Beef Market To Reach $712.54 Billion By 2030 | CAGR: 4.2%

Beef Market Growth & Trends

The global beef market size is expected to reach USD 712.54 billion by 2030, according to a new report by Grand View Research, Inc. This market is expected to advance at a CAGR of 4.2% from 2024 to 2030. The rising demand for animal-based foods, diets rich in protein, and functional meat products primarily fuels growth of the global meat market. Additionally, there is a rising consumer awareness about the benefits of organic processed meat, which, coupled with the growing preference for gluten-free products, is anticipated to offer significant growth prospects for participants in the meat industry.

The beef industry is experiencing growth largely due to the increasing health awareness among consumers and a heightened demand for protein from animal sources. As dietary preferences evolve, there's a noticeable shift towards food products that are low in fat and calories, but high in protein. Additionally, the expanded utilization of beef in the food sector is propelling market expansion. Beef is a popular ingredient in a variety of dishes such as burgers, hotdogs, sausages, fillets, steaks, and stews, and is commonly served in cafes and restaurants, providing patrons with a range of authentic and diverse cuisine options.

Halal meat, including beef, has become popular among both Muslim and non-Muslim consumers, as this type of meat has evolved from being just a religious observation among people to an assurance of food safety, hygiene, and reliability. For example, slaughtered halal animals undergo two health checks, compared to a single inspection performed on animals during other conventional slaughter methods

Concurrently, there is a global shift in food preferences towards kosher foods, significantly influencing the adoption of kosher slaughter practices. This trend has prompted an increasing number of food providers to incorporate kosher food into their product ranges. Leading producers of kosher beef are actively focusing on product innovation and launching new products to enhance their sales, contributing to a steady growth of this market segment.

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Beef Market Report Highlights

• Asia Pacific accounted for 48.0% of the global market revenue share in 2023. The market is expected to witness significant growth through 2030, owing to the large Muslim population base in this region. Furthermore, the region's tourism sector is experiencing notable expansion. This growth, along with rising disposable incomes and the ongoing urbanization trend, is expected to be a major driving force behind expansion of the beef industry in the region from 2024 to 2030

• In terms of cut, the brisket segment is expected to grow at the fastest CAGR of 5.3% over the forecast period. The expansion of this cut segment is being propelled by a rising preference for clean-label products and growing demand for protein-rich foods. Additionally, an increasing trend towards grass-fed brisket is positively impacting this segment, contributing to overall market growth

• The North America market is expected to register a significant CAGR of 4.9% over the forecasting period, the presence of effective and sound infrastructure like sophisticated processing facilities and transportation networks, as well as intellectual expertise on issues like genetics, meat quality, and legal property rights, is supporting the beef market in the region. North America is the world’s largest producer of beef for domestic and export markets. Despite the fact that grasslands are North America’s most threatened terrestrial ecosystem, largely due to climatic and market pressures, most beef cattle are grass-fed at some point during their lifecycle.

Beef Market Segmentation

Grand View Research has segmented the global beef market on the basis of cut, slaughter method, and region.

Beef Cut Outlook (Revenue, USD Billion, 2018 - 2030)

• Brisket

• Shank

• Loin

• Others

Beef Slaughter Method Outlook (Revenue, USD Billion, 2018 - 2030)

• Kosher

• Halal

• Others

Beef Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • Russia

  • Switzerland

• Asia Pacific

  • China

  • Japan

  • India

  • Australia

  • South Korea

• Central & South America

  • Brazil

  • Argentina

  • Colombia

• Middle East & Africa

List of Key Players in the Beef Market

• Tyson Foods, Inc.

• Danish Crown

• Cargill Incorporated

• Marfrig Global Foods S.A.

• NH Foods Ltd.

• Minerva Foods

• St. Helen’s Meat Packers

• Hormel Foods Corporation

• JBS USA

• National Beef Packing Company, LLC

• Vion Food Group

• Australian Agricultural Company Limited