- The worldwide beef market is estimated to cross USD 2, 100 billion by 2020. Beef is the meat obtained from bovine animals. These animals include buffalos and cows. In terms of volume consumption, beef is the world’s third biggest consumed meat.
In 2012, beef’s demand was 67,400 kilo tons globally. It would surpass 72,000 kilo tons by 2020. The demand will grow at a CAGR over 1.3% from 2014 to 2020. The key factors driving the beef market are augmented urbanization and incomes. The market is also driven by rising awareness regarding consumption of proteins.
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Other market propelling factors are increased food safety issues. Some of these issues include pathogen detection problems, and chemical remnants in poultry and pork meat. In the past few years, the beef market has displayed moderate growth. This was because of increased beef consumption in Argentina, China, India, and Brazil.
These four markets contributed over 60% of the global beef production. Kosher is a kind of beef generally eaten by Jewish people. Israel, North America, and Europe have the largest Jewish population. On the whole, they accounted for over 80% of the Jewish population globally. Due to this large population, these regions are the hubs of kosher beef.
Other than kosher, halal beef is mainly consumed by the Islamic population globally. Beef is one of the most preferred meats for Islamic people. This arises from their religion forbidding the consumption of pork. In 2013, ground beef was the majorly consumed beef product and contributed over 43.5% of the global beef consumption.
The segment is estimated to lose shares in the future. This is a result of the changing preferences of consumers for steaks, and low fat. Due to their low fat content, and good taste, steaks are the most popular beef product in North America. The leading regions of the beef market include Africa, Brazil, Middle East, and Argentina.
These regions would experience significant growth in export and domestic sectors. This may stabilize cattle prices in the upcoming years. The major beef markets in Asia Pacific are Japan, Australia, China, Pakistan, and India. China has experienced significant growth in disposable incomes. Owing to the same, the nation is one of the largest beef markets.
Information Source: Grand View Research
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