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SAN FRANCISCO — The global beef market is expected to reach $712.5 billion by 2030, according to a new report from Grand View Research, Inc. This market is expected to expand at a compound annual growth rate of 4.8% from 2022 to 2030. Growing demand for animal-based foods, protein-rich diets, and functional meat products are key factors driving the growth of the overall meat market. Additionally, growing awareness of organic processed meat products and growing demand for gluten-free products are expected to provide lucrative growth opportunities for meat market stakeholders, the report found.
Key industry insights and findings from the report:
Asia-Pacific was the largest market for beef, with a revenue share of 47.8% in 2021. The market is expected to grow significantly during the forecast period due to the large Muslim population in the region. In addition, the tourism sector is expanding significantly in the region. Coupled with rising disposable income and increasing urbanization, it is expected to be a key catalyst driving the market in this region in the coming years.
The brisket segment is expected to witness a high CAGR of 5.8% during the forecast period. Growing preference for clean labeled products and increasing demand for protein-rich foods are driving the growth of the brisket cuts segment. In addition to this, the growing popularity of grass-fed brisket is one of the trends positively impacting the brisket market.
For detailed insights, read the full market research report. “Beef Market Size, Share & Trend Analysis Report by Cut (Brisket, Shank, Loin), Slaughter Method (Kosher, Halal) and Region (North America, Europe, Asia-Pacific, Central)” & South America, MEA), And Segment Forecasts, 2022 – 2030,” published by Grand View Research.
Beef Market Growth and Trends
One of the main drivers of the beef industry is the growing health consciousness of the general public and the increasing demand for animal-derived protein. Consumer preferences are rapidly shifting to low-fat, low-calorie, high-protein foods as dietary habits change. Additionally, increasing use of beef in the food business is boosting the market growth. Cafes and restaurants offer authentic international cuisine, with burgers, hot dogs, sausages, filets, steaks and beef he stews being common.
Halal meat, including beef, is popular with both Muslim and non-Muslim consumers, and this kind of meat has evolved from a religious observation to a guarantee of food safety, hygiene and authenticity. For example, halal animals that are slaughtered undergo two health checks compared to the one inspection that is done on animals in other traditional slaughter methods.
Changing food trends, especially the consumption of kosher foods, are driving kosher slaughter methods around the world. Therefore, more and more food providers are starting to include kashrut food as part of their product offerings. This is driving the growth of the segment.
The market is highly competitive and dominated by large multinational manufacturing companies. Danish Crown; Cargill Ltd; Marfrig Global Foods SA; Nippon Ham Co.; Minerva Foods;