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The US beef market size is projected to increase by USD 8.1 billion at a CAGR of 3.2% between between 2023 and 2028. The global beef market is a dynamic and intricate landscape, shaped by various factors such as consumer preferences, dietary trends, and agricultural practices. Beef plays a significant role in meeting the protein needs of populations worldwide, particularly in the United States, where the halal food market is experiencing substantial growth. Halal food adheres to Islamic dietary laws, and the demand for halal-certified beef is increasing due to the growing Muslim population and the broader trend towards ethnic and dietary diversity. The market is propelled by these consumer inclinations, as well as the prevalence of regional and ethnic food preferences, and the surge of e-commerce. However, challenges arise from issues related to beef preservation, animal disease outbreaks, and escalating competition from alternative proteins, impeding market growth. These factors necessitate continuous innovation and adaptation within the beef industry to meet evolving consumer demands and market dynamics.
The market shows an Accelerate CAGR during the forecast period.
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The market is a significant segment of the food sector, driven by the increasing demand for animal sourced protein and the growing health consciousness among consumers. Beef, as a rich source of essential nutrients like protein, iron, and zinc, caters to the dietary needs of the working population and younger generations. Cafes and eateries, middle class consumers, and convenience foods have been key contributors to the beef industry's growth. Consumers' preference for nutrient-rich, low-fat, and low-calorie content in their diets has led to the popularity of lean cuts like steaks, ground cuts, burgers, rolls, and other beef products. The beef industry's sustainability practices are also gaining traction, with farm owners focusing on the use of animal feed materials and efficient farming techniques.
However, the rise of plant-based proteins and changing dietary preferences pose challenges to the market's growth. The beef market's future prospects are influenced by factors like calorie and fat content, consumer preferences, and the availability of sustainable farming practices. As the working population continues to grow and younger generations adopt healthier dietary habits, the demand for beef is expected to remain strong. In conclusion, the beef market's growth is driven by the nutritional value of beef, changing consumer preferences, and sustainable farming practices. The market's future prospects are promising, with opportunities for innovation and growth in the production and processing of beef products.
The market is experiencing substantial growth, largely driven by the increasing consumer preferences and demand for beef products. This trend has prompted significant shifts in production practices, marketing strategies, and consumer offerings across the industry landscape. Consumers are increasingly seeking specific attributes such as grass-fed and organic meat, driven by their desire for healthier and more sustainable options. Consequently, manufacturers are adapting to these preferences by implementing practices such as raising cattle on pasture-based diets and avoiding synthetic additives. This alignment with consumer demands is driving market growth as producers strive to meet the evolving needs of health-conscious consumers.
A key factor shaping the market growth is the growing demand for grass-fed and organic beef. There is a growing awareness of health benefits among people which is fuelling the demand and consumption of organic food products, including organic meat. Consumers in the US are becoming more aware of the food they consume due to the growing number of people with health problems, including chronic diseases such as diabetes and hypertension in the region.
Moreover, there is an increasing preference for grass-fed meat due to its various value-added benefits, including better taste and high nutritional value. Hence, such benefits will positively impact the market. Therefore, it is expected to drive the market growth during the forecast period.
Rising competition from alternative proteins is one of the key challenges hindering market growth. There is a growing popularity for alternative proteins, such as plant-based and lab-grown meat substitutes, as consumers are becoming more aware of health-conscious, environmentally aware, and open to trying new protein sources. These alternative protein options mainly cater to those consumers who are constantly seeking healthier and more sustainable choices.
Moreover, there is an increasing consumption of these alternatives by some consumers to reduce their red meat consumption for health reasons. Additionally, these products are marketed as eco-friendly due to their lower carbon footprint and reduced land and water requirements which can attract consumers. Hence, such factors are negatively impacting the market. Therefore, it is expected to hinder the market growth during the forecast period.
The wide culinary usage will fuel the loin segment, which in turn will increase the US beef market growth analysis during the forecast period. The loin segment is essentially expensive among beef carcasses due to its fat content and high-quality meat. This segment needs shorter cooking times and is often prepared using dry-heat cooking methods, including grilling, broiling, and pan-searing. There is an increasing adoption of this segment in upscale restaurants, and are often the centerpiece of special occasions and steakhouse menus. Factors such as wide culinary usage and tenderness are expected to fuel the growth of this segment which in turn will drive the US beef market growth during the forecast period.
