Beef Market Size, Share, Trends & Growth Opportunity [2031]

Report Description

Global Beef Market Outlook 2031

The global beef market size was USD 414.09 Bn in 2022 and is likely to reach USD 647.92 Bn by 2031, expanding at a CAGR of 5.1% during 2023–2031. The market growth is attributed to the rising demand for meat-based protein and fast food.

The growing meat consumption across the globe fuels the market. According to the Food and Agriculture Organization (FAO), the global meat production was around 360 million tons in 2022, around 1.2% up from 2021. Consumers are becoming aware of the health benefits of meat consumption, especially beef. It is a good source of proteins with some essential proteins such as iron, zinc, and vitamin B. The rapidly growing meat production creates new opportunities for the market players to expand their beef business in the coming years.

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The production of meat is expected to increase in the forecast period but according to FAO, global meat trade can fall owing to increasing producer margins in input costs, animal fertilizers, and energy. Amid the falling meat trade, in 2022 beef meat output was around 70.5 million tons, up by around 1.2% from the last year. Beef production is increasing in countries like Brazil, China, and India but in countries like Colombia, European Unions, and New Zealand, the demand is reducing.

The COVID-19 pandemic hampered the global beef market, due to the major disruptions in supply chain management. The pandemic disrupted the entire meat supply chain from the primary supply chain, which is livestock rearing to processing and retailing. During the pandemic, governments across the globe imposed strict regulations such as social distancing and norms on import and export to prevent the spread of coronavirus. This led to a shortage of industry workers in the meat industry, especially for beef processing, as it needs industry professionals for the beef cutting process.

Beef Market Dynamics

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Drivers

Rising demand for animal-based proteins is expected to drive the market. The animal-based protein consumption is rapidly growing, as it is exceptional at building muscles with its complete amino acid profile. Animal protein has high amino acids that help in muscle recovery and building after exercise.

The lean beef cut has high protein content as compared to others. A 100g ground, 85% lean meat/15% fat, and broiled beef contains approximately 26g of protein. Moreover, some animal proteins help in reducing the risk of heart disease and improving cholesterol levels.

Restraints

The growing concerns regarding animal welfare hinder the market, as consumers are becoming increasingly aware of animal killing for food and entertainment purposes. According to FAO, every year around 80 billion animals are slaughtered for meat. The growing consumer shift from beef to plant-based meat is one of the factors hampering the market.

The number of consumers who prefer plant-based meat over animal meat is rapidly increasing, as it offers the same proteins and nutrients as animal meat. The plant-based meat market was around USD 10 Billion in 2022 and is expected to reach around USD 33 Billion. The beef market is expected to be hampered in the coming years, due to the rapid growth in the plant-based market.

Opportunities

Beef producer companies are introducing new beef-based products such as meat snacks, which is expected to create new opportunities for the market in the coming years. The popularity of meat-based fast food is increasing across the globe, especially in US and China. The consumption rate of meat-based fast food has increased in recent years.

The rapidly growing global e-commerce industry creates new opportunities for the beef market in terms of rapid distribution. Beef companies are partnering with big e-commerce platforms to deliver fresh beef and beef products.

Scope of the Beef Market Report

The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Beef Market Segment Insights

Cut Type Segment Analysis

Based on cut type, the beef market is divided into loin, flank, shank, rib, chuck, round, brisket, and others. The loin segment is expected to expand at a significant growth rate during the projection period, owing to the rising demand for loin cut beef as it is considered the juiciest, tenderest, and most flavorful beef compared to the other types. Short loin beef is also known as boneless strip steal, which is one of the popular types in New York, US. Loin cut beef is rich in heme iron and vitamin B.

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Slaughter Method Segment Analysis

On the basis of slaughter method, the global market is segregated into kosher, halal, and others. The halal segment is projected to register a considerable CAGR during the forecast period, due to the growing demand for halal products among the Islamic population across the globe. Halal is commonly consumed beef type in Islamic countries such as Pakistan, UAE, and others.

Halal beef is slaughtered in a specific way by following Islamic dietary laws. Consumers prefer halal beef over normal beef, as it offers quality assurance. Halal beef is meticulously supervised during the entire process of raising and slaughtering to get high-quality beef.

The kosher segment is projected to register a considerable CAGR during the forecast period, as the consumption of kosher beef is growing among Jewish consumers. This type of beef is highly consumed by Jewish people, and it has a different style of preparation method. Kosher is usually prepared in accordance with Jewish dietary laws and tradition, as the cattle that have died by natural causes are used for kosher.

Distribution Channel Segment Analysis

On the basis of distribution channel, the beef market is segmented into HoReCa, butcher shops, and retail stores. The retail stores segment is expected to register a robust growth rate during the forecast period. The segment growth is attributed to the easy convenience of buying beef products in retail shops. Retail stores such as supermarkets and convenience stores offer hygiene and attractive packaging for beef products that help them to attract customers.

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Regional Outlook

In terms of region, the global beef market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the global market during the projection period, owing to the growing popularity of meat-based fast food. Consumers in the region prefer various types of steaks along with beef in fast foods such as burgers and hot dogs.

Companies present in the region are continuously innovating in presenting products and new cuts & butcher methods to cater to the customers. The market growth is attributed to the growing import of beef as beef consumption is increasing rapidly in US. In 2022, US imported around 5.2 billion of worth beef which was around 7.7% of global imports.

The market in Asia Pacific is anticipated to register a considerable CAGR during the forecast period, as the growing consumption of beef-based fast food and rising beef imports in the region. In 2022, China was the major importer of beef with around 32.6% of the global beef imports. In countries such as China, South Korea, Japan, Taiwan, and Indonesia, the import and consumption of beef is increasing, resulting in lucrative opportunities for the market. In 2022, China was the major importer of frozen beef, around 43% of the global imports, and Australia was one of the large meat suppliers.

Rapid industrialization and modernization is one of the factors boosting the beef market in the region. The rapidly growing e-commerce industry in the region is expected to create new opportunities for the market in the coming years.

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