Global Beef Market will reach US$ 421.61 Billion by 2028, Propelled by Growing Global Population and Rising Income Levels in Developing Countries
02 Mar, 2023

According to Renub Research's latest report, "Global Beef Market, Size, Forecast 2023-2028, Industry Trends, Share, Growth, Company Analysis," Global Beef Market was US$ 332.28 Billion in 2022. One of the most popular meats consumed worldwide, beef is vital to many individuals as a source of protein and other minerals. Owing to its high protein content, beef is a well-liked option for individuals looking for a dependable supply of key nutrients, increasing demand for this meat in comparison to other types.  FOA (Food and Agricultural Organization of the United Nations) data show that during the previous few decades, the world's consumption of beef has been gradually rising, hitting a record high of 129 million tonnes in 2020.

With improving living standards, people's taste preferences for meat have shifted, and many now favor beef-based products over pork and chicken-based ones. Additionally, rising urbanization, a growing global population, and the need to feed them all contribute to the beef market's expansion. In addition, the demand for specific cuts of beef, such as those required for kosher and halal diets, is also expected to contribute to the growth of the beef market.

In the Next Years, the Worldwide Beef Market is expected to expand at a CAGR of 4.06%.

There has been an increased centre on the environmental impact of beef production, and companies are taking steps to decrease their carbon footprint and adopt more sustainable practices. In addition, the rise of alternative protein sources, such as plant-based meat substitutes, has impacted the beef industry by providing consumers with more choices for their protein intake.

Consumers are increasingly looking for high-quality, premium beef products, such as grass-fed or organic beef, and are willing to pay a premium price. In addition, the upsurge of e-commerce has made it easier for consumers to purchase beef online. Companies adapt to this trend by offering more online shopping options and home delivery services.

United States is a Significant Beef Consumer as it is a Staple in American Diets

According to our research, the U.S. consumption of beef value was roughly at 30 Billion Pounds in 2021. Many Americans are becoming more health-conscious and are seeking leaner cuts of meat that are lower in fat and calories. As a result, the demand has increased in grass-fed and organic beef products. In addition, busy lifestyles and the growth of e-commerce have led to increasing demand for convenient and easy-to-prepare beef products, such as pre-packaged and ready-to-cook meals. As a result, some consumers are willing to pay a premium price for high-quality, premium beef products, such as wagyu or dry-aged beef.

United States is a Major Beef Producer with a Highly Efficient and Industrialized Production System

The U.S. beef industry has embraced new technologies, such as genetic selection, precision feeding, and data analysis, to increase efficiency and productivity. However, the beef industry significantly contributes to greenhouse gas emissions and other environmental impacts. As a result, companies are implementing sustainability measures to reduce their carbon footprint and address these concerns. In addition, large-scale feedlots and farms, which use intensive methods to raise and fatten cattle for slaughter, dominate the country's beef production.

China holds the Highest Market Share in Global Beef Exports

As China's middle class expands, there is increasing demand for high-quality protein sources, including beef. However, China's domestic beef industry faces several challenges, including limited land and water resources and disease outbreaks, making it difficult to meet domestic demand. In addition, food safety and health concerns have led many Chinese consumers to seek out imported beef, which is safer and of higher quality than domestic beef. Furthermore, China has signed several trade agreements with major beef-producing countries, making importing beef easier and more cost-effective.

Brazil has Supremacy over Global Beef Export

According to Agriculture and Horticulture Development Board (A.H.D.B.), in 2020, Brazil exported approximately 2 million metric tons of beef. Brazil has a vast land area with ample natural resources, such as open pastures and a warm climate, which are well-suited for beef production. It has enabled the country to become one of the world's largest beef producers. Brazil's beef industry benefited from lower production costs than many other countries, allowing it to offer competitive pricing for beef exports.

In addition, Brazil is known for producing high-quality beef, much of which is grass-fed and free-range; this has helped build a strong reputation for Brazilian beef among importers worldwide. The Brazilian government has supported the country's beef industry through policies that promote investment in beef production, research and development, and infrastructure.

Competitive Landscape:

Some key players competing in the Global Pork Market include J.B.S. S.A, Tyson Foods, Pilgrim's pride corporation, Danish crown group, Vion Food Group, W.H.W.H. Groups, Hormel Foods Corporation, and Muyuan Foods.

Market Summary:

• Production - The Report covers Global Beef Market by production from 12 viewpoints (United States, Brazil, European Union, China, India, Argentina, Australia, Mexico, Canada, Russia, South Africa, and Others).
• Consumption - By Consumption, the Global Beef Market breaks up into 12 viewpoints (United States, Brazil, China, European Union, India, Argentina, Mexico, Russia, Japan, United Kingdom, Canada, and Others).
• Export - Renub Research report covers export from 12 viewpoints (Brazil, United States, Australia, India, European Union, New Zealand, Argentina, Canada, Uruguay, Paraguay, Mexico, and Others).
• Import - Based on Import, the Renub Research Report breaks up into 12 viewpoints (China, United States, Japan, Hong Kong, Mexico, South Korea, United Kingdom, European Union, Chile, Egypt, Malaysia, Philippines, and Others).
• Key Players - All the major players have been covered from 3 Viewpoints (Overview, Recent Developments, and Sales Analysis) J.B.S. S.A., Tyson Foods, Pilgrim's pride corporation, Danish crown group, Vion Food Group, W.H. Groups, Hormel Foods Corporation, and Muyuan Foods.

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