The flavor and texture of the brisket segment will increase the market growth during the market forecast period. Brisket is a flavorful and often affordable cut of meat that is sourced from the chest area of the cow. Briskets are mostly used for barbecue and smoked meat preparations. There is an increasing demand for briskets in the US as it is an essential part of the US barbecue culture, especially in regions such as Texas. Additionally, slices of briskets are served with sandwiches or as barbecue platters. Several factors such as flavor, texture, and servings in sandwiches and burgers are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
The offline segment is estimated to witness significant growth during the forecast period. The offline segment includes supermarkets, hypermarkets, specialty stores, hard discount stores, and convenience stores. Some of the prominent retailers that have dedicated sections for meat at their stores include Tesco Plc (Tesco), Walmart Inc. (Walmart), and Target Corp. (Target). Several market players are innovating various strategies including promotional and marketing strategies, such as branding through signages and discounts, on product packages at their stores to boost sales in these offline distribution channels.
The offline segment accounted for USD 37.30 billion in 2018.
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Several market players in the organized retail sector supply meat based on their geographical presence, ease of production and inventory management, and transportation of goods. Additionally, there is an increasing investment by these market players in brick-and-mortar organized retail stores to increase their regional and global shares in the market. In addition, there is increasing preference by consumers for the offline segment due to the heavy discounts offered by supermarkets and hypermarkets and the use of attractive cabinets to display varied types of meats. The increasing strategic partnership of major market players with organized retailers is expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
The growing preference for the online segment among consumers will increase the market growth during the forecast period. The main advantage of the online segment is that it enables consumers to research websites, blogs, and social media before making a purchasing decision. The increasing shift in shopping preference is primarily led by the high penetration and geographical reach of e-retailers. Everyday Meat, Rakuten Inc., LuLu Hypermarket, TenderCuts, Gear Patrol, and Licious Inc. Retailers such as Walmart, Costco, Alibaba Group Holding Ltd. (Alibaba Group), and Sears are some of the key e-retailers that offer the meat through online platforms. Additionally, the online segment enables manufacturers to expand their distribution networks by partnering with third-party e-retailers and raising their sales by expanding their geographic presence. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the market research and growth period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market forecasting growth and analysis.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about Key companies, including:
Agri Beef Co., Cargill Inc., Conagra Brands Inc., CTI Foods LLC, Greater Omaha Packing, Green Vista Farm LLC, Hilltop Angus Farm, Hormel Foods Corp., JBS SA, Kenosha Beef International Ltd., Marfrig Global Foods SA, Minerva Foods SA, NH Foods Ltd., OSI Group LLC, Perdue Farms Inc., Premium Brands Holdings Corp., Rain Crow Ranch, Sysco Corp., Tyson Foods Inc., and Verde Farms
The market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
Wagyu Beef Market Analysis APAC, North America, Europe, Middle East and Africa, South America - Japan, US, Hong Kong, Australia, UK - Size and Forecast
Grass-fed Beef Market by Product, Distribution channel, and Geography - Forecast and Analysis
Beef Market - North America, Europe, EMEA, APAC: US, Canada, China, Germany, UK - Forecast
Beef is a significant source of animal-sourced protein in the food sector, catering to the nutritional needs of consumers worldwide. The meat's high protein value, essential nutrients, and versatility make it a staple in various cuisines. In recent years, health consciousness has influenced consumer behavior, leading to a shift towards leaner cuts like Brisket, Shank, Loin, and premium beef options like organic and dry-aged. Middle class consumers and cafes and eateries have driven the demand for beef, particularly in convenience foods. Consumers' dietary habits have evolved, with an increasing preference for sustainable practices and reduced fat and calorie content. The beef industry faces challenges in meeting these demands while ensuring food safety, traceability, and ethical considerations. Kosher and Halal beef cater to religious consumers, while sustainable farming practices, genetic engineering, and disease resistance are essential for environmental impact and disease control. Plant-based proteins, insect proteins, and cultured meat are emerging alternatives to traditional beef, addressing health concerns and environmental impact. The future of the beef market lies in adapting to these trends while maintaining meat quality and consumer trust.
Market Scope |
|
Report Coverage |
Details |
Page number |
134 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.2% |
Market growth 2024-2028 |
USD 8.1 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.16 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Agri Beef Co., Cargill Inc., Conagra Brands Inc., CTI Foods LLC, Greater Omaha Packing, Green Vista Farm LLC, Hilltop Angus Farm, Hormel Foods Corp., JBS SA, Kenosha Beef International Ltd., Marfrig Global Foods SA, Minerva Foods SA, NH Foods Ltd., OSI Group LLC, Perdue Farms Inc., Premium Brands Holdings Corp., Rain Crow Ranch, Sysco Corp., Tyson Foods Inc., and Verde Farms |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Type
8 Customer Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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