Dublin, Aug. 05, 2024 (GLOBE NEWSWIRE) -- The "Global Beef Market Forecast Report By Producing Countries, Consuming Countries, Importing countries, Exporting Countries and Company Analysis 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The Global Beef Market is poised for substantial growth, transitioning from a valuation of US$ 500.18 billion in 2023 to an anticipated US$ 720.58 billion by 2032. This market expansion is forecasted to occur at a Compound Annual Growth Rate (CAGR) of 4.14% from 2024 to 2032. The upsurge in the market can be attributed to a combination of factors including changing global food preferences, increased demand for high-protein food sources, and advancement in meat quality and convenience of preparation.
The beef industry is witnessing a surge in demand on multiple fronts. The increasing global population coupled with rising income levels, particularly in emerging economies, has amplified consumer spending on protein-rich diets, such as beef. Consequently, the beef market continues to benefit from these demographic and economic shifts, pocketing substantial gains both at retail outlets and within food service sectors.
Urbanization is also contributing to market growth, altering dietary preferences and fostering a preference for convenient, nutrient-dense foods. As urban areas expand, so does the inclination towards readily available and protein-packed food choices, reinforcing beef's status in the global marketplace.
The global trade of beef is reinforcing the sector's prominence as well, creating lucrative opportunities for both exporting and importing countries. This has not only led to economic interdependencies but also bolstered food security internationally, as nations augment their consumption requirements through trade.
Asia's beef market is characterized by varied consumer preferences, economic growth, and changing dietary inclinations. As Asian economies flourish, avenues for protein sources like beef are widening due to increased incomes and the stride towards urban lifestyles. Countries like China, India, Japan, and South Korea are at the forefront, with urbanization driving beef consumption as it syncs with enhanced purchasing power and evolving consumer choices.
Prominent enterprises in the beef industry include JBS S.A., Tyson Foods, Pilgrim's Pride Corporation, Danish Crown Group, Vion Food Group, WH Group, Hormel Foods Corporation, and Muyuan Foods. These key players are pivotal in shaping market directions through their continuous developments and strategic initiatives, ensuring that the beef industry keeps pace with changing consumer demands and global market trends.
A holistic observation of the global beef market reveals significant variations in consumption, production, and trade amongst key regions. The United States, China, Brazil, and the European Union represent major consumer markets. On the production front, the United States, Brazil, and China lead the pack. The trade landscape showcases China and the United States as top importers while Brazil and Australia dominate the export sector.
The comprehensive analysis of the Global Beef Market underscores the industry's complex dynamics, driven by socio-economic factors, changing dietary patterns, and robust international trade. As the market navigates through these evolving conditions, it is expected to witness sustained growth and diversification across various sectors within the industry.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 280 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $500.18 Billion |
| Forecasted Market Value (USD) by 2032 | $720.58 Billion |
| Compound Annual Growth Rate | 4.1% |
| Regions Covered | Global |
Companies Featured
- JBS S.A
- Tyson Foods
- Pilgrim's Pride Corporation
- Danish Crown Group
- Vion Food Group
- WH Group
- Hormel Foods Corporation
- Muyuan Foods
For more information about this report visit https://www.researchandmarkets.com/r/1uioe5
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