Global Beef Market to Reach Around USD 659.23 Billion by 2032, Driven by the Growing Demand for Animal Protein Intake

The Asia Pacific represents a major portion of the global beef market share due to the significant demand for beef in countries such as China, Pakistan, Japan, and Australia. China is the leading beef producer in the Asia Pacific region, and as of 2024, China’s beef production grew by 2.7% compared to 2023, accounting for 7.7 million metric tonnes. The market is mainly driven by a large live cattle inventory, the expansion of the domestic beef herd, and growth in disposable income. The changing dietary habits and the growing demand for animal protein further expand the market. Additionally, the increasing consumption of processed beef meats in the form of sausages, salamis, and steaks drives the market growth.

In August 2022, Tyson Foods, Inc. (NYSE: TSN) announced its plans to invest USD 200 million to develop and modernise operations at its cattle facility in Amarillo, Texas. This production plant is expected to be completed by the end of 2024. The project entails building a 143,000-square-foot extension to the current beef complex to accommodate updated amenities for the well-being of team members, such as offices, cafeterias, and locker rooms. Additionally, the project aims to improve and enlarge the facility's current operating floor. Of the six beef manufacturing facilities owned by the firm, the Amarillo factory is among its largest. The complex contains a beef patty factory in addition to producing commodity cuts of fresh beef and specialist goods. These goods are packed and packaged for sale to foodservice and retail clients in the United States and other countries.

Figure: Top 10 Beef Producing Countries Globally, 2022

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Market Analysis by Cut, Slaughter Method, and Region:

• The market, on the basis of cut, can be divided into shank, brisket, and loin, among others.

• Based on slaughter method, the market can be divided into kosher, and halal, among others.

• The major regional markets for beef include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• In 2022, the USA produced about 12.89 million tons of beef from 92.08 million cattle heads. The highly efficient beef production system increases the global beef market expansion.

• By 2050, the global population is anticipated to reach 9.7 billion. By 2030, it is predicted that the average global meat consumption per person will rise to 35.4 kg of retail weight equivalent (r.w.e.). Hence, population expansion and growing meat consumption propel the market growth.

• The growing popularity of fast food and ready-to-eat meals increases beef demand due to its growing application in burgers, pizzas, and other culinary delicacies in the form of sausages and salamis.

• Technological advancements such as a cattle feeder platform with real-time data and bookkeeping, cattle’s water intake, and health monitoring through software enhance the quality of meat, contributing to the market growth.

Key Offerings of the Report:

• The EMR report gives an overview of the global beef market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the cuts, slaughter methods, and regions of beef.

• The market report also analyses the trade data by covering the major importing and exporting countries.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global beef market are Tyson Foods, Inc, Danish Crown A/S, Perdue Farms Inc, Agri Beef Co., National Beef Packing Company, LLC, Minerva S.A, JBS SA, St. Helen's Meat Packers Limited, Vion N.V, and Australian Agricultural Company Limited, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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