Beef Market Size to Hit $712.5 Billion by 2030: Grand View Research, Inc.

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Aug 11, 2022, 09:00 ET

SAN FRANCISCO, Aug. 11, 2022 /PRNewswire/ -- The global beef market size is expected to reach USD 712.5 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.8% from 2022 to 2030. The increasing demand for animal-based food, protein-rich diets, and functional meat products is the key factor driving the growth of the overall meat market. Moreover, the growing awareness of organic processed meat products and the rising demand for gluten-free products is expected to provide lucrative growth opportunities for stakeholders in the meat market.

Key Industry Insights & Findings from the report:

The Asia Pacific was the largest market for beef and accounted for a revenue share of 47.8% in 2021. The market is expected to witness significant growth during the forecast period owing to the large Muslim population in the region. In addition, the tourism sector is expanding significantly in the region. Coupled with increasing disposable incomes and growing urbanization, it is expected to be a key catalyst for driving the market in the region over the coming years.
The brisket segment is expected to witness a higher CAGR of 5.8% during the forecast period. The growing preference for clean labeled products and increasing demand for protein-rich food products is boosting the growth of the brisket cut segment. Besides this, the rising popularity of grass-fed brisket is one of the trends positively influencing the market for briskets

Read full market research report for more Insights, "Beef Market Size, Share & Trends Analysis Report By Cut (Brisket, Shank, Loin), By Slaughter Method (Kosher, Halal), By Region (North America, Europe, Asia Pacific, Central & South America, MEA), And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Beef Market Growth & Trends

One of the primary drivers driving the beef industry is rising health consciousness among the general public, as well as increased demand for animal-sourced protein. Consumer preferences are rapidly shifting toward food products with low fat and calorie content and high protein value as dietary habits change. Furthermore, the increased use of beef in the food business is boosting the market growth. Burgers, hotdogs, sausages, fillets and steaks, and stews made with beef are commonly available in cafés and restaurants, offering customers authentic and multi-cuisine dishes.

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

Shifting food trends, particularly the consumption of kosher foods, are driving the kosher slaughter method across the globe. Thus, an increasing number of food providers have started including kashrut food as part of their product offerings. Key manufacturers of kosher beef are engaged in product development and new product launches to boost their sales, thereby fueling segment growth.

The market is highly competitive and dominated by large multinational manufacturing companies: 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.

Beef Market Segmentation

Grand View Research has segmented the beef market based on cut, slaughter method, and region:

Beef Cut Outlook (Revenue, USD Billion, 2017 - 2030)

Brisket
Shank
Loin
Others

Beef Slaughter Method Outlook (Revenue, USD Billion, 2017 - 2030)

Kosher
Halal
Others

Beef Regional Outlook (Revenue, USD Billion, 2017 - 2030)

North America

U.S.
Canada
Mexico

Europe

Germany
Russia
Switzerland

Asia Pacific

China
India
Japan
Australia
South Korea

Brazil
Argentina
Colombia

List of Key Players of 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.

Check out more related studies published by Grand View Research:

Kosher Beef Market - The global kosher beef market size is expected to reach USD 100.85 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.4% from 2022 to 2030. The growing preference for kosher beef in the key countries such as the U.S., France, and Israel, which has the highest Jewish population and accounts for over 86.8% of the global Jewish population, is driving the market. In 2021, approximately 74.2% of Israel's population was Jewish, making it a key market for kosher beef.
Cultured Meat Market - The global cultured meat market size is expected to reach USD 348.0 million by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 11.4% from 2022 to 2028. The market is anticipated to be driven by the growing consumer preference to adopt a protein-rich diet. The COVID-19 era strongly reflected the demand for nutritional ingredients and vitamins. Cultured meat can be costly if manufactured with current technology. It needs large capital investment for R&D activities. These are some factors that may impede the growth of the global market. However, high meat consumption among customers can create large revenue opportunities for companies in the market.
Frozen Meat Market - The global frozen meat market size is anticipated to reach USD 99.2 billion by 2025, expanding at a CAGR of 4.4% over the forecast period, according to a new report by Grand View Research, Inc. The market is driven by increase in adoption of ready to eat food and change in lifestyle and food preference, where seasonality remains the major factor.

Browse through Grand View Research's Consumer F&B Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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