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According to the most recent report by Renub Research, titled “Global Beef Market By Production, Consumption, Import, Export, Company” The demand for meat has increased in China, especially beef, and it’s replaced us from the primary place for beef consumption. This growth is because of the rise in income of China and also the USA. Most of the non-vegetarians in us prefer beef over other meat products like pork, chicken, mutton, turkey, etc. This growth in consumption throughout the globe, for beef, has increased with a better supply chain and growing demand for protein in multiple counties.
Beef is also utilized in fast food products within us and western countries. The consumption of beef in other countries like Russia, Chile, Japan, South Korea, Hong Kong, Egypt, Malaysia has grown during the past few years; this growth will propel beef stores within the forecasted years also. consistent with Renub Research analysis, Global Beef Market is forecasted to be US$ 412.2 Billion by the top of the year 2026.
The impact of COVID-19 on the Global Beef Industry
The global beef industry is disturbed by the breakdown of Coronavirus, thanks to which marketplace for beef will decline within the year 2020 because the global supply chain has broken thanks to restrictions imposed by government authorities. Moreover, global countries have imposed temporary lockdown to prevent the spread of COVID, and rumors of an epidemic transmitted from livestock to humans have also restricted the expansion of the meat market during that period. consistent with Renub Research findings, the meat market will have a decline within the half of the year 2020, but it’ll have a fast recovery within the last half of the year 2020.
Beef and veal (meat from calves) have the very best protein content compared to other meat forms and this is often expected to extend their demand as a key source of protein. Veal has the very best protein content of 33.9% per 100 gm of cooked meat, which is above the other sort of meat. Pork, on the opposite hand, has a protein content of 29.3% while chicken has 28.9% per 100 gm. China could be a prominent market, driven by increasing demand for the meat, supported by rising income. China has witnessed double-digit growth in income and it’s expected to take care of an equivalent trend over the approaching years. Improving the living standards of the people within the country have resulted in a shift in meat preferences, with most choosing beef-based products instead of products derived from pork and chicken.
Rising urbanization, growing global population, and therefore the got to feed them are a number of the key factors expected to contribute to market growth. The rapid and up to date spread of diseases within the pork and poultry markets have resulted in consumers turning to beef and associated products. Besides, increasing demand for special cuts of meat, including kosher and halal beef, is anticipated to fuel the market.
The major driving factor that’s fuelling the demand for the worldwide beef market is the rise in the income of the consumers across the world. The rise in urbanization is another major factor that’s driving the beef market across the globe. Moreover, beef is high in protein, thus the increase in awareness of high protein consumption is met by beef. additionally, the food questions of safety like pathogen detection problems and chemical residue in meat products like poultry and pork have increased the demand for the beef market across the world. The notable gap between demand and provision of beef thanks to its limited production due to several environmental and political factors is one of the main factors that’s restraining the demand for the meat market globally. additionally, the price rise of beef within the developed markets thanks to the limited supply of beef from North America is another restraining factor of the meat market.
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Rise within the availability of cattle in regions like Argentina, Paraguay, Uruguay, and other countries is predicted to function a chance to the worldwide beef market. additionally, international demand for beef sustained cattle prices and powerful pasture conditions also are expected to function opportunities to the worldwide beef market. By product, the worldwide beef market is often segmented into hamburger, cubed beef, and steaks. hamburger holds the most important market share among the merchandise sorts of the worldwide beef market. Steaks are most popularly consumed in North America. Steaks are famous thanks to their fat content and taste. Steak has a high quantity of vitamins, fats, and protein.
The escalating demand for beef as a serio us source of protein is escalating globally, although in most countries beef contributes considerably lesser than 50% of overall meat intake. Furthermore, beef enriches the eating experience of consumers in developed countries also as in emerging economies. Natural resources encompass the utilization of land for cattle, access to livestock feed, and therefore the strength of the economy of the state are key determinants of meat sustainability. Moreover, the sustainability of the production of beef has myriad interpretations across a spectrum of topographical and socio-economic regions across the world that supported the beliefs, rules, religious customs, traditions, and livelihoods of a specific region.
About the Company:
Renub Research is a Market Research and Consulting Company. We have more than 10 years of experience especially in international Business-to-Business Researches, Surveys and Consulting. We provide wide range of business research solutions that helps companies in making better business decisions. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses. Our wide clientele comprises of major players in Life Sciences, Information Technology, Telecom, Financial Services (Banking, Insurance), Energy, Retail, Manufacturing, Automotive, and Social sector. Our clients rely on our market analysis and data to make informed knowledgeable decisions. We are regarded as one of the best providers of knowledge. Our pertinent analysis helps consultants, bankers and executives to make informed and correct decisions.
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