Beef Market Size and Trends 2024-2028: Key Developments and Insights

The global beef market is forecast to experience significant growth, with a projected increase of USD 35.4 million at a CAGR of 3.2% from 2023 to 2028. This expansion is driven by the rising demand for protein-rich food products, with beef being a meat as a primary source of high-quality animal protein. Factors such as health consciousness, dietary preferences, and the growing popularity of convenience foods have contributed to beef's continued dominance in global markets, particularly in North America.

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Key Market Drivers

• Rising Demand for Protein-Rich Foods: Beef is becoming increasingly popular as consumers seek high-protein, low-fat options, driven by growing health consciousness, particularly in urban areas.
• Innovation and Convenience: The demand for ready-to-eat beef products, including ground beef and frozen imports, is rising in retail and foodservice channels. Innovations in beef processing, such as improved processing techniques and advanced traceability systems, are also enhancing production efficiency.
• Emergence of Alternative Proteins: Despite the rise of cultured and plant-based meat alternatives, beef continues to maintain a strong position due to its rich taste, nutritional profile, and versatility in multi-cuisine dishes.

Market Segmentation

The beef market is categorized by distribution channel, geography, and product preferences.

1. Distribution Channels

   • Offline: Traditional retail outlets, including supermarkets, hypermarkets, specialty stores, and butcher shops, remain key distributors of beef products. Retail giants like Walmart, Target, and Tesco are major players in this space.
   • Online: The growth of e-commerce platforms is significantly shaping beef distribution, with consumers increasingly purchasing beef products online.

2. Geographical Market Segmentation

   • North America: The US remains the largest global market, driven by high demand for beef as a protein source in various diets, including low-carb and high-protein diets. The region is also characterized by strong beef production and distribution networks, with food safety certifications being crucial.
   • APAC (Asia-Pacific): The region is expected to contribute 36% to the growth of the global market between 2024 and 2028, with China and India showing considerable demand for beef products.
   • Europe: Spain is a notable market for beef, with strong consumption across various food segments.
   • South America: Brazil continues to be a significant beef producer, influencing regional market trends.
   • Middle East and Africa: The region has growing demand for beef, driven by cultural preferences and dietary needs.

Regional Market Trends

• North America
  • US
• APAC
  • China
  • India
• Europe
  • Spain
• South America
  • Brazil
• Middle East and Africa

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Key Players in the Beef Market

Leading companies in the beef industry are enhancing their product portfolios and expanding their global reach. Key players include:

• Australian Agricultural Co Ltd
• Blackmore Wagyu
• BRF SA
• Cargill Inc.
• Conagra Brands Inc.
• Danish Crown AS
• Dawn Meats
• Fanatical Foods Ltd.
• Hormel Foods Corp.
• JBS SA
• Marfrig Global Foods SA
• Minerva Foods SA
• Muyuan Foods Co. Ltd.
• NH Foods Ltd.
• Perdue Farms Inc.
• Primal Supply Meats LLC
• St. Helens Meat Packers Ltd.
• Tyson Fresh Meats
• Vion Food Group
• WH Group Ltd.

Recent Developments

1. JBS USA (December 2024): Launched a new line of plant-based beef alternatives in response to the rising trend of flexitarian diets.
2. Strategic Partnership (November 2024): A beef producer partnered with a logistics company to improve beef distribution efficiency and reduce carbon emissions.
3. Tyson Foods (October 2024): Introduced a new beef product utilizing advanced processing techniques to reduce environmental impacts in beef production.
4. Acquisition (September 2024): A leading global food company acquired a major beef processing facility in Latin America, strengthening its position in the international beef market.