2020 Future of Global Beef Market Size, Share and Trend Analysis Report to 2026- Growth Opportunities, Competition, Forecasts and industry Outlook
The beef market size is set toemerge at a CAGR of 3.45% during 2020-2026 owing to the upsurgepopulationalong with beef emerging as asource of protein which in turn driving the beef market growth.
Partialproduction of the meat owing to various environmental and political factorshave a substantial supply-demand gap in the market.
Further, the highest protein content in Beef compared to other meat forms to increase thedemand as a key source of protein.
Moreover, predominant consumption of halal meat by Islamic and Jewishpopulationto create significant opportunities for key market players for production of better food safety, quality, and gastronomy.
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An increase in Islamic population worldwideis primarily drivingthe market demand for the halal sector, and also beef to emerge as one of the most preferred forms of meat in these countries.
However, higher prices of beef in comparison with other forms to impactnegatively on the market value, furthermore, imbalance in the supply of cattle may result in an increase in cattle prices in the future.
Though, health hazards related with consumption of meat and higher prices of beef compared to other forms of meat to critically impact market growth.
New trends in the beef market to boost the market demand in future
New trends in the beef market to focus on increasing the weight of cattle for more and healthier production of beef. Further, the usage of crude protein in feeds to observe positive results over the estimated time period.
Pollination of cattle from the different breed of bulls to produces calves of higher slaughter weight and higher beef content, requirement for nitrogen (N) inputs is set to increase to meet the increased demand for food.
Moreover, the trade war between the U.S. and China has reduced the supply of other forms of meat such as Pork to China, as a result, there is greater demand for beef. For instance, U.S. suppliers hope upcoming U.S.-China talks to resolve the conflict and finally open the Chinese market back up.
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Therefore, in 2019, Pork industry representatives joined President Donald Trump in signing a trade deal with Japan, which will reduce the cost of exporting pork.
Additionally, demand from restaurant chains such as Burger King and McDonald's and others to contribute to the beef market growth.
Asia Pacific and North America to proceed with a large market share
Asia Pacific and North America to hold the major share in the beef market over the coming years driven by growing domestic demand on an improved economic outlook.
Expanded opportunities for exporters such as the United States, India, and others poised to expand market share in top markets including China, Pakistan, Australia, Japan, Brazil and others owing to the increasing demand for processed meats.
Growth of the Islamic population to trigger the demand for halal beef coupled with a limited supply of cattle in certain countries lead to an increase in product prices.
China is a prominent market, driven by increasing demand for the meat supported by rising disposable income. Increasing demand for protein-related food for the people in the country has shifted in meat preferences with most choosing beef-based products.
Growing population, and to feed them are some of the key factors contributing to market growth. Rapid and recent spread of diseases in the pork and poultry markets have resulted in consumers turning to beef and associated products.
In addition, growing demand for special cuts of meat, including kosher and halal beef to fuel the market size. Enduring shortages in the numerous consumer markets to support rising imports of frozen beef.
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Whereas, demand from the Middle East and African countries is relatively higher and considering is set to increase in the future.
However, health hazards accompanying with consumption of meat and higher prices of beef is critically impacting the market growth.
Beef Market Share Insights
Increasing demand of beef world wide to support key market players to increase their production capacity. For instance,Empirical Foods, Inc. to construct a new ground beef facility in Garden City, Kansas.
Further, The American Diabetes Association (ADA) recently endorsed low-carb/keto diets as a standard of care for the prevention and management of type 2 diabetes, and reduces the need for medication use.”
To strengthen the growth of beef business market players are signing contracts and entering the space with sustainable tactics. For example, in 2019, Chinese buyers reneging on contracts on beef and other imported proteins, as imported meat prices in the country continue to plummet.
Further, in 2019, China accredited more Brazilian meat packers to export beef from the country. As well as, Tyson Foods Inc announced to rebuild the beef harvesting facility in Holcomb, Kan.
Key players in the beef market include Tyson Foods, Inc.; Danish Crown; Cargill, Incorporated; Marfrig Global Foods S.A.; NH Foods Ltd.; NH Foods Ltd.; St Helen’s Meat Packers; Hormel Foods Corporation; JBS USA; National Beef Packing Company, LLC; Vion Food Group; and Australian Agricultural Company Limited among others.
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Source: EIN Presswire