Processed Beef Market is Projected to Rise at a CAGR of ~9% by 2029 | FMI

Posted by ankush Nikam on February 20th, 2020

The global processed beef market is projected to reach a valuation of US$ 227 Bn in 2029, with an impressive rate of growth during 2019 – 2029. According to a new study by Future Market Insights (FMI), the market for processed beef is predominantly driven by hectic consumer lifestyles, and rising consumption of ready-to-eat products by the millennial demographic.

“High quality and better shelf-life of processed beef drives its demand. Besides convenience preparation and consumption, changing breakfast habits have enabled the market growth,” says the FMI report.

Key Research Findings of FMI’s Processed Beef Market Study

• Households account for a major market share.
• Tech innovations in processed beef operations marks an important trend, eventually leading to better quality.
• North America will remain the leading regional market for processed beef.
• Economies in Asia Pacific will display a higher rate of growth.
• Expanding health-conscious consumer population is heavily contributing towards the growth of organic category.

Key Growth Drivers – Processed Beef Market

• Rapid development of global cold chain infrastructure is driving up demand of fresh, chilled, and frozen processed foods, including processed beef.
• Benefits in terms of convenience, quality, and shelf-life continue to fuel demand for frozen processed beef products.
• Increasing awareness about associated health benefits continues to be a major growth driver for market.

Key Impediments – Processed Beef Market

• Low growth rates of beef animals and inconsistent meat quality are the prominent challenges facing livestock farmers.
• Lack of proper supply chain infrastructure and poor animal health control continue to result in a measurable loss.
• Price fluctuations, lack of enforcement for meat grading systems, and inadequate technical knowledge remain major roadblocks to production.

Competition Structure Analysis – Processed Beef Market

Competition landscape of the global processed beef market will primarily remain influenced by the rising number of acquisitions of smaller regional businesses. Leading market players are adopting acquisition strategies in a bid to strengthen geographical presence and boost product portfolios. Major players and new entrants in the industry are anticipated to increase their efforts to penetrate fast developing economies such as China and India in the near future.

Some of the major participants in the global processed beef market that are analyzed in this report include, but are not limited to, SYSCO Corp, JBS SA, Smithfield Foods Inc., Hormel Food, BRF SA, Harim Co. Ltd., WH Group, Tyson Foods Inc., Cargill Meat Solution Corp., and Danish Crown A/S.

Press Release Source:  https://www.accesswire.com/576174/Processed-Beef-Sales-to-Reach-US-227-Bn-in-2029-Majorly-Buoyed-by-Rise-in-Popularity-of-Ready-to-Eat-Products-Future-Market-Insights

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About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI’s largest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.

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