Global Beef Market is projected to grow at a CAGR of 4.05% from 2022 to 2028, driven by the Rise in Income and Changing Dietary Habits I Renub Research

According to Renub Research latest report, “Global Beef Market, Size, Forecast 2023-2028, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis” the Global Beef Market is estimated to reach US$ 421.61 Billion by 2028 Many people worldwide rely on meat as a significant source of nutrition. Meat production has witnessed a tremendous surge in the last five decades, with over a three-fold increase. As a result, there is a growing global demand for meat.

Beef is one of the most popular and widely consumed meats in the world, with a significant portion of the global population consumed as part of their regular diet.The Global Beef Market is driven by rising health consciousness and increased demand for animal-sourced protein, leading to increased use of beef in the food business. As a result, burgers, hotdogs, sausages, fillets and steaks, and stews made with meat are commonly available in cafés and restaurants, offering customers authentic and multi-cuisine dishes.

Beef is also a versatile ingredient used in many cuisines and dishes, from burgers and steaks to stews and soups. Its unique flavor and texture make it a popular choice for many consumers.The rising demand for beef in the food industry can be attributed to several factors, including population growth, urbanization, and changing dietary preferences. As more people around the world are able to afford meat, particularly in developing countries, the demand for beef has increased. The global beef industry is a significant contributor to the global food system and the economy. According to the Food and Agriculture Organization of the United Nations, beef production accounts for about 40% of the world’s meat production, with the top beef-producing countries including the United States, Brazil, and China.

Global Beef Market was Us$ 332.29 Billion in 2022

Despite companies implementing more sustainable practices to reduce their carbon footprint, beef production costs are rising due to increasing prices of feed, fuel, and personnel. This, in turn, is causing consumer prices for beef to rise and leading some to seek cheaper protein sources. Additionally, beef production consumes a significant amount of water, putting a strain on water resources, especially in water-stressed areas.

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In response to these challenges, the beef industry has seen recent product developments such as the launch of Impossible Foods’ Impossible Burger 2.0, a meat-free burger that replicates the taste, texture, and cooking experience of beef using plant-based ingredients. Tyson Foods has also entered the plant-based market with its Raised & Rooted brand, which includes a blended beef and pea protein burger that offers a more sustainable and ethical alternative to traditional beef burgers while meeting consumer preferences for meat-like products.

United States Beef Consumption is Increasing due to being more Consumer Friendly

The United States beef industry plays a significant role in the country’s economy, providing employment and generating billions of dollars in revenue. With cattle raised in all 50 states, the industry is highly diversified and includes cow-calf operations, feedlots, and meatpacking plants, as well as supporting industries such as feed suppliers, transportation, and marketing.

Despite declining beef consumption due to health and environmental concerns and the rise of alternative protein sources, beef remains a popular protein source in the American diet, with burgers, steaks, and other beef-based dishes remaining staples in many households and restaurants.

Online delivery of beef products is gaining popularity in the United States, thanks to the growth of e-commerce and food delivery platforms. Customers can now conveniently order beef products online and have them delivered straight to their doorsteps. The industry has adapted to changing consumer preferences by introducing new products such as grass-fed beef, organic beef, and plant-based alternatives.

United States Production will upsurge in Global Beef Market with Supportive Government Policies and New Technologies

The United States beef production industry is an important part of the country’s agricultural sector, comprising cow-calf operations, feedlots, and meatpacking plants. Cow-calf operations breed and raise calves until they are ready for feedlots, where they are fattened and finished for market. Meatpacking plants process the cattle into various cuts of beef, which are then sold to retailers and restaurants. The industry provides employment to millions of people, including farmers, ranchers, meatpackers, truckers, and retailers.

Although beef consumption has been declining in the United States due to health and environmental concerns, the industry remains a significant global player, with exports to countries like Japan, South Korea, and Mexico. The USA government invested US$ 9.6 Million in January 2023 to diversify the nation’s meat supply, with Todd Family Meats and Gillispie’s County Line Farm LLC receiving grants to process pasture-raised beef and other livestock.

 Global Beef Market, China’s Beef is Expanding due to the Growing middle-Class Income and Urbanization

The rise of China’s middle class and their evolving dietary preferences have resulted in a surge in demand for premium protein, particularly beef. However, the domestic beef production in China has been restrained due to factors like limited land availability, water scarcity, and cattle disease outbreaks. Therefore, China has emerged as one of the largest beef importers globally, with major suppliers such as Brazil, Australia, and Argentina. The Chinese government has also taken steps to relax its beef import regulations recently, such as lifting the 14-year ban on US beef imports in 2017.

In March 2023, China made an agreement to resume imports of Brazilian beef into the country. Brazil is one of the largest beef suppliers to China, with Chinese imports accounting for nearly 9% of its total imports from the country in 2022, totaling US$ 8 Billion.

Brazil Exports are predicted to Grow Faster in the Coming Years

Brazil is a major player in the global beef market, and is one of the world’s largest beef exporters. The country’s vast agricultural lands, favorable climate, and abundant water resources make it an ideal location for raising cattle. Brazil’s beef exports have increased significantly in recent years, driven in part by strong demand from countries such as China, the United States, and Russia. The country has also invested heavily in improving its production processes and ensuring the safety and quality of its beef products. As a result, Brazilian beef has become a sought-after commodity in international markets, and the industry is a vital component of the country’s economy.

Brazil’s strong export infrastructure, including ports, transportation networks, and logistics providers, has made it the world’s leading exporter of beef. Additionally, Brazilian beef producers have diversified their export markets, reduced dependence, and stabilized the industry.

Competitive Landscape:

Prominent companies competing currently in the Global Beef Market are (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:

  • Consumption – Global Beef Market is divided into (United States, Brazil, China, European Union, India, Argentina, Mexico, Russia, Japan, United Kingdom, Canada, and Others).
  • Production – Global Beef Market is segregated into (United States, Brazil, European Union, China, India, Argentina, Australia, Mexico, Canada, Russia, South Africa, and Others).
  • Import – Global Beef Market is differentiated into (China, United States, Japan, Hong Kong, Mexico, South Korea, United Kingdom, European Union, Chile, Egypt, Malaysia, Philippines, and Others).
  • Export – Global Beef Market is segregated into (Brazil, United States, Australia, India, European Union, New Zealand, Argentina, Canada, Uruguay, Paraguay, Mexico, and Others).

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