Global Beef market is slated to accrue revenue worth nearly 395.43 (USD Billion) by 2026 and record the CAGR of about 3.3% over the period from 2020 to 2026.
New York, United States - October 28, 2020 /MarketersMedia/ —
According to analysts at Zion Market Research, the global beef market size is projected to attain USD 395.43 billion by the end of 2026, growing at a CAGR of 3.3% during the forecasted period 2020–2026. The growing consciousness concerning beef as a key source of protein is likely to drive the market. Beef and veal have high protein content than turkey, chicken, pork, and lamb. The raising awareness linked with intake of protein from high nutritional food is gaining magnitude amongst people. In the U.S., meat eaters prefer beef than other meats due to different diseases associated with pork and poultry. These aspects have been contributing the market growth.
Some of the key players in the market are Danish Crown, Tyson Foods Inc., Nipponham Group, and Marfrig Global Foods S.A.
Rise In Urbanization And Disposable Income To Boost The Global Beef Market
The high demand for beef from China, propped by surging disposable earnings is likely to boost the consumption of beef in the forecasted period. The favorable administrative initiatives related to the food industry will stay a major growth factor. The rise in urbanization is another major aspect that is propelling the global beef market. Furthermore, beef is high in protein therefore the augment in the consciousness of high protein intake is met by beef. Additionally, food safety issues like pathogen detection issues and chemical deposit in meat products like pork and poultry have surged the demand for the beef market around the world. The remarkable gap amid demand and supply of beef owing to its restricted production due to several political and environmental factors is one of the key factors that are impacting the demand for the beef market globally.
The global beef market is bifurcated on the basis of beef cut, slaughter method, and regional analysis. Based on the beef cut, the market is divided into shank, brisket, loin, and others. Based on the slaughter method, the market is divided into halal, kosher, and others.
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The Asia Pacific Region Estimated To Witness Major Share In The Global Beef Market
Based on the geographical analysis, the global beef market is divided into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. The Asia Pacific region is dominating the global beef market as a result of the increased intake of beef in countries like Japan, Thailand, and China. China is the world’s biggest market for beef. The improving way of life of the consumers living in China owing to a noteworthy rise in the disposable earnings of the consumers is the key factor boosting the expansion of the beef market across China. Africa and the Middle East also contribute to the largest part of the market share for the beef market globally.
The global beef market is segmented as follows:
By beef cut:
By slaughter method:
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of Middle East & Africa
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