USD 928.45 billion
Report ID: SQSG30I2010 | Region: Global | Published Date: November, 2022 | Pages: 165 | Tables: 64 | Figures: 75
Beef And Veal Market size was valued at USD 928.45 billion in 2021 and is poised to grow from USD 991.58 billion in 2022 to USD 1792.55 billion by 2030, growing at a CAGR of 6.80% in the forecast period (2023-2030).
Global meat production has increased by 59% over a decade and is expected to grow due to increasing population and meat consumption. Argentina and the US are the leading consumers of beef and veal globally with the consumption of 36.85 kg/capita annually and 26.08 kg/capita annually respectively. The global beef and veal consumption stood at 71.45 million metric tons in the year 2021 and is expected to grow to 77 million metric tons in the year 2030 of which the US held the largest share with 12.40 million metric tons in 2021 followed by China with 8.60 million metric tons and Brazil with 7.42 million metric tons.
According to USDA data on agricultural imports 2022, the US imports more beef and veal than it exports and Canada is the largest supplier accounting for 27% of the total imports followed by Australia and Mexico which stood at 24% and 22.1% of the total volumes. Hence, the growing demand for meat is driving the global beef and veal market growth during the analysis period. Moreover, the increase in number of fitness enthusiasts is likely to propel the demand for meat items at a larger scale.
US Beef And Veal Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 928.45 billion
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Global beef and veal market is segmented on the basis of type, distribution channels, and region. Based on type, the market is segmented into Beef and Veal. Based on distribution channel, the market is segmented into supermarkets, hypermarkets, convenience stores, specialty stores, and online retail platforms. Based on region, the beef and veal market segmentation spans North America, Europe, Asia-Pacific, South America, and MEA.
Beef And Veal Market Analysis by Type
The beef and veal market are segmented into beef meat and veal meat based on the type of market. The beef meat segment accounted for 39% of the global meat market in the year 2022 and is expected to retain the dominating stance throughout the analysis period. As veal is consumed less as compared to beef due to low meat and higher cost of production. Increasing demand for animal protein and growing awareness regarding health benefits will boost the beef meat demand during the analysis period. Consumer behavior regarding beef and veal consumption is growing year on year which will show a positive impact on the market and help in beef and veal market growth during the forecast period.
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In 2022, according to USDA agricultural report, US beef and veal industry alone contributed 17% of the US$ 390 billion total revenue generated by agricultural commodities. North America is one of the dominating beef and veal markets globally. This dominance is due to the presence of countries like the US, Canada, and Mexico who are among the largest beef and veal producer and exporters and contribute to the beef and veal market in the region. Brazil and Argentina are one of the largest beef and veal consumers globally with 10.4 million metric tons and 3.5 million metric tons of beef consumption according to USDA, in the year 2021.
The Asia Pacific region is expected to grow at a CAGR of more than 6.4% through the analysis period and China is the largest consumer and producer of beef and veal in the Asia Pacific followed by India which only promotes the slaughter of water buffalo.
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Beef And Veal Market Driver
Growing demand for meat-based protein sources globally
Beef And Veal Market Restraint
The growing environmental effects and popularity of meatless meat is a major restrain
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The global beef and veal market is relatively fragmented, with a high level of competition. Few large players, like Tyson Foods Inc., Cargill Inc., and National Beef Packing Company LLC., now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability.
Beef And Veal Market Top Player’s Company Profiles
Beef And Veal Market Recent Developments
In April 2022, Hormel Foods Corporation announced its organic meat products demand growing up and it has shown a growth of 37% over the last two years which is more than the overall meat market which has only grown by 20% in the same period.
In April 2022, the per capita meat consumption of meat in Germany decreased by 600 grams as compared to 2021. This report also shows a decline in total meat production too which is 2.4% lower than the previous year.
In February 2022, Tyson Foods Inc. announced its investment into a US$ 355 million bacon production facility in bowling green. This will help the company to meet the rising demand for bacon products and long-term growth in the beef and veal industry.
In January 2022, the USDA reported a decline in cattle headcount slaughtered because of soring price of beef by 17% as compared to 2021 which has led to increased input cost and reduced output.
The beef and veal market has witnessed exponential growth over the past years because of the growing demand for meat-based protein and fast food raising globally. Multiple QSRs providing 100% beef burgers and hotdogs are growing in the US rapidly due to the swelling demand for meat-based foods. Rising demand for organic meat also contributed a lot to the market as the sales of organic meat have grown by 37% over the last year which is more than the overall meat industry growth. This will also push the beef and veal market growth during the analysis period.
Beef and veal market has witnessed a price hike per pound of meat which is encouraging ranchers to increase the herd size and earn more profit.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to the global beef and veal market report analysis, Beef meat accounts for 41%of the global meat market in the year 2022, and beef meat will retain the dominating stance throughout the analysis period. Global meat production has increased by 55% over a decade and is expected to grow due to increasing population and meat consumption. North America is one of the most dominating market globally.
|Market size value in 2021||USD 928.45 billion|
|Market size value in 2030||USD 991.58 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Beef And Veal Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Beef And Veal Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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