Beef Market Size was valued at USD 398.6 Billion in 2023. The Beef industry is projected to grow from USD 420.9 Billion in 2024 to USD 650.9 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.60% during the forecast period (2024 - 2032). Growing public health awareness, rising demand for animal-sourced protein, and steadily expanding middle-class consumer affluence in developing nations, are the key market drivers enhancing the market growth.
Cut Type: Secondary Research, Primary Research, MRFR Database and Analyst Review
One of the main factors influencing the industry is the general increase in health consciousness and the demand for protein derived from animals. Consumer preferences for food products with low fat and calorie content and high protein value are quickly changing as a result of changing dietary patterns. Beef is also being used more frequently in the food business, which is helping the market expand. To offer customers authentic and multi-cuisine foods, beef-based burgers, hotdogs, sausages, fillets and steaks, and stews are frequently served in cafés and restaurants. The steadily rising income of middle-class consumers in developing nations in Latin America and the Asia-Pacific, as well as the significant demand for convenience foods among the working population and the younger generations who enjoy cooking at home, are some of the main factors driving the demand for meat. The hectic daily schedules of customers have widened the market potential for ready-to-eat beef products globally during the past few years.
One of the main causes driving consumers' rising desire for nutritous, protein-rich meat products is the rise in disposable income among the population. Consumption of such goods is rising, particularly among the middle-class population in emerging economies like China and Thailand. Consumers were driven to include meat products in their diets by the improvement in living standards and the rising understanding of the value of animal protein.
In the coming years, the rise of the beef market is anticipated to be supported by the constantly increasing global meat distribution network. The need for meat preparations in the foodservice industry has expanded as a result of the growing habit of eating out in cafés, hotels, and restaurants. The growing popularity of online channels is anticipated to boost sales of fresh and chilled goods even more because of their extensive product selection and promotional offers. Furthermore, meat sales through various retail distribution channels like supermarkets, hypermarkets, specialty shops, and internet retailers have been principally supported by the increased awareness of the healthfulness of fresh food. Due to the availability of a variety of meat cuts and the assurance of the product's authenticity, supermarkets and hypermarkets are popular places to buy fresh vegetables. Their sales through online retail stores have been greatly boosted by the expanding e-commerce trend. These retailers make it easy to order a variety of items and have them hassle-free delivered to your home. Buying fresh cuts online guarantees their safety and quality because the seller may only display the goods if it has received the necessary food safety certifications. Thus, driving the Beef market revenue.
Recent News :
Tyson Foods: You can check their investor relations section for press releases on recent developments. They might have news about their traceability program or new product launches catering to health-conscious consumers
JBS: Look for news on their global expansion plans or product innovations aimed at specific markets
The Beef Market segmentation, based on Cut Type, includes ground, roasts, steaks, and others. Ground segment accounted for the largest revenue share in 2022. Ground cut is more cheap for many economic sectors since it is more economical than other cuts. Steaks and roasts are just a couple of the other market-available cuts that are used to make various cuisines. For those who love to eat high-end, premium foods, these cuts are utilised in fine-dining establishments.
The Beef Market segmentation, based on Distribution Channel, includes retail sales, horeca, and butcher shops. Retail sales segment dominated the Beef in 2022. A major chunk of annual household spending is on beef. The majority of meat purchases are made at different retail establishments including supermarkets and convenience stores, which have a large selection of these goods. Additionally, the meat items come in sanitary, eye-catching packaging that aids in catching clients' attention. This supports the expansion of these products' sales. Additionally, people may buy these things from the convenience of their homes thanks to innovative sales channels like internet retailers. During the COVID-19 epidemic, when public spaces were subject to lockdown restrictions, the adoption of such methods for buying meat skyrocketed. In the future, more people are anticipated to use these alternative channels.
Figure 1: Beef Market, by Distribution Channel, 2024 & 2032 (USD Billion)
Cut Type: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Beef Market dominated this market in 2022 (45.80%). The market in the area is being supported by the presence of efficient and reliable infrastructure, including as advanced processing facilities and transportation networks, as well as intellectual knowledge on topics like genetics, meat quality, and legal property rights. The world's largest producer of beef for both domestic and international markets is North America. Despite the fact that North America's grasslands are the most endangered terrestrial ecosystem owing to climatic and commercial pressures, the majority of beef cattle are fed grass at some time in their lives. Further, the U.S. Beef Industry held the largest market share, and the Canada market of Beef was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: BEEF MARKET SHARE BY REGION 2024 (USD Billion)
Cut Type: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Beef market accounted for the healthy market share in 2022. This is because the region has a large range of cow breeds, which results in the production of high-quality goods for the expanding consumer base. Some of the countries that buy the most of these goods are France, Germany, and the United Kingdom. Further, the German market of Beef held the largest market share, and the U.K Beef Industry was the fastest growing market in the European region
The Asia Pacific Beef market is expected to register significant growth from 2023 to 2032. China, India, Pakistan, Japan, and Australia are the major beef industry in the Asia Pacific region. As a result of the country's enormous increase in consumption, which is being fueled by rising disposable incomes, China is one of the world's largest markets for beef. The growing import of frozen beef, with Australia remaining the dominant provider, is anticipated to be supported by ongoing shortages and labour shortages notably caused by the epidemic in countries like China. Moreover, China’s Beef industry held the largest Industry share, and the Indian Beef market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Beef market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Beef industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Beef industry to benefit clients and increase the market sector. In recent years, the Beef industry has offered some of the most significant advantages to medicine. Major players in the Beef market, including JBS SA, National Beef Packing Company, LLC, American Foods Group, LLC, Agri Beef Co., Perdue Farms Inc., Tyson Foods, Inc., Strauss Brands LLC, Cargill Incorporated, Central Valley Meat, and Danish Crown A/S, are attempting to increase market demand by investing in research and development operations.
