Meat obtained from dairy animals like buffaloes, bison, calves, etc. is called Beef. Beef is one of the world most favored meat after pork as far as volume utilization is concerned. Adequacy of meat as a food source changes in different part of the world. Beef can be cooked in a few different ways, for example, barbecuing, simmering, searing, frying and barbeque. The significant driving element that is fueling the demand for the worldwide meat market is the ascent in the disposable income of the consumers over the world.
Rise in urbanization is another main consideration that is driving the meat market over the world. Moreover, meat is high in protein, along these lines the expansion in attention to high protein utilization is met by Beef. There is a major demand and supply gap due to inadequate or limited supply of beef meat due to various environmental, political and cultural issues worldwide.
The demand also seems to be increasing due to highest protein content in beef and veal as compared to other sources of protein. Furthermore, talking about the protein content per 100 gms of cooked meat, Veal has highest protein content of around 33.9%, pork with 29.3% while chicken has 28.9%. Beef Market is up to reach USD 383.5 billion by 2025, at a 3.1% CAGR.
Prominent Players in the Industry
- Tyson Foods Inc.
- Danish Crown
- Cargil Incorporated
- Marfrig Global Foods S.A.
- NH Foods Ltd.
Market Dynamics
Rising Factors
- Surging awareness associated with consumption of protein
- Owing to various diseases associated with poultry and pork
- Favorable government initiatives
Challenges
- Higher prices of beef
- Health risks linked with meat consumption
- Cultural, environmental and political issues
Opportunities
High demand from China
Region supported by increased disposable income, dense population, is expected to drive meat market. Positive government activities relating to the food business will stay a significant development factor. Furthermore, the government of China lifted the prohibition ban on Australian chilled and solidified food. It is also expected that the government will likewise lift the Brazilian imports ban over the coming years. Thus, these steps taken by government and increasing meat eating population in the region opens new avenues for meat businesses.
Market Segmentation
By Slaughter
- Kosher
- Halal
By Cut Type
- Brisket
- Shank
- Loin
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Asia Pacific is dominating the worldwide beef market because of the expanding utilization of beef in nations like India, China, and Japan. China is the world's biggest market for beef meat. India has 2nd most dense population of animals reared for meat. For example, buffaloes, bovines, etc. Improving standard of life of the consumers living in China because of critical increase in disposable income is the main factor fueling the development of the beef market in China and other nearby countries. Middle East and Africa additionally represents a significant part of the overall beef market.
Conclusion:
Growing population, rising standard of living, higher disposable incomes worldwide and the need to feed the growing population is expected to fuel the global demand for Beef market. Increasing Islamic population globally has triggered demand for halal beef meat, while huge Jewish populace has increased the demand for kosher beef meat. There is a immense demand of beef in the market, but limited supply has restrained the growth of the market. China is rising as the most emerging beef supplier globally mainly because of the government support for food industry. India has a large population of animals reared for their meat, and in nearby countries like Bangladesh, Vietnam, etc. have thus boosted the demand for beef in this region making APAC dominant leader in the industry.