According to Renub Research’s latest report, titled Global Beef Market Forecast Report 2024-2032: Consuming, Producing, Importing & Exporting Countries, and Company Analysis, the global beef market is projected to reach US$ 720.58 billion by 2032, up from US$ 500.18 billion in 2023, with a CAGR of 4.14% from 2024 to 2032.
Historically considered a luxury item consumed on special occasions, beef has now become a staple in restaurants and households worldwide. With a higher protein content than other meats such as pork, turkey, chicken, and lamb, beef is becoming increasingly popular as awareness grows around the nutritional benefits of high-protein foods.
Key Market Drivers
Several factors are fueling the growth of the global beef market:
- Rising Population and Disposable Income: As the global population grows, so does the demand for beef as a key protein source.
- Protein Demand: Beef is one of the most consumed meats globally, second only to pork in terms of volume. Increased awareness of protein-rich diets is driving demand.
- Supply-Demand Gap: Environmental and political challenges limit beef production, creating a gap between supply and demand.
- Health Concerns in Other Meat Markets: The spread of infections in poultry and pork markets has pushed consumers towards beef.
- Cultural Preferences: The rising demand for specialized cuts like halal and kosher beef is contributing to market expansion.
COVID-19 Impact on the Beef Industry
The COVID-19 pandemic had a significant impact on the global beef market, particularly during the first half of 2020. The temporary shutdown of the meat processing industry disrupted the supply chain, while the closure of restaurants negatively affected demand. However, the surge in e-commerce and online grocery sales offset some of the losses, boosting beef sales through digital channels.
United States: A Major Producer of Beef
The United States is among the largest beef producers in the world and has seen a rise in imports of chilled grass-fed beef. Fast food chains like McDonald’s and Burger King play a significant role in boosting demand. The growth of the Islamic population is expected to increase demand for halal beef, while kosher beef will see heightened demand due to its safety and quality standards. Advances in slaughtering techniques and animal feed technologies are creating new opportunities for market players.
Growing Consumption Across Key Markets
Beef consumption is on the rise in both developed and developing regions, including the United States, China, Brazil, the European Union, India, and Japan. The global supply chain for beef heavily influences pricing and availability. Despite health concerns surrounding red meat consumption, beef demand continues to grow due to the rise of cold storage options, local butchers, and protein-focused diets.
Brazil: The Largest Beef Exporter
Brazil leads the global beef export market, followed by India, Australia, and the United States. Although the country’s beef industry has faced criticism for contributing to deforestation, demand for Brazilian beef continues to grow, particularly from countries like the United States, China, and Japan, which are the top beef importers.
Key Market Players
The global beef industry is competitive and fragmented, with major players including:
- JBS S.A
- Tyson Foods
- Pilgrim’s Pride Corporation
- Danish Crown Group
- Vion Food Group
- WH Group
- Hormel Foods Corporation
- Muyuan Foods
Market Segmentation
The report segments the global beef market based on:
- Producing Countries: United States, Brazil, China, European Union, India, Argentina, Australia, Mexico, Russia, Canada, South Africa, and others.
- Consuming Countries: United States, China, Brazil, European Union, India, Argentina, Mexico, Canada, Russia, Japan, and others.
- Importing Countries: United States, China, Japan, South Korea, Russia, Chile, European Union, Hong Kong, Egypt, Malaysia, and others.
- Exporting Countries: Brazil, India, Australia, United States, Argentina, New Zealand, Canada, Uruguay, Mexico, Paraguay, and others.
Conclusion
The global beef market is on a growth trajectory, driven by increasing demand, higher protein consumption, and evolving consumer preferences. However, the market faces challenges such as supply limitations, environmental concerns, and the impact of economic fluctuations. As the world navigates these challenges, the beef industry is expected to continue evolving and adapting, with key players and regions playing pivotal roles.
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