Global Beef Market Size, Share, Growth Analysis, By Cut(Brisket, Shank), By Slaughter Method(Kosher, Halal and Others) - Industry Forecast 2024-2031

Global beef market size was valued at around USD 417.04 billion in 2022 and is expected to rise from USD 440.06 billion in 2023 to reach a value of USD 676.38 billion by 2031, at a CAGR of 5.52% during the forecast period (2024-2031).

The global food preferences of consumers have undergone significant changes due to increasing globalization. There is a growing emphasis on protein consumption, leading to increased demand for beef products. Meat and its derivatives are valued not only for their convenience in meal preparation but also for their rich array of essential nutrients. The COVID-19 pandemic has caused major disruptions in the market. Beef prices surged due to limited availability of some meat products in retail outlets. Across the globe, outbreaks of COVID-19 impacted numerous livestock processing facilities, disrupting the supply chain and leading to closures of certain factories, posing a significant threat to meat availability in various regions. One notable outbreak occurred at the Cargill, Inc. beef processing plant in High River, Alberta, Canada, in May 2020, which was linked to over 1,000 cases and considered one of the largest virus clusters in North America. An important factor influencing the market is the increasing demand for animal-derived protein and growing health consciousness among consumers. Shifting dietary habits favor foods high in protein and low in fat and calories. Beef's versatility in the culinary industry has contributed to market expansion, with many restaurants offering a variety of beef-based dishes such as burgers, hotdogs, sausages, steaks, and stews to cater to diverse consumer preferences. The rise in disposable income among middle-class consumers in developing regions like Latin America and the Asia-Pacific, coupled with the strong demand for convenience foods among working professionals and younger generations who enjoy home cooking, has been a key driver of meat demand. The busy lifestyles of consumers have further expanded the market potential for ready-to-eat meat products globally in recent years.

Top-down and bottom-up approaches were used to estimate and validate the size of the global beef market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Beef Market Segmental Analysis

Global beef market is segmented based on cut, slaughter method, and region. By cut, the market is grouped into brisket, shank, ioin and others. By slaughter method, the market is segmented into kosher, halal and others. By region the market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Drivers of the Global Beef Market

The expanding population, particularly in developing nations, has fueled a surge in beef demand. Furthermore, the growing purchasing power of consumers has inclined them towards premium-quality meat items, including beef.

Restraints in the Global Beef Market

The environmental footprint of beef production, characterized by deforestation, greenhouse gas emissions, and water consumption, has raised environmental concerns among consumers. As a result, there is an increasing preference for sustainable and eco-friendly beef products.

Market Trends of the Global Beef Market

The rising consumer preference for premium and organic beef is driving significant market demand. Consumers are increasingly drawn to high-quality, natural, and organic beef products due to their perceived health benefits and sustainability. In response, producers are prioritizing premium beef production and implementing certification programs to meet this growing consumer demand.