Pune, India, May 11, 2022 (GLOBE NEWSWIRE) -- The global beef market size reached USD 395.22 billion in 2021. The market value is anticipated to increase from USD 414.98 billion in 2022 to USD 604.34 billion by 2029 at a CAGR of 5.52% during the forecast duration. A growing number of young people prefer to eat burgers and rolls made from different cuts of meat, says Fortune Business InsightsTM in its report titled, “Beef Market, 2022-2029”.
List of Key Beef Market Players:
- JBS SA (Brazil)
- National Beef Packing Company, LLC (U.S.)
- American Foods Group, LLC. (U.S.)
- Agri Beef Co. (U.S.)
- Perdue Farms Inc. (U.S.)
- Tyson Foods, Inc. (U.S.)
- Strauss Brands LLC (U.S.)
- Cargill, Incorporated(U.S.)
- Central Valley Meat (U.S.)
- Danish Crown A/S (Denmark)
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COVID-19 Impact-
Manufacturing and distribution of meat will be disrupted amid COVID-19, limiting market growth
The COVID-19 crisis had a significant impact on the production and supply of raw materials used in the meat industry. The availability of animal feed materials has significantly decreased due to disruptions in logistics. This increased the cost of raising feeder cattle for farm owners and had an impact on-farm production. Various meat processing plants were either closed or operating at reduced capacity as a result of worker infections. As a result, animal farm owners had few options for selling their animals in various meat processing plants. They were forced to euthanize the animals, which impacted their cattle market revenue generation.
Segmentation-
On the basis of cut type, the beef market share is divided into ground, roasts, steaks, and others. On the basis of distribution channels, the market is segmented into retail sales, HoReCa, and butcher shops. Geographically, the market is classified into Asia Pacific, North America, Europe, and the Middle East & Africa.
Report Coverage-
The beef market report analyses the market in-depth, focusing on key aspects such as beef cuts, leading product distribution channels, and leading companies. Apart from that, the report provides insights into market trends and emphasizes key industry developments.
Beef Market Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 5.52% |
| 2029 Value Projection | USD 604.34 Billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 392.22 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 178 |
| Segments covered | By Cut Type, By Distribution Channel, By Geography |
| Growth Drivers | Increase in Disposable Income Among Emerging Economies to Propel Market Growth |
| Increasing Sales Through Distribution Channels to Propel the Market Growth | |
| Growing Awareness Regarding Health Risks Associated with Over-consumption of Fat to Impede Market Growth | |
| Pitfalls & Challenges | Increasing demand for natural and antibiotic-free products to propel the market growth |
Drivers & Restraints-
Rising Disposable Incomes and Growing Demand for Animal Protein to Drive Growth
One of the major factors driving consumer demand for nutritious, protein-rich meat products is an increase in disposable income. Consumption of such products is increasing in emerging economies such as China and Thailand, particularly among the middle class. Consumers began to include meat products, including beef, in their diets as their living standards improved and they became more aware of the importance of animal protein. However, animal farms are a major source of greenhouse gasses, and reducing meat consumption will eventually produce animal production. This factor will result in impeding the beef market growth.
Competitive Landscape-
Major Players Employ Acquisition Strategies to Consolidate Market Position
Companies are also attempting to integrate their supply chains in order to gain greater control over the manufacturing process. They also use cutting-edge technology, such as blockchain, to track cattle disease and ensure products are manufactured safely. With the increasing demand for innovative meat products, manufacturers are focusing on developing novel solutions to meet the tastes and preferences of various consumer segments across geographies.
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Market Segmentation
By Cut Type
- Ground
- Roasts
- Steaks
- Others
By Distribution Channel
- Retail Sales
- HoReCa
- Butcher Shops
- By Geography
Notable Industry Development-
March 2021: National Beef Packing Company, LLC has announced plans to expand its beef production capabilities in Iowa. With the establishment of such facilities, the company will have access to high-quality grain-fed cattle in the region.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Overview of the Parent/Related Markets
- Regulatory Analysis
- Technological Innovations in the Beef Industry
- Recent Industry Developments – Mergers & Acquisitions, Partnerships, & New Product Launches
- Qualitative Analysis Related to COVID-19
- Impact of COVID-19 on the Market
- Supply Chain Challenges amidst Pandemic
- Potential Opportunities due to this Global Crisis
- Global Beef Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Cut Type
- Ground
- Roasts
- Steaks
- Others
- By Distribution Channel
- Retail Sales
- HoReCa
- Butcher Shops
- By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Cut Type
TOC Continued
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Have a Look at Related Research Insights:
Processed Meat Market Size, Share & Industry Analysis, By Type (Frozen, Canned, and Chilled), Animal Type (Poultry, Beef, Pork, and Others), Distribution Channel (Hypermarket/Supermarket, Convenience Stores, Specialty Stores, and Others), and Regional Forecast, 2020 – 2027
Meat Extract Market Size, Share & COVID-19 Impact Analysis, By Type (Beef, Chicken, Pork, and Lamb), By Application (Ready-to-cook & Ready-to-eat Meals, Seasonings & Coatings, Soups & Broths, Sauces & Spreads, Savory Snacks, Infant Foods, and Others), and Regional Forecast, 2021-2028
Edible Beef Market Size, Share & Industry Analysis, By Cut Type (Loin, Brisket, Shank, Others), By Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, Online Retail) And Regional Forecast 2022-2029
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