Global Plant-Based Beef Market Overview, 2024-29

Beef, a source of protein enjoyed around the world, fuels a massive global market. From raising cattle on vast ranches to the sizzling steaks on restaurant menus, beef undergoes a complex journey. This industry involves numerous countries acting as both producers and consumers, with trade playing a vital role in meeting global beef demands. At the heart of the market are cattle ranchers who raise herds for beef production. Breeds are carefully selected for qualities like meat quality and growth rate. These cattle are reared in various settings, from sprawling grasslands to feedlots where they are fattened on grain-based diets. The processing stage involves turning cattle into cuts of beef suitable for consumers. This includes slaughtering, butchering, and sometimes further processing into ground beef or other products. Consumers play a crucial role in driving the beef market. Their preferences for different cuts, meat qualities, and preparation styles influence the entire supply chain. Factors like disposable income, cultural traditions, and health concerns also affect beef consumption. Some regions have a strong preference for well-marbled, grain-fed beef, while others favor leaner, grass-fed options. The research report titled "Global Beef Market Overview, 2029", published by Bonafide Research, provides a complete performance analysis regarding the segments present in the global beef market along with its historical and forecasted analysis. The global beef market is projected to witness growth at a CAGR of 6.73% over the forecast period ending in 2029. The global beef market is experiencing a confluence of trends, driven by both rising demand and evolving consumer preferences. On the one hand, a growing population, particularly in developing regions, is creating a hunger for more protein, including beef. Increasing disposable incomes in these areas are also putting more money in consumers' pockets, allowing them to afford beef more frequently. Additionally, advancements in breeding and feeding practices are leading to more efficient cattle production, potentially making beef more affordable globally. However, this growth isn't without its challenges. Concerns over animal welfare and the environmental impact of large-scale cattle farming are prompting some consumers to shift towards alternative protein sources. This includes both plant-based options like veggie burgers and lab-grown meat, which is still under development. The industry is also facing pressure to adapt to changing consumer preferences for healthier cuts and convenient options. Leaner cuts and value-added products like pre-marinated or seasoned beef are gaining traction, requiring innovation throughout the supply chain. Furthermore, disruptions like trade disputes, food safety scares, and even disease outbreaks can significantly impact the market's stability.

The global beef market can be segmented in a few key ways. One way is by product type, which refers to the specific primal cuts derived from the animal. Popular cuts include the loin, known for its tenderness and used in steaks like tenderloin and T-bone. The chuck is a well-muscled shoulder area, often used for roasts or ground into hamburger meat. The round comes from the hind leg and is known for its leanness, used for stewing or grinding. Brisket and rib come from the breast and lower rib cage, respectively, and are often used for slow-cooking methods due to their connective tissue content. Other, less common cuts also play a role in the market. Another way to segment the market is by the final cut consumers purchase. Ground beef, a versatile and affordable option, is a major player, often used in burgers, meatballs, and as a base for various dishes. Steaks, like those from the loin or rib, are popular for grilling and command premium prices due to their tenderness and flavor. Roasts, from chuck or round, are ideal for slow cooking and feeding larger groups. Value-added cuts, like pre-cut cubes for stews or stir-fries, are gaining traction with busy consumers seeking convenience. This segmentation allows producers and retailers to cater to specific consumer preferences and price points across various regions. For instance, North America and Europe tend to favor well-marbled steaks, while Asia may have a higher demand for offal cuts or leaner options. The global beef market utilizes a diverse network of sales channels to get beef from farm to table. Traditional retail outlets like supermarkets and hypermarkets remain a dominant force, particularly in developed regions. These stores offer a wide variety of fresh and pre-packaged beef cuts, catering to consumers who value convenience and one-stop shopping. Butcher shops, often found in Europe and parts of Asia, provide a more specialized experience with knowledgeable staff and a focus on high-quality cuts. Meanwhile, the rise of online grocery shopping is making inroads in many regions, offering consumers the ease of ordering beef from the comfort of their homes. This trend is particularly prevalent in areas with strong internet infrastructure and tech-savvy populations. For food service businesses like restaurants and hotels, dedicated wholesale distributors play a crucial role. These distributors offer bulk quantities of beef cuts specifically tailored to the needs of the hospitality industry, ensuring consistent supply and quality for professional kitchens. In some regions, especially in developing areas with a strong informal economy, wet markets are still a significant sales channel. These open-air markets often feature independent vendors selling fresh cuts of beef directly to consumers, offering a more personal buying experience. Looking ahead, the global beef market's sales channels are likely to see continued evolution. The rise of e-commerce and growing demand for convenience might lead to further integration of online grocery shopping. Additionally, the increasing popularity of ready-to-eat meals and meal kits could create additional sales channels focused on pre-portioned and pre-marinated beef options. In regions like North America and parts of South America, there's a strong tradition of grilling and barbecuing, influencing the popularity of specific cuts like steaks, burgers, and ribs. Here, beef is often seen as a centerpiece for celebratory meals and gatherings. In contrast, East Asian cultures often favor cuts with more marbling, which translates to a richer flavor and fattier texture. Offal, which refers to organ meats like liver and tripe, is also more widely consumed in Asia, reflecting