(I-BusinessNews.Com, April 10, 2022 ) The beef market size is estimated to reach $413 billion by 2027, growing at a CAGR of 3.2% during the forecast period 2022-2027. Beef is the culinary term for meat from cattle. Corned beef is meat that has undergone curing in a salt solution. Prior to refrigeration, meat was salted and cured to be conserved. Historically, any kind of meat could be subjected to the curing procedure that makes what is termed corned beef presently. In the U.S., corned beef is prepared from beef brisket. It may be observed at Jewish delis and that is owing to the brisket being a conventionally kosher cut of meat that is cured to soften it. Broiled and ground beef includes fats and protein. The constant stride of increase in beef consumption including corned beef is set to drive the Beef Market. The introduction of different cold storage options and the augmented hike in the count of regional butchers are set to propel the growth of the Beef Market during the forecast period 2022-2027. This represents the Beef Industry Outlook.
Beef Market Segment Analysis – By Product
The Beef Market based on the product can be further segmented into Ground Beef, Streak Beef, and Cubed Beef. The Ground Beef Segment held the largest market share in 2021. This growth is owing to the soaring intake of ground beef. Ground beef provides health advantages like support in creating cells, boosting the immune system, backing hormone generation, and restocking iron stores. The availability of fats and protein in ground beef is further propelling the growth of the Ground Beef segment.
Furthermore, the Cubed Beef segment is estimated to grow with the fastest CAGR of 3.8% during the forecast period 2022-2027 owing to the affordability of cubed steaks prepared which are flavorful cuts of beef that are pre-tenderized and effortless to fry in conjunction with the economy cubed beef patties being a good source of fats and protein.
Beef Market Segment Analysis – By Cut
The Beef Market based on a cut can be further segmented into Brisket, Shank, Loin, and Others. The Brisket Segment held the largest market share in 2021. This growth is owing to the increasing application of brisket in the preparation of corned beef worldwide, specifically by the Jewish population. Brisket is meat around the breast bone. The ease of gradual cooking of brisket in barbeques in conjunction with brisket being one of the most flavorful cuts in the meat is further propelling the growth of this segment.
Furthermore, the Shank is estimated to grow with the fastest CAGR of 4.1% during the forecast period 2022-2027 owing to the surging application of shank in preparation of low-fat ground beef owing to the meat being lean and being situated in the forearms of the animal in front of the brisket.
The Beef Market based on geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America (Beef Market) held the largest share with 37% of the overall market in 2021. The growth of this region is owing to the existence of dominant global producers like the U.S. in the region. The surging Jewish and Islamic populations consuming Corned beef and halal foods respectively in the U.S. is further driving the growth of the Beef Market in this region. The existence of key players like Cargill in the U.S. in the region is further propelling the growth of the Beef Market in the North American region.
Furthermore, the Asia-Pacific region is estimated to be the region with the fastest CAGR rate over the forecast period 2022-2027. This growth is owing to factors like the surging intake of beef by countries like China, Australia, and Japan in the Asia-Pacific region. The proliferating inflation in the livestock population in the developing economies of South-East Asia in conjunction with the enormous application of concentrate animal feeds for improving the development of animals and meat quality including parts like brisket is further fueling the progress of the Beef Market in the Asia-Pacific region.
Beef Market Drivers
Surging Technological Innovations In Beef Production Are Projected To Drive The Growth Of Beef Market:
Through the application of sensors, cattle producers can record practically anything within their flocks. With wearable sensors, beef producers can supervise general animal and rumination, illness, and lameness effectively and with greater precision. Sensors can also be utilized to build virtual fencing for livestock. Drones are tiny, air-bound robots that permit producers to more effortlessly supervise feedlots and ranches. Drones can inspect fence lines, water troughs, and gates, and administer pasture more efficiently by way of aerial images and video. Corned beef is usually prepared from brisket. On a beef operation, robots can carry out tiny, typical tasks like daily feeding. Artificial intelligence, specifically machine vision, can utilize digitized camera images to evaluate every animal’s depth, size, and even fat content to precisely forecast that animal’s market potential. The surging digital innovations are therefore fueling the growth of the Beef Market during the forecast period 2022-2027.
