Beef Market Size,Share and Forecast by 2029
Beef Market Size,Share and Forecast by 2029
The beef market size reached USD 395.22 billion in 2021. The market value is anticipated to increase from USD 414.98 billion in 2022 to USD 604.34 billion by 2029 at a CAGR of 5.52% during the forecast duration. The rapid shift in consumer dietary preferences, with consumer segments gravitating toward animal-based protein products, has a positive impact on market growth during the forecast period, says Fortune Business InsightsTM in its report titled, “Beef Market, 2022-2029”.
COVID-19 Impact-
Disruptions in Meat Manufacturing and Distribution to Limit Market Growth
The COVID-19 crisis had a significant impact on raw material production and supply in the meat industry. Due to logistics disruptions, the availability of animal feed materials has significantly decreased. This increased farm owners' costs of raising feeder cattle and had an impact on farm output. As a result of worker infections, several meat processing plants were either closed or operating at reduced capacity. As a result, animal farm owners were limited in their options for selling their animals in various meat processing plants.
Information Source: https://www.fortunebusinessinsights.com/beef-market-106640
On the other hand, during the pandemic, retail meat demand skyrocketed. Consumer demand for various cuts has increased significantly. Because of this imbalance in supply and demand for these products, cash prices for these products increased globally. According to data from the U.S. Department of Agriculture (USDA), the retail price was 8% higher than the pre-pandemic marketing price. As a result, governments in countries such as Argentina were forced to impose export bans on other countries in order to combat inflation.
Segmentation-
The beef market share is classified by cut type as ground, roasts, steaks, and others. The market is divided into three segments based on distribution channels: retail sales, HoReCa, and butcher shops. From a geographical standpoint, the market is divided into Asia Pacific, North America, Europe, and the Middle East & Africa.
Report Coverage-
The report analyzes the beef market in-depth and emphasizes key aspects such as leading companies, beef cuts, and product distribution channels. Aside from that, the report provides market insights and highlights key industry developments. Apart from the aforementioned factors, the report includes several other aspects that have contributed to the market's growth in recent years.
Drivers & Restraints-
Increasing Beef Consumption and Sales to Augment Market Growth Worldwide
The ever-expanding global meat distribution channel is expected to support market growth in the coming years. The growing trend of eating out in cafes, hotels, and restaurants has resulted in an increase in demand for meat preparations in the foodservice industry. Because of their diverse product offerings and discount programs, online channels are expected to increase sales of fresh and chilled products even further. The animal farming industry, however, is a major source of greenhouse gasses, and reducing meat consumption will eventually lead to fewer animals on the farm. This factor will result in impeding the beef market growth.
Competitive Landscape-
Key Players Adopt New Growth Strategies to Stay Ahead of the Competition
The global beef market is highly consolidated, with several large corporations competing against one another to increase overall revenue. Cargill Inc, JBS SA, Tyson Foods Inc., LLC, National Beef Packing Company, and Danish Crown A/S are some of the major manufacturers. To achieve market growth, the companies are implementing product innovation strategies and geographically expanding their manufacturing units.
Companies are also working to integrate their supply chains in order to gain more control over the manufacturing process. A blockchain-based system is also used to track cattle disease and ensure product safety. Manufacturers are focusing on developing novel solutions to meet the tastes and preferences of various consumer segments across geographies in order to meet the increasing demand for innovative meat products.
Notable Industry Development-
April 2021: Tyson Foods invested in a cattle traceability program to detect the disease and ensure that outbreaks do not disrupt production.
List of Key Market Players:
- JBS SA (Brazil)
- National Beef Packing Company, LLC (U.S.)
- American Foods Group, LLC. (U.S.)
- Agri Beef Co. (U.S.)
- Perdue Farms Inc. (U.S.)
- Tyson Foods, Inc. (U.S.)
- Strauss Brands LLC (U.S.)
- Cargill, Incorporated(U.S.)
- Central Valley Meat (U.S.)
- Danish Crown A/S (Denmark)
