Beef is a meat that comes from cow, buffalo, or bull. Consumption of beef dates back to prehistoric periods. Major factor driving growth of the global beef market is increasing awareness regarding advantages of high protein meat consumption among individuals. However, overconsumption of beef can increase risk of heart deceases and diabetes. These factors may hamper growth of the target market.
The global beef market has been segmented on the basis of quality grade, product outlook, and distribution channel, and region. On the basis of quality grade, the market is segmented into prime, choice, select, and standard and commercial (ungraded).
On the basis of product outlook, the market is segmented into steak, ground beef, and clubbed beef. Ground beef segment dominates the global market in terms of revenue. Steak beef segment is expected to witness significant growth in terms of revenue in the near future, owing to increasing popularity of steak among consumers especially in the US. In addition, streak contain high amount of vitamins, minerals, and proteins. Increasing consumption of steak due to its unique taste and nutritional content is another factor fueling growth of the global beef market. On the basis of distribution channel, the market is segmented into supermarkets and hypermarkets, retail stores and department stores, specialty stores, and online stores.
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Based on the region the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Currently, the market in North America dominates the global market in terms of revenue, owing to high amount of meat consuming population and increasing popularity of steaks among consumers. Latin America and Middle East & Africa market is expected to witness high growth in terms of revenue in the near future, owing to increasing levels of red meat consumption among consumers.
Key players operating in the global beef market include Tyson Foods, Inc., Cargill Meat Solutions Corporation, JBS USA Holdings, Inc., National Beef Packing Co. LLC, St.Helens Meat Packers Limited, Levinoff-Colbex S.E.C., Smithfield Foods, Inc., VION Holding N.V., Danish Crown A/S, and Marfrig Global Foods S.A.