Beef Market Size, Share & Trends Report

Beef Market Size, Share & Trends Analysis Report By Cut (Brisket, Shank, Loin), By Slaughter Method (Kosher, Halal), By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: 978-1-68038-175-7
  • Number of Pages: 80
  • Format: Electronic (PDF)

Research Methodology

A three-pronged approach was followed for deducing the beef market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for beef market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of beef market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Beef Market Categorization:

The beef market was categorized into three segments, namely cut (Brisket, Shank, Loin), slaughter method (Kosher, Halal), region (North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa).

Segment Market Methodology:

The beef market was segmented into cut, slaughter method, region. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The beef market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into fourteen countries, namely, the U.S.; Canada; Mexico; Germany; Russia; Switzerland; China; India; Japan; Australia; South Korea; Brazil; Argentina; Colombia.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Beef market companies & financials:

The beef market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Tyson Foods, Inc.: The company operates through four segments, namely, chicken, beef, pork, and prepared food, which includes bacon, breakfast sausage, turkey, lunchmeat, hot dogs, pizza crusts and toppings, tortillas, and desserts. The beef products are marketed to food retailers, food service distributors, restaurant operators, and non-commercial food service establishments such as schools, military, healthcare facilities, and the international export market. The company sells its products to various countries such as Canada, China, Japan, Mexico, Taiwan, and South Korea as well as regions such as Central America, the European Union, and the Middle East.

  • Danish Crown: The company is the fifth-largest slaughtering business and meat processing company in Europe. The company operates through three main segments: fresh meat, ingredients, and food. Beef is offered in the company’s fresh meat segment. The brand Sokolow particularly deals with fresh meat supply and has been serving more than 40 countries in the world, including the European Union, the U.S., Côte d'Ivoire (the Ivory Coast), and the UAE. As of 2021, the company had about 5,118 cattle suppliers around the globe. It has numerous subsidiaries, including Tulip Food Company, Sokolow, ESS-Food, and Friland A/S, that operate across various locations.

  • Cargill, Incorporated: The company offers various products and services under segments like animal nutrition, food & beverage, bio-industrial, food services, agriculture, risk management, meat & poultry, industrial, beauty, pharmaceutical, and transportation business. Beef is offered in the company’s meat & poultry segment in fresh or frozen form, under the following brands: Sterling Silver, Angus Pride, Preferred Angus, Rumba, Excel, Our Certified, and Corner & Company. The company’s beef operations include a cattle feeding business, beef processing facilities, and case-ready packaging capabilities. It has a presence in Africa, Europe, the Middle East, Asia Pacific, North America, and Latin America.

  • Marfrig Global Foods S.A.: The company was established in 2000 and is headquartered in São Paulo, Brazil. The company mainly operates in the food & food service sector with activities such as the production, processing, manufacturing, sale, and distribution of animal protein (cattle, sheep, and poultry) and other food products including breaded, ready-made food, fish, frozen vegetables, and desserts. It retails meat under a range of brands, such as Pampeano, La Morocha, Montana, Hamby, Bernina, Bassi, GJ, Angus, South Lamb, and Tacuarembo. The company operates worldwide in the Americas, Asia, Europe, and Oceania. It has two business segments: keystone and beef.

  • NH Foods Ltd.: The company is headquartered in Osaka, Japan. The company’s business domains include Fresh Meats Business, Processed Foods Business, Marine Products Business, Dairy Products Business, and Other Businesses. It follows a vertical integration system, wherein the company produces and raises the livestock, slaughters, processes, and handles distribution & sales. It has 122 farms in Japan and about 26 farms overseas. Its cattle raising and slaughtering facilities are located in Australia. The number of cattle shipped annually in Japan accounts for about 6,000 and the number of cattle processed annually is about 54,000. The company has 15 sausage and ham plants in Japan and 3 overseas.

  • Minerva Foods: The company is headquartered in São Paulo, Brazil. It produces and markets fresh meat and its derivatives as well as exports live cattle & processed beef, pork, and poultry. It has 26 cattle slaughtering facilities, out of which 11 are located in Brazil, 3 in Uruguay, 1 in Colombia, 6 in Paraguay, and 5 in Argentina. It has a total slaughtering capacity of 26,380 cattle head per day. Minerva Foods develops ethical and transparent relationships with cattle ranchers who provide the main raw materials. To strengthen this relationship even further, the company developed the “Laço de Confiança” (Bonds of Trust) Program, which is immensely solid in Brazil and Colombia.

  • St. Helen’s Meat Packers Limited: The company is vertically integrated as it sources livestock from associated feedlots and distributes products to end users. It offers products through Costco Wholesale Corporation; Longo Brothers Fruit Markets, Inc.; Metro, Inc.; and Loblaws, Inc. It exports to various countries and has a presence in regions including North America, Central & South America, the Middle East, and Asia Pacific. For decades, the company has been supplying and retailing processed beef, veal, lamb, and poultry to the exact specifications of its customers, sourced from domestically approved livestock. The company provides processed and packed fresh meat through brands like Ontario Corn Fed Beef, Rachel’s, Certified Angus Beef Brand, Best Meats, and North of 90.

  • Hormel Foods Corporation: The company is headquartered in Minnesota, U.S. and the business operates through five segments, namely, refrigerated foods, grocery products, specialty foods, Jennie-o turkey store, and international & others. Presently, the company has over 52 brands under Hormel Foods Corporation, serving global cuisine, sauces/toppings, meat & proteins, snacks, meals, healthy living/wellness, and side dishes. The company sells its products domestically in all 50 states in the U.S. through the company sales personnel, distributors, and independent brokers, and internationally, the products are available in over 80 countries. Products are marketed through wholesalers, food service distributors & operators, retailers, and other outlets worldwide. As of 2021, the company had over 20,000 employees across the globe.

  • JBS Foods: The product portfolio of the company includes beef, pork, chicken, and lamb. It exports these products to around 80 countries around the world. It has 140 production facilities and is the largest producer of animal protein in the world. The company has more than 65 brands under its name, which retail in beef and processed beef products. The company’s business is organized into two segments, Beef and Pork. It conducts its domestic beef processing and international beef, lamb, and sheep processing businesses in Australia. The main operation involves the supply of fresh meat products, value-added meat products, and processed meat products.

  • National Beef Packing Company LLC: The company was founded in 1992 and is headquartered in Missouri, U.S. The company has five business segments: beef processing, consumer-ready, direct-to-consumer, transportation, and wet blue leather. It serves customers in the U.S. and other 40 countries around the globe. It provides a variety of beef products to food service providers, retailers, distributors, further processors, and the U.S. Army. It sells beef and other products directly to customers in the food service and retail channels as well as direct-to-consumers through the Internet, direct mail, and QVC (broadcasting television network).

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Beef Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Beef Market Report Assumptions:

  • The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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