The global market for beef is expected to reach USD 2,151 billion by 2020, according to a new study by Grand View Research, Inc. Beef is the third largest consumed meat globally, with growing consumer preference towards meat as source of protein expected to drive demand for beef over the forecast period. In addition, growing disposable income in emerging markets has resulted in increased consumption of beef in comparison to pork and poultry. In addition, the market is expected to witness significant growth owing to food safety issues such as chemical residue and pathogen detection in other meat products.
Ground beef were the largest consumed product, with demand exceeding 29,500 kilo tons in 2013. Popularity of ground beef comes from its use in hamburgers and meat balls. Beef steaks are expected to be the fastest growing segment due to increased preference for high quality beef, particularly in North America. The segment is expected to witness growth at an estimated CAGR of 1.24% from 2014 to 2020.
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Further key findings from the study suggest:
- The global beef demand was 67,421 kilo tons in 2012 and is expected to reach 72,931 kilo tons by 202, growing at a CAGR of 1.15% from 2014 to 2020
- Asia Pacific is expected to be the largest regional market for beef with revenue exceeding USD 580 billion in 2013. Growing disposable income of China coupled with high preference towards red meat is expected to be a key driver for the market over the forecast period.
- North America was a significant contributor to beef demand with consumption in excess of 12,000 kilo tons in 2013. The RoW market is predominantly driven by growing demand in countries such as Brazil, Mexico and Chile.
- Increasing demand for halal beef in predominantly Islamic nations in Middle East and Africa is expected to be a key factor having a positive impact on the market over the forecast period. The demand for Kosher beef is expected to increase in North America owing to consumer preference towards safe quality and healthier beef.
- The global market was moderately consolidated with the top four companies accounting for over 70% of the market in 2013. The key companies in the market include Tyson Foods, JBS, National Beef Company and Cargill Meat Solutions.
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