Global Beef Industry is expected to reach US$ 271.6 Billion in 2027. Over the years, beef has been preferred over other meats such as mutton or pork. The lower price of beef compared to goat meat especially in India has also nudged the consumers to shift towards beef, thereby increasing its consumption. Besides, the rising demand among consumers for convenience food has aided in the increased consumption of the beef market globally. In addition, the beef is sold under the Halal and Kosher label claims, which has also assisted in wide acceptability among the middle-eastern consumers- leading to its market expansion worldwide.
Increasing Popularity of Plant-Based & Vegan Products Poses a Major Threat to The Beef Market:
The shift in consumer lifestyles and the rising working population have increased beef sales. Manufacturers in the organic beef market are offering more ready-to-eat products to increase their consumer base. Moreover, in recent years the industrialization of the food industry in several regions around the world has diverted gears, due to which the production of beef is witnessing a considerable growth worldwide. Nevertheless, the demand for beef continues to remain steady, the increasing popularity of plant-based and vegan products is likely to pose a significant threat to the beef market during the forecast period.
Slowdown in Meat Industry Due to COVID-19 to Influence Market Growth:
The onset of the COVID-19 pandemic slowed down growth in the global beef market, especially in the first half of 2020. The COVID-19 related temporary shutdown and slowdown of the meat processing industry had slow growth in the market curve for beef in 2020. However, the demand from e-commerce and online retail stores amidst the enduring COVID-19 pandemic is projected to stimulate the sales of beef and beef products in 2021. However, due to the unsteady economy and the growing apprehension related to inflation, the global beef industry is on the course to witness a sluggish growth period in the upcoming years.
United States of America, Brazil, and European Union Witnesses Consistent Growth:
Our report covers the production market of the United States, Brazil, European Union, China, Argentina, India, Australia, Mexico, Russia, and Canada. Beef production across these countries has witnessed consistent growth over the past few decades. As per our analysis, the United States, Brazil, and European Union remain the top three beef-producing countries around the globe.
Furthermore, the global beef demand significantly influences the overall production of beef and beef-related products in the worldwide market. Besides, the entry of various cold storage alternatives, the exponential rise in the number of local butchers, and the growing demand for protein-rich food products are some of the significant factors anticipated to fuel the expansion of the global beef market during the forecast period.
Beef Consumption Highest in the United States:
According to our analysis, the United States remains one of the most prominent players performing in the current beef market, tracked by China and Brazil. The volume of beef consumption in the United States is envisioned to witness substantial augmentation in the forthcoming years despite the increasing number of consumers gradually leaning toward consuming non-meat products. The considerable rise in disposable incomes, specifically in developing nations such as Brazil and China, has been critical in boosting the demand for beef in recent years.
Nevertheless, middle-income nations are anticipated to push the demand for beef during the forecasted period. While the consumption of beef is expected to rise in the U.S., Australia, and Canada, the market is likely to divert from the European nations, owing to the tectonic transition toward non-meat and plant-based products, rising consumer consciousness, and growing awareness regarding the negative impact of beef on human health.
Worldwide Imports Market and Exports Market of Beef Industry:
Our report covers the United States, China, Japan, South Korea, Russia, Chile, European Union, Hong Kong, Egypt, and Malaysia as importing countries. Amongst the importing countries United States, China, and Japan are the top beef importers globally.
In terms of export Brazil and India account for a significant market share. The worldwide export of beef has peaked and is expected to continue, supported by the upward consumption trend worldwide. Moreover, developed economies are registering stable growth during the forecast period. Additionally, emerging markets are expected to grow slightly faster than the developed markets in the forecast period.
Key Market Players:
The key players covered in the market are JBS S.A, Tyson Foods, Pilgrim’s Pride Corporation, Danish Crown Group, Vion Food Group, WH Group, Hormel Foods Corporation, and Muyuan Foods. Remarkably, the market players functioning in the current beef market persist in addressing preservation challenges associated with beef storage, the need for both, non-cured.
In addition, cured beef products are also witnessing sizeable growth. Furthermore, with increasing awareness about the adverse impact of the beef industry on the environment, players performing in the current beef market landscape are anticipated to seek novel ways to minimize their footprint on the environment.
This report titled Global Beef Market, Forecast By Producing Country (United States, Brazil, European Union, China, Argentina, India, Australia, Mexico, Russia, Canada and Others), Consuming Country (United States, China, Brazil, European Union, India, Argentina, Mexico, Canada, Russia and Japan), Importing Country (United States, China, Japan, South Korea, Russia, Chile, European Union, Hong Kong, Egypt, and Malaysia), Exporting Country (Brazil, India, Australia, United States, Argentina, New Zealand, Canada, Uruguay, Mexico and Paraguay), Company Analysis (JBS S.A, Tyson Foods, Pilgrim’s Pride Corporation, Danish Crown Group, Vion Food Group, WH Group, Hormel Foods Corporation, and Muyuan Foods)”. This report provides an all-encompassing analysis of the key growth drivers and restraining factors, demand, and their projections for the upcoming years.
For more information about this report visit https://www.researchandmarkets.com/r/d35sjr