat, beef and veal have the highest protein content. Global consumers' food preferences have undergone some significant changes as a result of growing globalization. Consumers are consuming more protein, which is driving up demand for meat. 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 ingredients and nutrients. As a result, producers are mainly concerned with the quality of the meat and its byproducts. Total beef export sales were 682,600 metric tons as of September 15, 2022, up 1.8% from the previous year. Beef exports from the United States to China total 116,000 metric tons, up 6.7% from this time last year. Since 2021, beef has been China's most important imported meat, with record levels of beef entering the country over several weeks.

According to Marketlook Consulting’s research report “Global Beef Market Analysis, 2021”, the Global Beef market is anticipated to grow at a CAGR of 4.7% during 2022-29 The market would reach USD 625.3 Bn by 2029.

Based on Cut Type, there are Brisket, Shank, Loin, and Others. In 2021, the loin segment dominated the market. Surging health consciousness among end-users is contributing to the growing share of this segment. Dry aging has significant advantages for loin cuts. Additionally, these have the best flavor, juiciest, and tenderness.

Based on the Slaughter Method Type, the beef market utilizes Kosher, Halal, and Others Systems. Halal segment grabbed the significant market share in 2021. A growing Islamic population across the globe couped with the growing halal tourism across countries in Middle east is one of the prominent reason contributing to the growth of the market.

“Global Beef Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Beef providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.      

 Asia Pacific Dominated the Market

Asia Pacific region dominated the market with China, India and Japan, being the major market contributor. Due to a significant rise in consumption brought on by rising disposable incomes, China is one of the world's largest markets for beef. Also, because of the large Muslim population in the area, the market is anticipated to grow significantly over the course of the forecast period. In addition, the region's tourism industry is growing significantly. It is anticipated to play a significant role in propelling the market in the area over the coming years, along with rising disposable incomes and expanding urbanization. Additionally, the presence of non-vegetarian options in the cuisine is anticipated to propel industry growth over the forecast period as stated in the Marketlook Consulting research report “Global Beef Market Analysis, 2021”. 

According to Marketlook Consulting’, the key players with a considerable market share in the global Beef market are Tyson Foods, Inc., Danish Crown, Cargill Incorporated, Marfrig Global Foods S.A., NH Foods Ltd., Vion Food Group, St. Helen’s Meat Packers, Hormel Foods Corporation, National Beef Packing Company, Australian Agricultural Company Limited.

Market Segmentation:

1. By Cut Type (Brisket, Shank, Loin, Others)
2. By Slaughter Method Type (Kosher, Halal, Others)
3. By Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa)
4. By Company (Tyson Foods, Inc., Danish Crown, Cargill Incorporated, Marfrig Global Foods S.A., NH Foods Ltd., Vion Food Group, St. Helen’s Meat Packers, Hormel Foods Corporation, National Beef Packing Company, Australian Agricultural Company Limited)

Key questions answered in the study:

1. What are the current and future trends of the Beef industry?
2. How the industry has been evolving in terms of cut outlook, and slaughter methods?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Beef industry?
5. What is the customer orientation, purchase behavior, and expectations from the Beef firms across various regions?