Beef Market to Reach $625,779.2 million, Globally, by 2032 at 3.5% CAGR: Allied Market Research

Consumers from Generation X and Millennials are driving the beef market by prioritizing food sources that offer instant protein. Their busy lifestyles and focus on health and fitness lead them to choose beef as a quick and protein-rich option. Convenient beef-based products such as beef jerky or protein bars, align with their preferences for on-the-go nutrition. This demand for convenient protein sources is a key factor surging the beef market among these generational segments.

PORTLAND, Ore, Nov. 23, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Beef Market By Product Type (Loin, Chuck, Round, Brisket, Rib, and Others), Cut Type (Ground Beef, Steaks, Roasts, Cubed, and Others), and Distribution Channel (Supermarket And Hypermarket, Retail Store, Wholesaler, E-Commerce, and Others)”. According to the report, the global beef market generated $445,141.2 million in 2022 and is anticipated to generate $625,779.2 million by 2032, witnessing a CAGR of 3.5% from 2023 to 2032.

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Prime determinants of growth

Advanced technology is revolutionizing the beef market by enhancing efficiency, safety, and sustainability. Precision agriculture tools, such as GPS-guided equipment and data analytics, optimize cattle farming practices. Blockchain technology improves traceability, ensuring food safety. Additionally, innovations in meat processing, such as automation and robotics, boost production speed and quality. These technological advancements reduce costs, minimize waste, and meet the increasing global demand for high-quality beef products, thus propelling market growth. A healthy diet comprising essential proteins and nutrition is becoming a preferred choice among consumers. 

Report coverage & details:

 

The Loin segment to maintain its leadership status throughout the forecast period.

Based on product type, the loin segment held the highest market share in 2022, accounting for more than one-third of the global beef market revenue and is estimated to maintain its leadership status throughout the forecast period. It encompasses cuts such as tenderloin and sirloin, which are lean and highly sought after for their fine texture and mild flavor. Loin cuts are often used for steaks and roasts and are prized for their culinary versatility and quality. However, the brisket segment is projected to manifest the highest CAGR of 4.7% from 2023 to 2032. Rise of foodie culture and barbecue enthusiasts has contributed to brisket’s prominence, with consumers seeking its rich taste and tender texture.

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The ground beef segment to maintain its leadership status throughout the forecast period.

Based on cut type, the ground beef segment held the highest market share in 2022, accounting for more than two-fifths of the global Beef Market revenue and is estimated to maintain its leadership status throughout the forecast period. Recent trends in ground beef consumption include a rising demand for leaner varieties, driven by health-conscious consumers. However, the cubed segment is projected to witness the highest CAGR of 14.5% from 2023 to 2032. Cubed beef caters to this demand, offering a convenient and flavorful choice. Additionally, it suits various global cuisines, aligning with the growing trend of international flavors in home cooking and restaurant menus.

The supermarket and hypermarket segment to maintain its leadership status throughout the forecast period.

Based on distribution channel, the supermarket and hypermarket segment held the highest market share in 2022, accounting for more than one-third of the global beef market revenue and is estimated to maintain its leadership status throughout the forecast period. Consumers favor these large retail outlets for their convenience and wide product selection. Trends in these stores include an increasing demand for organic and sustainably sourced beef, as well as greater transparency regarding product origins and quality. However, the e-commerce segment is projected to witness the highest CAGR of 4.8% from 2023 to 2032. Online meat shopping platforms and grocery delivery services have gained popularity, especially in response to the COVID-19 pandemic.

North America to maintain its dominance by 2032

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global beef market revenue. In North America, the beef market is characterized by a growing consumer preference for lean and sustainably sourced beef products.  However, the Asia-Pacific region is expected to witness the fastest CAGR of 4.4% from 2023 to 2032. Population growth, urbanization, and rise in disposable incomes are driving the demand for beef products. Additionally, changes in dietary preferences and westernization of diets contribute to higher consumption. 

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Leading Market Players: –

American Foods Group, LLCLeverandørselskabet Danish Crown AmbAJBS S.A.Tyson Foods, Inc.NH Foods Ltd.Smithfield Foods, IncMarfrig Global Foods S.A.Agri Beef Co.Cargill, IncorporatedThe Kroger Co.

The report provides a detailed analysis of the key players in the global beef market. These players have adopted different strategies such as collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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