According to the report by Expert Market Research (EMR), the global beef market size reached a value of approximately USD 412.5 billion in 2022. Aided by the increasing demand for protein-rich diets and the extensive application of beef in the food and beverage industry, the market is projected to further grow at a CAGR of 4.80% between 2023 and 2028 to reach a value of USD 546.5 billion by 2028.
Beef is a rich source of high-quality protein and essential nutrients like zinc, selenium, phosphorus, and iron. It is a core ingredient in numerous cuisines and food products, including hamburgers, steaks, roasts, and stews. In addition to its nutritional properties, beef’s versatility and flavour profile make it a key component in various culinary applications, both in household cooking and the foodservice sector.
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The rising consumer preference for protein-rich food items is fuelling the global beef market growth. With growing awareness about the health benefits associated with protein intake, there has been a significant shift towards protein-heavy diets, leading to an increased demand for beef products. Moreover, the growing trend of culinary exploration and the rise of global food culture have also contributed to the increasing popularity of beef, as it forms an integral part of many traditional dishes worldwide.
The wide-ranging applications of beef in the food and beverage industry play a significant role in driving the beef market demand. The fast-food sector, for instance, relies heavily on beef for various offerings such as burgers, steaks, and meat-based pizza toppings. Similarly, the food processing industry uses beef in canned products, frozen meals, and ready-to-eat food items.
Furthermore, the growing demand for fresh and organic beef products, triggered by increasing health consciousness and the preference for naturally raised and grass-fed livestock, is fostering the beef market expansion. This trend has stimulated farmers and producers to adopt more ethical and organic farming practices, further enhancing the overall market dynamics.
Simultaneously, advancements in meat processing technologies and cold chain logistics have led to the improved availability of beef products in regions where livestock rearing is less prevalent, thereby expanding the global beef market reach.
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Beef Market Segmentation
The market can be divided based on cut, slaughter method, and region.
Market Breakup by Cut
- Shank
- Brisket
- Loin
- Others
Market Breakup by Slaughter Method
- Kosher
- Halal
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global beef companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Tyson Foods, Inc
- Danish Crown A/S
- Perdue Farms Inc
- Agri Beef Co.
- National Beef Packing Company, LLC
- Minerva S.A
- JBS SA
- Helen’s Meat Packers Limited
- Vion N.V
- Australian Agricultural Company Limited
- Others
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