Key Insights
The Beef Market size was valued at USD 436.60 USD billion in 2023 and is projected to reach USD 635.96 USD billion by 2032, exhibiting a CAGR of 5.52 % during the forecast period. Beef is a common source of protein needed in food preparation globally, and it is gotten from cattle especially from cows, steers, and bulls. This characteristic makes it suitable to be used in preparing delicacies such as steaks, and simple meals such as stew. Ranging from ribeye, sirloin, and brisket cuts, different tastes and textures make beef suitable for a variety of preparations. Loaded with proteins, iron and B group vitamins which provide various benefits such as muscle building, energy boosting, beef is good for health. Current market trends show that the consumers are increasingly preferring grass-fed and organic beef due to the general consciousness about sustainable practices. On the same note, new technological advances in plant protein have been developed to cater for the increasing vegan markets while replicating the texture of normal beef.
![Beef Market Research Report - Market Size, Growth & Forecast](https://multisite-public.s3.ap-south-1.amazonaws.com/mrf/banner/chart-Beef-Market.png)
Beef Trends
- Growing demand for beef protein is being fuelled by a rising global population and increasing disposable incomes.
- Health consciousness is driving consumers towards leaner beef products, such as sirloin and tenderloin.
- Sustainability concerns are pushing the industry towards more environmentally friendly practices, including reducing methane emissions and promoting the use of regenerative grazing methods.
Driving Forces: What's Propelling the Beef Market
- Rising population and urbanization: This leads to an increase in demand for high-protein foods like beef.
- Economic growth and increasing disposable income: This allows consumers to afford higher-quality cuts of beef.
- Health and wellness trends: Beef is a good source of protein, iron, and other essential nutrients.
Challenges and Restraints in Beef Market
- Competition from other protein sources: Beef faces competition from plant-based proteins and other meat products.
- The impact of disease outbreaks: Disease outbreaks can affect the supply and demand of beef.
- Increasing costs of production: The cost of producing beef has been rising in recent years due to factors such as feed and labor costs.
Emerging Trends in Beef
- The growing popularity of plant-based beef alternatives.
- The rise of e-commerce for beef sales.
- The development of new technologies for beef production, such as artificial insemination and genetic engineering.
Growth Catalysts in Beef Industry
![Beef Market Growth](https://multisite-public.s3.ap-south-1.amazonaws.com/mrf/marketGrowth/chart-Beef-Market.png)
- The increasing production of grain-fed beef.
- The expansion into new markets, particularly in Asia and Africa.
- The development of new products, such as value-added beef products.
Market Segmentation: Beef Analysis
Cut Type:
Leading Players in the Beef Market
Significant developments in Beef Sector
- April 2023 - Aleph Farms, one of the leading cultivated meat producers, announced plans to launch its brand Aleph Cuts with beef products, such as Petit Steak. The company was planning to launch these products in Israel and Singapore.
- March 2022 – The Global Roundtable for Sustainable Beef (GRSB), which is a scientific advisory council designed to improve sustainability in the global beef industry, announced the launch of the Beef Carbon Footprint Guideline to improve sector-wise consistency in the calculation of the carbon footprint of the beef industry.
- January 2022 – Canada Beef, a marketing division of Canada Beef Cattle Research, which is a market development and promotion agency, announced the launch of its Canadian beef information gateway. The gateway is designed to offer information and increase awareness of beef production and preparation, which should provide producers and consumers with vital data to make informed decisions and fuel the demand for new and better products in the market.
- March 2021 – National Beef Packing Company, LLC announced its plans to expand its production capabilities in the region of Iowa. With the launch of such production facilities, the company can access high-quality grain-fed cattle in the region.
- April 2021 – Tyson Foods invested in a cattle traceability program to detect the disease and ensure that such outbreaks do not hamper their production operations.
Comprehensive Coverage Beef Market Report
- Market Drivers.
- Market Trends.
- Competitive Landscape.
- Key Regions.
- Future Outlook.
Regional Insight
![Beef Market Regional Share](https://multisite-public.s3.ap-south-1.amazonaws.com/mrf/regional/chart-Beef-Market.png)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Consumer Side Analysis
- Beef Consumption Patterns by Region.
- Consumer Preferences for Different Beef Cuts.
- Impact of Health and Wellness Trends on Beef Consumption.
DROCs
- Drivers: Rising population, urbanization, increasing disposable income, health and wellness trends.
- Restraints: Competition from other protein sources, impact of disease outbreaks, increasing costs of production.
- Opportunities: Growing demand for grain-fed beef, expansion into new markets, development of new products.
- Challenges: Disease outbreaks, increasing costs of production, changing consumer preferences.
Swot Analysis
Strengths:
- Beef is a good source of protein, iron, and other essential nutrients.
- Beef is a versatile food that can be cooked in a variety of ways.
- Beef is a relatively affordable source of protein.
Weaknesses:
- Beef has a high environmental impact.
- Beef production often requires large amounts of land and water.
- Beef is not a good choice for people who follow certain diets, such as vegetarian or vegan diets.
Opportunities:
- Beef demand is expected to increase in the coming years.
- The development of new technologies, such as artificial insemination and genetic engineering, could help to reduce the environmental impact of beef production.
Threats:
- Competition from other protein sources, such as plant-based proteins.
- The impact of disease outbreaks.
- Increasing costs of production.