Market Segmentation
Beef is one of the most preferred types of red meat owing to its firm texture and intense flavor. It is considered to be an important part of the diet in the Western world. Beef and veal (meat obtained from calves) have the highest protein content among other meats. This is expected to propel their demand as a key source of quality protein. The growing consumer awareness regarding nutrition and wellness has boosted the consumption of protein worldwide. According to estimates provided by the National Chicken Council, U.S., the total consumption of meat in the country, which includes beef, pork, chicken, and turkey, was around 199 pounds per person per year back in 2012, which rose to 223 pounds per person per year in 2019. This trend is expected to propel the demand for beef over the forecast period.
An increase in disposable income acts as a major driver for the beef market. High disposable income allows customers to choose the best available meat in the market. Beef has high protein content, as well as unsaturated fat. As people are becoming more conscious about their eating habits, they are spending on quality products with high nutritional value. The growing disposable income enables them to eat at high-end restaurants and frequently order takeaways, changing their food habits. The availability of beef products such as patties, sandwiches, and burgers in fast-food centers has increased its consumption. The rising population and disposable incomes, along with beef emerging as a key source of protein, are major factors driving the market. Growth in aggregate population and per capita income are expected to continue to propel the global demand for beef proteins. As income increases, there are significant differences in local dietary preferences, which will lead to divergent patterns in protein consumption worldwide.
The demand for beef has been repeatedly affected by the frequent outbreaks of mad cow disease. As a result, a large number of consumers have reduced or entirely stopped the consumption of beef and beef products due to concerns regarding the contraction of such diseases. However, the situation is being addressed through several preventive measures undertaken by governments and meat processing companies. The beef market is expected to be restrained by multiple factors associated with the consumption of processed meat. Concerns regarding the consumption of red meat including beef and the potential threat of diseases related to the consumption of beef and pork are expected to restrain the market growth. A research study by the International Agency for Research on Cancer (IARC) in August 2019-a part of the World Health Organization (WHO)-found some carcinogens (cancer-causing agents) in red meat and processed meat.
This section will provide insights into the contents included in this beef market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.
Industry overview
Industry trends
Market drivers and restraints
Market size
Growth prospects
Porter’s analysis
PESTEL analysis
Key market opportunities prioritized
Competitive landscape
Company overview
Financial performance
Product benchmarking
Latest strategic developments
Market size, estimates, and forecast from 2018 to 2030
Market estimates and forecast for product segments up to 2030
Regional market size and forecast for product segments up to 2030
Market estimates and forecast for application segments up to 2030
Regional market size and forecast for application segments up to 2030
Company financial performance