a different perspective on utilizing the entire animal. European cultures showcase a rich history of meat processing, resulting in a wider variety of sausages, cured meats, and other prepared beef products. From salami in Italy to prosciutto in Spain, these delicacies are often central to regional cuisines and enjoyed as part of charcuterie boards or antipasti platters. Religious beliefs also play a role in shaping beef consumption. In regions with large Hindu populations, such as parts of South Asia, beef consumption is generally lower due to the religious significance of cows. Here, alternative protein sources like lamb or goat might be preferred. The global beef market operates within a complex web of regulations and certifications designed to ensure food safety, animal welfare, and responsible production practices. Different regions often have their own sets of regulations, but some common themes emerge. Food safety is paramount, with regulations covering everything from animal feed and slaughterhouse hygiene to storage and transportation temperatures. These regulations are often enforced by government agencies responsible for protecting public health. Animal welfare is another key area, with growing consumer concerns prompting stricter regulations in some regions. These might cover aspects like space allowances for cattle, handling practices during transport, and even the use of antibiotics in livestock. Certifications offered by independent organizations can go beyond the minimum requirements, allowing producers to demonstrate their commitment to higher animal welfare standards. These certifications can be a valuable marketing tool, particularly for regions that cater to consumers willing to pay a premium for ethically sourced beef. Environmental sustainability is also gaining traction, with regulations and certifications emerging to address concerns about deforestation linked to cattle ranching and the environmental impact of large-scale livestock production. These might involve responsible land management practices, reducing greenhouse gas emissions, and ensuring the traceability of beef throughout the supply chain. Developed regions like North America and parts of Europe have traditionally been major consumers of beef. Here, established preferences for different cuts and ingrained cultural ties to beef consumption contribute to steady, if not always spectacular, growth. However, the most significant driver of future market expansion is likely to come from developing regions in Asia, Africa, and Latin America. Rising disposable incomes in these areas are putting meat on the table for many consumers for the first time. This, coupled with a growing population, is creating a surge in demand for protein, including beef. While some Asian countries boast well-developed beef industries, others are experiencing a rapid rise in consumption. In Africa, where economic growth is on the rise, beef holds cultural significance in some regions and is increasingly seen as a desirable protein source by a growing middle class. Latin America presents another pocket of promising growth, with established beef-producing countries like Brazil poised to benefit from increased regional and global demand. Major companies in the: JBS S.A., Tyson Food Inc., Cargill, Minerva S.A., NH Foods Ltd., Nipponham Holdings Inc., Danish Crown A/S, BRF S.A., Vion Food Group, Miratorg, Marfrig Global Foods S.A., Kerry Group, Sysco Corporation, American Foods Group, WH Group Limited, Hormel Foods Corporation. Considered in this report • Geography: Global • Historical year: 2018 • Base year: 2023 • Estimated year: 2024 • Forecast year: 2029 Aspects covered in this report • Global beef market with its value and forecast along with its segments • Region-wise beef market analysis • Various divers and challenges • On-going trends and developments • Five force models • Top profiled companies • Strategic recommendation Regions covered in the report • North America • Europe • South America • Asia-Pacific • Middle-East & Africa Types of beefs in the report • Loin • Chuck • Round • Brisket • Rib • Others Cuts of beefs in the report • Ground Beef • Steaks • Roasts • Cubes • Others Distribution Channel of beefs in the report • Hypermarkets/Supermarkets • Retail Stores • Wholesaler • E-Commerce • Others The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to beef industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry. Please get in touch with our sales team to find out more. Keywords: Global, North America, South America, Europe, Middle East, Africa, Asia, Asia-Pacific, Beef, Beef, Cattle, Meat, Steak, Meat, Protein, Organic, Sustainable, Consumption. FAQ: 1. How is the growing demand for plant-based protein alternatives impacting the global beef market? A: The rise of plant-based meat substitutes is challenging the dominance of beef in some markets, particularly among environmentally conscious consumers. Beef producers need to address consumer concerns about sustainability and explore innovative marketing strategies to compete effectively. 2. What are the key factors driving the growth of the premium beef segment within the global market? A: Increasing disposable incomes in developing economies and a growing preference for higher-quality cuts like Wagyu or Angus beef are fueling the premium beef segment. This trend presents an opportunity for producers focusing on quality and differentiation. 3. Are there regional variations in consumer preferences for beef cuts within the global market? A: Absolutely. North American and European consumers tend to favor tenderloin, ribeye, and ground beef for burgers. In contrast, Asian consumers often prefer thinly sliced cuts for stir-fries and hot pot dishes. Understanding these regional preferences is crucial for successful market penetration by global beef suppliers. 4. How are concerns about animal welfare impacting consumer purchasing decisions in the global beef market? A: Consumers are increasingly interested in ethical sourcing and humane treatment of animals. Transparency in beef production practices and certifications related to animal welfare can be a competitive advantage for producers in the global market. 5. What are the logistical challenges associated with transporting and storing beef across long distances in the global market? A: Maintaining proper cold chain infrastructure throughout the supply chain is essential to ensure beef quality and safety during long-distance transport. Investing in cold chain logistics and exploring alternative solutions like refrigerated containers are crucial for global beef trade.