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Beef Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global market for beef products was valued at USD 188.7 billion in 2022 and is projected to expand at a CAGR of 3.2% from 2023 to 2030. Beef is one of the most popular meat products globally and is known for its high nutritional value. The growing demand for meat-based proteins and the rising awareness of its health benefits are propelling the growth of the market. Additionally, the rising demand for convenience foods, such as canned and frozen beef products, is driving the growth of the market.
The rising health concerns among consumers are increasing the demand for high-quality beef products. To cater to the rising demand, many market players are introducing products that are free from antibiotics, hormones, and other chemicals. For instance, in April 2021, Tyson Foods launched its ‘Raised & Rooted’ line of plant-based products with its first product being the ‘Naked Beef’, which is made with 100% beef, free from antibiotics, hormones, and other chemicals.
Furthermore, the rising trend of home-delivered beef products is driving the market growth. Many companies are launching home-delivered beef products to make it easier for consumers to purchase beef products. For instance, in June 2021, Cargill launched its subscription-based beef delivery service in the US, which provides consumers with high-quality beef products delivered to their doorstep. Additionally, the growing awareness among consumers regarding the health benefits of organic beef products is increasing the demand for organic beef products.
The increasing trend of premiumization among consumers is driving the demand for premium beef products. Companies are capitalizing on this opportunity by launching premium beef products with unique flavors and better quality. For instance, in October 2021, Tyson introduced its premium Angus Beef brand in the US to provide consumers with higher-quality beef products.
Additionally, the rising trend of online meat purchasing is driving the market growth. Companies are launching online services to make it easier for consumers to purchase beef products. For instance, in April 2021, Walmart launched its online grocery delivery and pick-up services for beef products in the US. This service provides customers with the convenience of ordering beef products online and having them delivered to their doorstep.
Product Insights
The fresh beef segment accounted for the largest share of the beef products market in 2022. Growing health consciousness among consumers, especially in developing countries, is a major factor driving the fresh beef segment. Increased demand for organic and health-oriented animal-based products, such as grass-fed beef, is one of the major factors driving the growth of the segment. Furthermore, the increasing popularity of beef-based snacks, such as beef jerky, and the rising demand for convenience foods are expected to drive the growth of the segment during the forecast period.
The processed beef segment is anticipated to expand at the fastest CAGR of 6.0% over the forecast period. The increasing demand for processed beef products, such as sausages, burgers, and hot dogs, is driving the growth of the segment. Increasing adoption of processed beef products due to their convenience, easy availability, and long shelf life is expected to drive the segment’s growth over the forecast period. Furthermore, the rising popularity of processed beef products among millennials and young consumers is expected to drive the segment’s growth over the forecast period.
Distribution Channel Insights
The supermarkets and hypermarkets segment accounted for the majority share of the beef products market in 2022. Consumers are willing to purchase beef products from supermarkets and hypermarkets due to the wide variety of products available, lower prices, and the convenience of one-stop shopping. Supermarkets and hypermarkets also offer discounts, free samples, and other promotional activities to attract new customers. In addition, supermarkets and hypermarkets offer superior customer service and provide a shopping experience that encourages customers to buy beef products.
The online segment is anticipated to expand at the highest CAGR of 10.2% during the forecast period. With the rising number of internet users, the demand for beef products has increased significantly. Consumers can purchase beef products at discounted prices, compare products and prices, and read customer reviews through online stores. In addition, the availability of products and the convenience of home delivery are the main advantages of buying beef products online. Furthermore, the rising trend of online grocery shopping is expected to further fuel the growth of the segment.
Type Insights
The fresh segment accounted for the largest revenue share of 33.4% in the year 2022. The increasing popularity of beef products among consumers owing to the nutritional value and convenience offered by the fresh segment is driving the growth of the segment. Consumers are increasingly shifting towards fresh beef instead of processed beef owing to their hectic lifestyle. Furthermore, the growing trend of veganism and health consciousness among consumers has also increased the demand for fresh and organic beef in the market.
The frozen segment is anticipated to expand at the highest CAGR of 8.3% over the forecast period. The convenience and the long shelf-life of frozen beef products have increased the demand for frozen beef in the market. Furthermore, the rising demand for frozen beef products for baking and grilling purposes is driving the growth of the segment. The increasing number of restaurants serving frozen beef products is also contributing to the growth of the segment.
Regional Insights
Asia Pacific is expected to account for the largest revenue share of the global beef products market in 2023. The increasing demand for beef and beef products in countries, such as China, India, and Japan, is a key factor driving the demand in the region. The rising trend of consuming beef products in the region is also expected to fuel the growth of the beef products market in the region. For instance, in 2021, the beef consumption in India increased by 8.5% compared to the previous year.
North America is expected to witness the second-fastest growth in the coming years. The region is also home to a large number of meat processing companies, such as Cargill, Tyson Foods, and Maple Leaf Foods, which are engaged in the production and sale of beef products. In addition, rising health consciousness among the population and increasing awareness regarding the health benefits of consuming beef products is expected to drive the demand in the region.
Financial Projections
In this part of the beef products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your beef products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a beef products business comes from the sale of fresh and processed beef products in the retail and wholesale markets, as well as any other related products. Here you will find a list with a description of each of them.
Projecting Expenses
In this section, all the regular expenses related to keeping the beef products business running will be described. The list of operating expenses includes costs related to slaughtering, processing, packaging, transporting, and storing the products; wages and benefits; utilities; insurance policies; advertising; and others.
Key companies & market share insights
Some of the key companies operating in the beef products market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Tyson Foods Inc. launched a line of organic grass-fed beef products.
– In August 2022, Cargill Inc. launched a new line of frozen, pre-seasoned beef patties.
– In October 2022, National Beef Packing Company launched a new line of grass-fed, antibiotic-free beef products.
Some of the prominent players in the beef products market include:
– Tyson Foods Inc.
– Cargill Inc.
– National Beef Packing Company
– JBS S.A.
– Marfrig Global Foods S.A.
– Hormel Foods Corporation
– WH Group Ltd.
– Smithfield Foods, Inc.
– National Cattlemen’s Beef Association
– Swift Beef Company
Global Beef Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global beef products market based on product type, distribution channel, and region:
1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)
– Fresh/Frozen Beef
– Processed Beef
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the Global Beef Products Market Size?
[A]: The global beef products market is expected to reach USD 115.4 billion by 2026, growing at a CAGR of 5.3% during the forecast period (2020-2026). The growth of the global beef products market is driven by factors such as the increasing demand for meat-based proteins, rising awareness about health benefits associated with beef consumption, and the increasing disposable income of middle-class consumers.
[Q]: What are the Key Drivers of the Global Beef Products Market?
[A]: The key drivers of the global beef products market are the increasing demand for meat-based proteins, rising awareness about health benefits associated with beef consumption, and the increasing disposable income of middle-class consumers.
[Q]: What are the Key Regions of the Global Beef Products Market?
[A]: The key regions of the global beef products market include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is estimated to hold the largest share of the global beef products market in 2020.
[Q]: Who are the Leading Players in the Global Beef Products Market?
[A]: The leading players in the global beef products market include Tyson Foods Inc., JBS S.A., Smithfield Foods Inc., NH Foods Ltd., Cargill Inc., Marfrig Global Foods S.A., National Beef Packing Company LLC, and Vion Food Group.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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