JBS SA (JBS) is a food processing business that produces convenience food items as well as beef, pork, poultry, lamb, and chicken. In addition, the business offers solutions for solid waste management as well as the sale of hides, leather, collagen, metal packaging, and biodiesel. Swift, Gourmet, Rezende, LeBon, Moy Park, O'Kane, Rigamonti, Frangosul, Friboi, Seara, Maturatta, Plumrose, Pilgrim's Pride, Gold'n Plump, Novaprom, JBS Ambiental, JBS Trading, Cambre, and JBS Natural Casings are just a few of the brands under which the business sells its goods. It runs and oversees commercial offices and production sites across the Americas, Africa, the Middle East, Europe, Asia, and Oceania. The headquarters of JBS are in Sao Paulo, Brazil. The largest annual food and beverage trade fair in the world, Gulfood 2022, was held in Dubai (United Arab Emirates) in February 2022. JBS, a global leader in protein-based foods, presented there.
Tyson Foods Inc. (Tyson Foods) processes and markets meat products, including chicken, beef, and hog. In addition to processing, marketing, and transportation of chicken and associated allied products, the company also produces breeding stock and feed. Additionally, a broad variety of prepared dishes are available, including tortillas, bacon, turkey, morning sausage, hot dogs and lunchmeat. Under the brand names Tyson, Jimmy Dean, Hillshire Farm, Ball Park, Wright, Aidells, ibp, and State Fair, the corporation sells its goods. It sells its goods to food hotel chains, restaurant owners, service providers, food retailers, and non-commercial food service providers, such as hospitals, schools, and military and food processors, convenience stores, and foreign export markets. The U.S. city of Springdale, Arkansas, serves as the company's headquarters. In order to identify the illness and make sure that such outbreaks do not interfere with their production processes, Tyson Foods invested in a cow tracking programme in April 2021.
Beef Industry Developments
March 2021 The National Beef Packing Company, LLC has plans to increase its capacity for production in the state of Iowa. With the opening of these production facilities, the business will have access to superior grain-fed cattle in the area..
North America
Europe
Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 398.6 Billion |
| Market Size 2024 | USD 420.9 Billion |
| Market Size 2032 | USD 650.9 Billion |
| Compound Annual Growth Rate (CAGR) | 5.60% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019- 2023 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Cut Type, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | JBS SA, National Beef Packing Company, LLC, American Foods Group, LLC, Agri Beef Co., Perdue Farms Inc., Tyson Foods, Inc., Strauss Brands LLC, Cargill Incorporated, Central Valley Meat, and Danish Crown A/S |
| Key Market Opportunities | Increase in demand for natural and antibiotic free meat products |
| Key Market Dynamics | Rising health consciousness among the masses, the increasing demand for animal-sourced protein, and constantly rising income of middle-class consumers in the developing countries |
Beef Market Highlights:
Frequently Asked Questions (FAQ) :
The Beef Market size was valued at USD 398.6 Billion in 2023.
The global market is projected to grow at a CAGR of 5.60% during the forecast period, 2024-2032.
North America had the largest share in the global market
The key players in the market are JBS SA, National Beef Packing Company, LLC, American Foods Group, LLC, Agri Beef Co., Perdue Farms Inc., Tyson Foods, Inc., Strauss Brands LLC, Cargill Incorporated, Central Valley Meat, and Danish Crown A/S
The Ground Cut Type dominated the market in 2023.
The Retail Sales Distribution Channel had the largest share in the global market.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Assistant Manager - Research High acumen in analyzing complex macro & micro markets with more than 6 years of work experience in the field of market research. by implementing her analytical skills in forecasting and estimation into market research reports, she has expertise in packaging, construction, and equipment domains. she handles a team size of 20-25 resources and ensures smooth running of the projects, associated marketing activities, and client servicing.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
