Beef Market To Hit Value 2.5 Billion By 2030 |Grand View Research, Inc.Posted by Mrudula Anil Karmarkar on August 10th, 2022 The global beef market size is expected to reach USD 712.5 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.8% from 2022 to 2030. The increasing demand for animal-based food, protein-rich diets, and functional meat products is the key factor driving the growth of the overall meat market. Moreover, the growing awareness of organic processed meat products and the rising demand for gluten-free products is expected to provide lucrative growth opportunities for stakeholders in the meat market. One of the primary drivers driving the beef industry is rising health consciousness among the general public, as well as increased demand for animal-sourced protein. Consumer preferences are rapidly shifting toward food products with low fat and calorie content and high protein value as dietary habits change. Furthermore, the increased use of beef in the food business is boosting the market growth. Burgers, hotdogs, sausages, fillets and steaks, and stews made with beef are commonly available in cafés and restaurants, offering customers authentic and multi-cuisine dishes. Halal meat, including beef, has become popular among both Muslim and non-Muslim consumers as this type of meat has evolved from being a religious observation to the assurance of food safety, hygiene, and reliability. For example, slaughtered halal animals undergo two health checks compared to the single inspection performed on animals during other conventional slaughter methods. Shifting food trends, particularly the consumption of kosher foods, are driving the kosher slaughter method across the globe. Thus, an increasing number of food providers have started including kashrut food as part of their product offerings. Key manufacturers of kosher beef are engaged in product development and new product launches to boost their sales, thereby fueling segment growth. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/beef-market-analysis/request/rs1 The market is highly competitive and dominated by large multinational manufacturing companies: Tyson Foods, Inc.; Danish Crown; Cargill Incorporated; Marfrig Global Foods S.A.; NH Foods Ltd.; Minerva Foods; St. Helen’s Meat Packers; Hormel Foods Corporation; JBS USA; National Beef Packing Company, LLC; Vion Food Group; Australian Agricultural Company Limited. Beef Market Report Highlights
With increasing globalization, the food preferences of consumers around the world have witnessed some significant changes. Consumers are increasing their protein intake, resulting in the rising demand for meat. Meat and its products are packed with a host of essential ingredients and nutrients and save a lot of time and effort in cooking. Therefore, manufacturers are primarily focusing on the quality of the meat and its products. The COVID-19 pandemic has caused disruptions in the market. The limited availability of some meat products in retail stores resulted in a price rise. The COVID-19 outbreak has impacted numerous meat production facilities across the globe. These outbreaks affected a large number of plants, which led to the disruption of the supply chain, closure of some factories, and posed a substantial threat to the meat supply across regions. In May 2020, Cargill, Inc.’s beef processing plant in High River, Alberta was the largest factory outbreak in Canada. More than 1,000 cases were linked to the plant, and it was considered the single largest virus cause in North America. Rising health consciousness among the masses, along with the increasing demand for animal-sourced protein, is one of the key factors driving the market. With changing dietary habits, consumer preferences are rapidly shifting toward food products with low fat and calorie content and high protein value. Additionally, the increasing utilization of beef in the food industry is favoring market growth. Beef-based burgers, hotdogs, sausages, fillets and steaks, and stews are widely served across cafes and restaurants to provide consumers with authentic and multi-cuisine dishes. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/452/ibb The market is characterized by the presence of various global players such as Tyson Foods, Inc.; Danish Crown; Cargill Incorporated; Marfrig Global Foods S.A.; NH Foods Ltd.; Minerva Foods; St. Helen’s Meat Packers; Hormel Foods Corporation; JBS USA; National Beef Packing Company, LLC; Vion Food Group; Australian Agricultural Company Limited.
Some of the prominent players in the beef market include:
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