Soaring Recognition Of Corned Beef Is Expected To Boost The Demand Of Beef Market:
Corned beef is connected with conventional Irish and Jewish cuisines. The recognition of corned beef in comparison with back bacon amidst the immigrant Irish may be owing to corned beef being regarded as a luxury product in their native land, while it was affordable and readily accessible in America. The Jewish population prepared identical corned beef brisket, smoking it into pastrami. In the U.S. and Canada, corned beef is usually accessible in two forms: a cut of beef (typically brisket, but sometimes round or silverside) cured or pickled in a seasoned brine, or cooked and canned. In the U.S., the intake of corned beef is frequently related to Saint Patrick’s Day. The soaring recognition of corned beef is driving the growth of the Beef Market during the forecast period 2022-2027.
Existence Of Plant-Based Beef Is Hampering The Growth Of The Beef Market:
Plant-based beef and mince are recognized constituents in vegan cooking presently. The purpose behind plant-based alternatives for the least environmentally-friendly constituents like beef in the food industry is to have a worldwide food chain kinder to animals and the planet. The pursuit is for meat substitute products. Products like plant-based hot dogs, veggie burgers, and vegan sausages are trending in restaurants and grocery stores. The U.S. plant-based firm Beyond Meat has been on the frontlines of the alternative-meat industry since its debut in 2009. It incorporates the freedom and versatility to convert any recipe into a meaty plant-based masterpiece. Beyond Beef has been developed by Beyond Meat with 100% plant-based protein, nil GMOs (Genetically Modified Organisms), nil gluten, and nil soy. Recipes like Beyond Beef Mediterranean Skewers can be performed. The existence of plant-based beef like Beyond Beef is hampering the growth of the Beef Market.
Beef Industry Outlook
Surging production capacity and engagement in e-business platforms to extend their distribution channels and footprint in the market are key strategies adopted by players in this market. The top 10 companies of Beef market include:
Tyson Foods, Inc.
Marfrig Global Foods S.A
NH Foods Ltd.
St Helen’s Meat Packers
Hormel Foods Corporation
National Beef Packing Company, LLC
Vion Food Group
In December 2021, Tyson Foods is taking another step in its endeavors to evolve into the most sought-after place to work by offering more access to economical childcare for frontline workers and their families. The firm plans to create on-site childcare and learning amenities at its novel Humboldt, Tennessee, poultry processing plant, and currently declared a program at its Amarillo, Texas, beef plant, to work with two local providers to offer free childcare to the children of second shift workers. The $3.5 million Humboldt facility, anticipated to be operational in 2023, will back up to 100 children, five years of age and younger, and engage a staff of 18.
In December 2021, Cargill Inc. has consented to purchase the majority of Croda International PLC’s performance technologies and industrial chemicals enterprise for slightly over $1 billion, the firms declared on Wednesday. The Minnetonka-based agribusiness giant will acquire approximately 1,000 employees and five production facilities globally that make options for petroleum-based plastic. Cargill will be incorporating the portion of Croda that concentrates on providing sustainable solutions in progressive technologies, like the circular plastics economy, electric vehicles, and additional renewable technologies.
In January 2021, Vion Food Group declared that it aims to gain Adriaens, a beef manufacturer based in Zottegem, Belgium, as it targets to extend its position in the nation. With its headquarters in the Netherlands, Vion is a global food firm with actions ranging the meat and plant-based meat alternative markets. The news of its designed takeover of Adriaens succeeds a period of ‘intensive cooperation’ between the two firms.
Geographically, North America Beef Market accounted for the highest revenue share in 2021 and it is poised to dominate the market over the period 2022-2027 owing to the soaring intake of beef including corned beef in the U.S. in the North American region.
Beef Market growth is being driven by the surging demand for beef including corned beef and veal possessing the greatest protein content in comparison with other kinds of meat. However, the greater prices of beef compared to other kinds of meat is one of the major factors hampering the growth of the Beef Market.
Beef Market Detailed Analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Beef Market report.
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