Global Beef Industry Report: Analysis and Forecast 2022-2027
Beef Industry Report by Regional Category Spend, Price Analysis, Key Demand and Price Indicators, and Best Buying Practices
In 2021, the worldwide beef market volume reached 71.45 million metric tonnes. The industry is predicted to increase at a CAGR of roughly 0.8 percent between 2022 and 2027, resulting in a volume of 74.50 million metric tonnes by 2027.
Beef prices in 2021-2022 are projected to be influenced because beef costs have risen significantly due to strong local and foreign demand, labour shortages due to COVID-19 restrictions, interruptions in the supply chain, and high production management and feed expenses. United States is the is the largest category spender by region.
Beef: Industry Definition and Segmentation
Scope
Beef is the meat derived from several kinds of cattle. Beef meat is typically consumed as roasts, ribs, or steaks, and is frequently processed for use as hamburger patties. Beef, beef jerky, and sausages are examples of processed beef commodities. Slender, fresh beef is high in minerals and vitamins, particularly iron and zinc.
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The beef meat market is segmented based on:
- ‘Cut’, such as Brisket, Loin, shanks, ribs, round, etc.
Snapshot of the Report
The regional markets for the industry can be divided into the United States, Brazil, and European Union.
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Category Drivers
One of the major key drivers for the increase in the demand for beef meat is its high protein and low-fat content which is leading people globally to include the meat in their diet as a healthy substitute. Today, more and more people with higher spending power and improved standards of living are helping the beef market to grow at a higher speed. This growing movement of consuming lean protein is projected to provide several opportunities to various meat processing vendors and food companies to put their money into the beef industry. Other important drivers are the entry of a variety of cold storage substitutes and an extraordinary rise in the number of domestic butchers that are helping in the growth of the global beef market. Additionally, the United States is the greatest consumer of beef worldwide along with China, the European Union, Brazil, and India. Brazil, Australia, the United States, India, Argentina, New Zealand, and Canada export the maximum volume of beef meat across the world.
Category Insight by Region
The United States is the biggest producer of beef in the world, followed by Brazil and the European Union. All three regions accounted for approximately 50% of the total beef production globally. The United States alone produced 12,379 metric tonnes of beef in 2020 which is 20% of the total beef produced in the year worldwide. Brazil, Australia, the United States, India, Argentina, New Zealand, and Canada export the maximum volume of beef globally. Additionally, the United States is the greatest consumer of beef worldwide along with China, the European Union, Brazil, and India. Along with developed nations like the United States, beef consumption in several developing regions such as Asia Pacific, Latin America, the Middle East, and Africa has grown over the past few decades. The worldwide supply chain of beef significantly influences the total pricing of beef and beef-related commodities.
Best Procurement Practices
The global beef industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by the major consumers of beef across the globe, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.
Category Management Studies
Due to its high protein and low-fat content beef meat is being included in the diet as a healthy substitute. Beef meat is widely used in hamburgers, steaks, roasts, and packed meat used as corned beef, beef jerky, and sausages. The beef meat market is segmented based on ‘cut’, such as Brisket, Loin, shanks, ribs, round, etc. A major share of beef market revenue in 2020 was mainly due to the higher demand for shank, ribs, round, chuck, plate, and flank of beef. Furthermore, there is a rise in demand for grass-fed brisket due to its low-fat and low calories content than normal beef.
Key Supplier Profiles included in the Global Beef Industry Report
The major players in the market include JBS USA, Tyson Foods, National Beef Packing Co., Cargill Meat Solutions Corp., Marfrig, and Seaboard.
The report covers capacity additions, plant shutdowns, investments/divestments, mergers and acquisitions, and other latest developments of the suppliers.
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