The global beef market size is expected to reach USD 383.5 billion by 2025, exhibiting a 3.1% CAGR during the forecast period. Beef is one of the world’s most common meats, coming in second only to pork in terms of volume eaten. Due to the insufficient availability of this meat owing to numerous environmental and political reasons, there is a major supply-demand deficit in the industry. When compared to other meat types, beef and veal (meat from calves) have the highest protein content, which is expected to increase their demand as a primary source of protein. China is a significant market for beef meat, with growing disposable income fueling the demand for the meat.
The partial closure of the meat production industry due to COVID-19 has had a huge impact on the supply-demand curve for the beef market in 2020. Furthermore, the closing of restaurants in many parts of the world in the second and third quarters of 2020 resulted in a revenue loss for beef in the commercial market. However, the current trend during the COVID-19 pandemic is likely to raise prices of meat and beef products due to the increased demand from eCommerce and online grocery stores.
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Beef Market Report Highlights
• On the basis of the slaughter method, the kosher and halal meat segment is predominantly consumed by the Jewish and Islamic populations respectively. Kosher and halal meat accounted for a revenue share of 14.8% and 18.7% respectively in 2017.
Based on the cut, the other cuts segment dominated the global market with a revenue share of 54.7% in 2017, mainly due to increasing demand for ribs, round, chuck, plate, and flank. The loin cut segment is expected to be the fastest-growing segment, registering a CAGR of 3.5%.
North America region dominated the global market accounting for 30.4% of the total revenue in 2017. The loin is the most preferred cut in the region and is served in all food outlets.
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Beef Market Segmentation
Grand View Research has segmented the global beef market on the basis of cut, slaughter method, and region:
Beef Cut Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
Beef Slaughter Method Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
Beef Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
• North America
• The U.S.
• Asia Pacific
• South Korea
• Central & South America
• Middle East & Africa
List of Key Players of Predictive Analytics Market
• 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
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