The global Beef Market was valued at US$ 300.6 billion in 2017 and is estimated to grow at a CAGR of 3.1% and will touch the value of US$ 383.5 billion by the completion of the year 2025. Beef refers to cattle’s meat, especially skeletal muscle. It is a rich source of nutrients and protein, which is essential for humans to maintain good health. There are multiple ways to cook beef such as roasting, grilling, broiling, and barbeque.
Rising demand for protein rich diet owing to health benefits is anticipated to propel beef market growth. Beef and veal are rich sources of protein than any another other form of meat such as pork or chicken. 100 grams of pork contain 29.3 percent protein content and 100 grams of chicken contains 28.9 percent protein content. However, beef contains 30 percent of protein content per 100 grams, which makes it nutritious than other meat forms. In addition, rising safety concerns in terms of food products is expected to impel beef industry growth. Pork or chicken are likely to contain pathogens, which can lead to health issues in humans. Moreover, growing consumption of special cuts of meat including halal and kosher will drive the beef market over the forecast period.
To cater to rising demand for beef based products, companies are investing in R& D to launch innovative products. For instance, in July 2018, Hormel Foods launched canned chili made with hundred percent Angus beef. The product contains no artificial ingredients including fillers or preservatives. It is prepared from tender chunks of meat simmered with a blend of spices and vegetables. The product is aimed to provide unique texture and flavor to consumers.
Based on product type, the beef industry can be categorized into shank, brisket, flank, chuck, loin, and others. Shank segment is anticipated to exhibit significant CAGR over the forecast period. Shank is present is forearms of the animal in front of brisket. It is mostly used to make low-fat ground meat.
In terms of slaughter method, the beef market can be classified into halal and kosher. Kosher segment is anticipated to hold largest market share over the forecast period owing to increasing consumption across the globe. Growing awareness among consumers regarding health benefits of consuming Kosher such as quality and food safety is expected to impel segment’s growth. Kosher is mostly consumed by Jewish population across the globe.
Regional segmentation includes North America, Asia Pacific, Europe, Central and South America, and Middle East and Africa. In 2017, North America dominated the market and accounted for largest market share. US was the largest producer of beef in the world and it is likely to dominate the market over the forecast period. This is attributed to rising demand for processed meat especially loin cut among consumers. In addition, increasing number of food outlets selling processed meat is contributing well to market growth. Moreover, growing Islamic and Jewish population in US and rising consumption of halal and kosher meat will drive regional market growth in coming years.
Asia Pacific, on the other hand, is predicted to exhibit highest CAGR over the forecast period. This is attributed to rising demand for beef in countries such as India, China, and Japan. Increasing disposable income and improving lifestyle of people residing in China is driving regional growth. In addition, people are getting aware regarding nutritional benefits of beef over other forms of meat. This factor is also expected to impel market growth in this region. Moreover, increasing number of export activities in India will drive regional market growth in coming years.
Some of the key players in the beef market are Marfrig Global Foods S.A.; Tyson Foods, Inc.; Danish Crown; Cargill, Inc.; and NH Foods Limited. Companies are adopting business strategies such as mergers and acquisition to expand their product portfolio and gain competitive edge. In addition, companies are also getting involved in e-commerce platforms to expand their distribution channel and market presence. Processed meat and fresh meat are distributed to restaurants, retailers, grocery stores, and wholesalers.
Beef Cut Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
Beef Slaughter Method Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
Beef Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• South Korea
• Central and South America
• Middle East and Africa
Research Support Specialist, USA