The beef market size reached USD 395.22 billion in 2021. The market value is anticipated to increase from USD 414.98 billion in 2022 to USD 604.34 billion by 2029 at a CAGR of 5.52% during the forecast duration. A growing number of young people prefer to eat burgers and rolls made from different cuts of meat, says Fortune Business InsightsTM in its report titled, “Beef Market, 2022-2029”.
Manufacturing and distribution of meat will be disrupted amid COVID-19, limiting market growth
The COVID-19 crisis had a significant impact on the production and supply of raw materials used in the meat industry. The availability of animal feed materials has significantly decreased due to disruptions in logistics. This increased the cost of raising feeder cattle for farm owners and had an impact on-farm production. Various meat processing plants were either closed or operating at reduced capacity as a result of worker infections. As a result, animal farm owners had few options for selling their animals in various meat processing plants. They were forced to euthanize the animals, which impacted their cattle market revenue generation.
On the basis of cut type, the beef market share is divided into ground, roasts, steaks, and others. On the basis of distribution channels, the market is segmented into retail sales, HoReCa, and butcher shops. Geographically, the market is classified into Asia Pacific, North America, Europe, and the Middle East & Africa.
The beef market report analyses the market in-depth, focusing on key aspects such as beef cuts, leading product distribution channels, and leading companies. Apart from that, the report provides insights into market trends and emphasizes key industry developments.
Drivers & Restraints-
Rising Disposable Incomes and Growing Demand for Animal Protein to Drive Growth
One of the major factors driving consumer demand for nutritious, protein-rich meat products is an increase in disposable income. Consumption of such products is increasing in emerging economies such as China and Thailand, particularly among the middle class. Consumers began to include meat products, including beef, in their diets as their living standards improved and they became more aware of the importance of animal protein. However, animal farms are a major source of greenhouse gasses, and reducing meat consumption will eventually produce animal production. This factor will result in impeding the beef market growth.
Major Players Employ Acquisition Strategies to Consolidate Market Position
Companies are also attempting to integrate their supply chains in order to gain greater control over the manufacturing process. They also use cutting-edge technology, such as blockchain, to track cattle disease and ensure products are manufactured safely. With the increasing demand for innovative meat products, manufacturers are focusing on developing novel solutions to meet the tastes and preferences of various consumer segments across geographies.
Notable Industry Development-
March 2021: National Beef Packing Company, LLC has announced plans to expand its beef production capabilities in Iowa. With the establishment of such facilities, the company will have access to high-quality grain-fed cattle in the region.