The beef market was valued at USD 468.3 billion in 2021 and is expected to expand at a CAGR of 4.7% over the forecast period from 2022 to 2030. The rising awareness about the importance of a protein-rich diet is driving the demand for meat products including beef. Additionally, the increasing application of beef cuts in the food service industry in the preparation of hotdogs, sausages, and steaks is also likely to drive market growth.
Market Expansion: Thomas Foods International reported record sales and profits in the year leading up to June 2024, driven by increased global demand for Australian red meat and enhanced production capabilities following the reopening of its Murray Bridge abattoir.
Trade Investigations: In December 2024, China’s commerce ministry initiated an investigation into beef imports due to market oversupply leading to domestic price declines. This probe focuses on imports between January 1, 2019, and June 30, 2024, from major suppliers like Brazil, Argentina, and Australia.
Legal Actions: In October 2024, McDonald’s filed a lawsuit against major U.S. meat packers—Tyson, JBS, Cargill, and National Beef Packing Company—alleging collusion to inflate beef prices by restricting supply, violating federal antitrust laws.
Market Dynamics:
Drivers:
- Rising Protein Demand: Growing health awareness and increasing affluence in developing nations have led to higher consumption of animal-sourced protein, boosting beef demand.
- Technological Advancements: Innovations in meat processing and supply chain logistics have improved production efficiency and product quality, supporting market growth.
Restraints:
- Health and Environmental Concerns: Increasing awareness of health risks associated with red meat consumption and environmental impacts of beef production may hinder market expansion.
- Market Volatility: Fluctuating beef prices and trade policies can pose challenges to market stability, affecting both producers and consumers.
Segment Analysis by Application:
Foodservice: Restaurants, hotels, and catering services represent a significant portion of beef consumption, with demand influenced by dining trends and economic conditions.
Retail: Supermarkets, hypermarkets, and butcher shops cater to household consumers, offering various beef cuts and processed products.
By-Products Processors: Industries utilizing beef by-products for items like leather, gelatin, and animal feed contribute to the market’s diversification.
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Key Market Players:
JBS Foods: One of the world’s largest beef producers, offering a wide range of beef products across global markets.
Tyson Foods: A major U.S. meat processor involved in beef production, catering to both domestic and international markets.
Cargill: A global food corporation with significant operations in beef processing and distribution.
National Beef Packing Company: A leading beef processor in the U.S., supplying fresh and processed beef products.
Minerva Foods: A prominent South American beef exporter, serving markets worldwide.
These companies play pivotal roles in shaping the global beef market through their extensive operations, strategic initiatives, and responses to evolving consumer preferences and regulatory landscapes.
