As per the report published by Fior Markets, The Global Beef Market is expected to grow from USD 372.8 Billion in 2017 to USD 496.8 Billion by 2025 at a CAGR of 3.7% during the forecast period from 2018-2025. North America is the dominating the market due to rising awareness associated with grass-fed beef which is anticipated to contribute to market growth. Also, soaring demand for processed meats is also leading to growth of the market. Loins is the most preferred cut in the region and is served in all food outlets. Grass-fed products are highly preferred in the region due to low marbling score.
Global Beef Market by Product (Ground Beef, Streak Beef, Cubed Beef), Cut (Brisket, Shank, Loin, Others), Method (Kosher, Halal, Others), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2018 to 2025.
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Leading companies in the industry include Tyson Foods, Inc., Danish Crown, Cargill, Incorporated, Marfrig Global Foods S.A., NH Foods Ltd. among others which are offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share. For instance, For instance, in 2018, Smithfield Foods acquired local meat producer Pini Polonia Ltd to compete against other slaughterhouses.
The product segment is classified into ground beef, streak beef and cubed beef. Ground beef holds the largest market share among the product types of the global beef market and valued around USD 168.87 Billion in 2017. People are more concerned about their healthy diet prefers ground beef as it is the best source of proteins, minerals, and vitamins. The cut segment is classified into brisket, shank, loin and others. The others cut segment is dominating the market and valued around USD 145.01 Billion in 2017mainly due to growing demand for ribs, round, chuck, plate, and flank. The method segment includes kosher, halal and others. Kosher beef is dominating the market with the share of 47.90% in 2017. Kosher beef has been certified to have been processed according to the Jewish dietary laws. The consumers consume Kosher beef due to several advantages such as gastronomy, food safety and quality.
Consumer preference for beef over other meats owing to various diseases associated with poultry and pork is a major factor driving the market. Also, growing demand supported by increasing disposable income and supportive government measures pertaining to the food industry will remain an important growth factor. Higher prices of beef compared to other forms of meat can critically impact market growth hamper the growth of market. However, increase in Islamic population will trigger demand for halal beef over the forecast period in coming years.
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