growing demand for protein-rich food products is driving the Beef Market
Technavio analyzes that the Beef Market is expected to grow at a CAGR of 3.2% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 35.4 million.There are various factors that contribute to the growth of the market. The global beef market is experiencing significant growth due to the increasing demand for protein-rich food products. Consumers are increasingly seeking nutritious and high-protein food sources to maintain a healthy lifestyle. Beef, as a primary source of protein, is in high demand, particularly in emerging economies where meat consumption is on the rise. This trend is expected to continue, driving the growth of the beef market in the coming years.
In the animal-sourced protein market, beef remains a prominent category due to its high protein and low-fat content. Retailers, such as Tesco Plc, Walmart Inc., and Target Corp., play a significant role in the distribution of beef through their extensive offline networks, including supermarkets, hypermarkets, specialty stores, hard discount stores, and convenience stores. Vendors employ strategic marketing tactics, such as branding and promotional discounts, to attract consumers to their beef offerings. Walmart and Walgreens, in particular, have long-standing relationships with beef suppliers, enabling them to maintain a consistent inventory and ensure timely delivery. The organized retail sector's advantages, including efficient production, inventory management, and transportation, enable vendors to effectively cater to the demand for beef in various geographies. Additionally, retailers are also exploring alternative protein sources, such as plant-based and insect proteins, and cultured meat, to expand their product offerings and cater to evolving consumer preferences.
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Beef Market Segmentation
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The beef market is experiencing growth due to increasing demand for animal-sourced protein, particularly in the context of health-conscious dietary patterns. Multi-cuisine foods and beef-based products continue to be popular, with convenience foods gaining traction. The meat distribution network caters to foodservice and retail sectors, supplying a range of beef cuts like steaks and ground cuts. Dietary preferences for low-fat, high-protein options drive demand for ready-to-eat meat. Alternative proteins, including plant-based, insect, and cultured meat, pose competition. Labeling regulations focus on nutritional content, with trends towards natural, antibiotic-free, grass-fed organic beef. Meat production methods and animal welfare remain key concerns.
The global packaged foods and meats market encompasses vendors engaged in food processing to ensure food safety and extend product shelf life. According to Technavio's market analysis, the market's size is determined by the consolidated revenue generated by participating industry players. This market segment excludes equipment manufacturers and producers of packaged beverages, including alcoholic and non-alcoholic varieties. The market's expansion will be fueled by several factors, including the health benefits associated with consuming minimally processed foods, such as beef-based products and multi-cuisine dishes. These foods, which include vegetables, provide essential nutrients like potassium, dietary fiber, folate, vitamin A, and vitamin C. Furthermore, the increasing popularity of dietary patterns, such as flexitarian and vegetarianism, will drive demand for convenience foods and beef-based products within the foodservice and retail distribution sectors.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
Media & Marketing Executive
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