The global beef market revenue was around US$ 460.6 billion in 2023 and is estimated to reach US$ 625.8 billion by 2032, growing at a compound annual growth rate (CAGR) of 3.5% during the forecast period from 2024 to 2032.
Beef is a flesh that is acquired from mature cattle. It is a red-colored meat that has different necessary nutrients like zinc, protein, selenium, and iron. Beef with the presence of high soft intramuscular fat is believed to be premium quality as it enhances the flavor of the meat.
Factors Influencing Market Growth
- Certified beef reacts to growing consumer choices and enables industry transparency, propelling augmented demand and the growth of the beef market.
- Innovations in meat processing, like robotics and automation, increase production quality and speed. These technological improvements minimize waste, reduce costs, and fulfill the growing global demand for high-quality beef products, driving the growth of the market.
- The high prices may squeeze profit margins for food retailers and service providers, potentially decreasing their willingness to carry beef products, and further restricting the growth of the beef market.
- The growth of online distribution channels, including food delivery platforms, and e-commerce has significantly surged the demand for the beef market.
Impact of COVID-19
The impact of the COVID-19 pandemic had a significant influence on the supply and production of raw materials needed for meat manufacturing. Due to disturbances in logistics, the availability of animal feed materials dropped significantly. This augmented the cost incurred by the farm owners to increase their feeder cattle and affected farm production.
On the production side, different meat processing facilities were either shut down or working at lowered capacity due to infections among the workers. Animal farm owners were therefore left with finite choices to sell their animals in different meat processing facilities.
Regional Analysis
In 2023, North America dominated the global beef market in terms of revenue. This is attributed to the fact that the beef market in this region is characterized by the rising consumer choice for lean and sustainably sourced beef products. Health-conscious options and environmental considerations propel the demand for grass-fed and organic beef.
Also, the Asia-Pacific region is anticipated to notice the highest growth rate during the forecast period. In this region, the beef market is undergoing notable trends including the rise in urbanization, population, and the growth in disposable incomes, which are propelling the demand for beef products.
Leading Companies
The leading prominent companies profiled in the global beef market are: -
- American Foods Group, LLC
- Leverand?rselskabet Danish Crown A.m.b.a
- JBS S.A.
- Tyson Foods, Inc.
- NH Foods Ltd.
- Smithfield Foods, Inc.
- Marfrig Global Foods S.A.
- Agri Beef Co.
- Cargill, Incorporated
- The Kroger Co.
- Other prominent key players
Segmentation Outline
The global beef market segmentation focuses on Distribution Channel, Product Type, Cut Type, and Region.
Segmentation based on Distribution Channel
- Supermarket and Hypermarket
- Retail Store
- Wholesaler
- E-commerce
- Others
Segmentation based on Product Type
- Loin
- Chuck
- Round
- Brisket
- Rib
- Others
Segmentation based on Cut Type
- Ground Beef
- Steaks
- Roasts
- Cubed
- Others
Segmentation based on Region
- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa