Beef Market Growth & Trends
The global beef market size is expected to reach USD 712.5 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.8% from 2022 to 2030. The increasing demand for animal-based food, protein-rich diets, and functional meat products is the key factor driving the growth of the overall meat market. Moreover, the growing awareness of organic processed meat products and the rising demand for gluten-free products is expected to provide lucrative growth opportunities for stakeholders in the meat market.
One of the primary drivers driving the beef industry is rising health consciousness among the general public, as well as increased demand for animal-sourced protein. Consumer preferences are rapidly shifting toward food products with low fat and calorie content and high protein value as dietary habits change. Furthermore, the increased use of beef in the food business is boosting the market growth. Burgers, hotdogs, sausages, fillets and steaks, and stews made with beef are commonly available in cafés and restaurants, offering customers authentic and multi-cuisine dishes.
Halal meat, including beef, has become popular among both Muslim and non-Muslim consumers as this type of meat has evolved from being a religious observation to the assurance of food safety, hygiene, and reliability. For example, slaughtered halal animals undergo two health checks compared to the single inspection performed on animals during other conventional slaughter methods.
Shifting food trends, particularly the consumption of kosher foods, are driving the kosher slaughter method across the globe. Thus, an increasing number of food providers have started including kashrut food as part of their product offerings. Key manufacturers of kosher beef are engaged in product development and new product launches to boost their sales, thereby fueling segment growth.
The market is highly competitive and dominated by large multinational manufacturing companies: Tyson Foods, Inc.; Danish Crown; Cargill Incorporated; Marfrig Global Foods S.A.; NH Foods Ltd.; Minerva Foods; St. Helen’s Meat Packers; Hormel Foods Corporation; JBS USA; National Beef Packing Company, LLC; Vion Food Group; Australian Agricultural Company Limited.
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Beef Market Report
Beef Market Report Highlights
- The Asia Pacific was the largest market for beef and accounted for a revenue share of 47.8% in 2021. The market is expected to witness significant growth during the forecast period owing to the large Muslim population in the region. In addition, the tourism sector is expanding significantly in the region. Coupled with increasing disposable incomes and growing urbanization, it is expected to be a key catalyst for driving the market in the region over the coming years
- The brisket segment is expected to witness a higher CAGR of 5.8% during the forecast period. The growing preference for clean labeled products and increasing demand for protein-rich food products is boosting the growth of the brisket cut segment. Besides this, the rising popularity of grass-fed brisket is one of the trends positively influencing the market for briskets
