Beef Market 2024 Business Strategies, Growth Factors and Demand Forecast 2033
Global Beef Market size was valued at USD 450.5 Billion in 2024 and is expected to reach USD 645.6 Billion by 2033, at a CAGR of 4.5% during the forecast period 2024 – 2033.
Beef Market: Overview
Beef is meat derived from cattle, especially domesticated cattle that include cows, bulls, steers, and calves. It is one of the most popular forms of meat worldwide and a good source of protein in various diets. Beef can be grilled, roasted, stewed, or fried, and it is used in a variety of meals across the world.
Several worldwide trends influence the beef industry. Increased demand for high-quality, sustainably produced beef products, is being driven by rising consumer awareness regarding environmental and ethical issues. It involves a preference for grass-fed, organic, and locally sourced beef.
Furthermore, technical advances in meat processing and packaging are increasing efficiency and shelf life, appealing to customer convenience and safety concerns. Furthermore, wellness and health trends are impacting product innovation, with a growing demand for leaner cuts and value-added beef products infused with functional ingredients.
In addition, the rise of alternative protein sources, which include plant-based and lab-grown meats, is creating new competition and encouraging innovation in the traditional beef business. Overall, these changes represent increasing consumer choices and corporate reactions to environmental and health issues.
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By product type, the loin segment held the highest market share in 2023 and is expected to keep its dominance during the forecast period 2024-2033. The loin, famed for its softness and flavour, is a popular top cut of beef among both customers and chefs. Its adaptability in a variety of cuisines, as well as its reputation for superior quality, drives demand and shapes market trends.
By distribution channel, the supermarket and hypermarket segment held the highest market share in 2023 and is expected to keep its dominance during the forecast period 2024-2033. Supermarkets and hypermarkets boost the beef industry by offering a diverse assortment of beef products, making it convenient for consumers to purchase meat alongside other items. Its large-scale operations as well as advertising methods have an impact on customer preferences and purchase decisions.
North America dominates the beef market thanks to its powerful beef producing business, high consumption rates, strong export capacities, and effective supply chain infrastructure. Furthermore, customer preferences for beef products add to the industry’s global domination.
Tyson Foods, Inc. is an American multinational firm headquartered in Springdale, Arkansas, that engages in the food sector. The corporation is the globe’s second-biggest producer and marketer of poultry, beef, and pork, behind only JBS S.A. Every year, it exports the most beef from the United States. It operates significant food brands, notably, Aidells, Hillshire Farm, Ball Park, Wright Brand, Jimmy Dean, and State Fair, through its subsidiary companies.
CMI has comprehensively analyzed the Global Beef market. The driving forces, restraints, challenges, opportunities, and key trends have been explained in depth to depict an in-depth scenario of the market. Segment wise market size and market share during the forecast period are duly addressed to portray the probable picture of this Global Beef industry.
The competitive landscape includes key innovators, after market service providers, market giants as well as niche players are studied and analyzed extensively concerning their strengths, weaknesses as well as value addition prospects. In addition, this report covers key players profiling, market shares, mergers and acquisitions, consequent market fragmentation, new trends and dynamics in partnerships.
List of the prominent players in the Beef Market:
- JBS S.A.
- Tyson Foods Inc.
- Cargill Inc.
- Marfrig Global Foods S.A.
- National Beef Packing Company LLC
- Minerva S.A.
- NH Foods Ltd.
- Nipponham Holdings Inc.
- Smithfield Foods Inc.
- Danish Crown A/S
- BRF S.A.
- Vion Food Group
- Miratorg Agribusiness Holding
- Kerry Group
- Sysco Corporation
- American Foods Group
- R. Simplot Company
- Australian Agricultural Company Limited
- JBS Australia Pty Limited
- Fomento Economico Mexicano SAB de
- Others
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