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SAN FRANCISCO – The size of the global beef market is expected to reach $712.5 billion by 2030, according to a new report from Grand View Research, Inc. The market is expected to expand at a compound annual growth rate of 4.8 % from 2022 to 2030. The growing demand for animal source foods, high protein diets and functional meat products is the key driver for the growth of the global meat market. Moreover, growing awareness of organic processed meat products and growing demand for gluten-free products are expected to provide lucrative growth opportunities for players in the meat market, according to the report.

Key industry insights and findings from the report:

Asia-Pacific was the largest market for beef and accounted for a revenue share of 47.8% in 2021. The market is expected to witness significant growth over the forecast period owing to the large Muslim population in the region. In addition, the tourism sector is booming in the region. Coupled with rising disposable incomes and growing urbanization, it is expected to be a key catalyst to drive the market in the region over the coming years.

The breast segment is expected to witness a higher CAGR of 5.8% during the forecast period. Growing preference for clean label products and growing demand for high protein food products are driving the growth of beef brisket segment. Also, the growing popularity of grass-fed breast is one of the trends that is positively influencing the breasts market.

One of the main drivers of the beef industry is the growing health awareness of the general public, as well as the increased demand for animal-based protein. Consumer preferences are rapidly shifting towards low-fat, low-calorie, high-protein food products as dietary habits change. Additionally, the increased use of beef in the food sector is driving the growth of the market. Burgers, hot dogs, sausages, tenderloins and steaks, and beef-based stews are commonly available in cafes and restaurants, providing customers with authentic, multi-cuisine dishes.

Halal meat, including beef, has become popular among Muslim and non-Muslim consumers alike as this type of meat has moved from religious observation to ensuring food safety, hygiene and reliability. For example, slaughtered halal animals undergo two health checks compared to the single inspection carried out on the animals during other conventional slaughter methods.

Changing dietary trends, particularly the consumption of kosher foods, are driving the kosher method of slaughter across the world. Thus, an increasing number of food vendors have started to include kashrut foods in their product offerings. The major kosher beef manufacturers are engaged in product development and new product launches to increase their sales, thereby fueling the growth of the segment.

The market is highly competitive and dominated by large multinational manufacturers: Tyson Foods, Inc.; Danish Crown ; Cargill Incorporated; Marfrig Global Foods SA; NH Foods Ltd. ; Minerva Foods; St. Helen’s Meat Packers; Hormel Foods Corporation; JBS United States; National Beef Packing Company, LLC; Vion Food Group; Australian Agricultural Society Limited.

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