“Beef market is projected to expand with moderate growth rate over 2019-2029” says new Visiongain report
16 July 2019
Visiongain has launched a new food & beverage report Beef Market Report 2019-2029 : Forecasts by Cut (Brisket, Shank, Loin), by Slaughter Method (Kosher and Halal) PLUS Profiles of Leading Companies and Regional and Leading National Market Analysis.
The global Beef Market is anticipated to experience moderate growth over the forecast period. Beef consumption has been steady in recent years, following a sharp decline in 2015 due to a significant increase in the retail price of beef globally. Beef sales, along with many other categories, faced a challenging year particularly in 2018, with a difficult trading environment across many developed economies. Flat household income growth, combined with a rising cost of living (electricity, childcare, etc), led to more cautious consumers and suppressed consumer spending. The relationship between retail price and per capita consumption is extremely strong, reflected in consumer research, which continues to show that price as the main reason for consumers eating less red meat, well above health or animal welfare/environmental concerns.
Despite recent challenges faced by the companies operating in the global beef market, consumers primarily in developed economies love beef and remain to drive the growth of the market. However, maintained beef per capita consumption is anticipated to face some challenges as the forecast supply pressures on beef price may lead to growing price spread against chicken and pork. Thus, reinforcing beef's strengths as a superior, versatile, quality and nutritious offering will be critical for the producers to keeping its large role in consumer diets. Further, households in developing economies such as India, where economies continue to increase, are seeking to improve the quality and quantity of beef they consume on per capita basis.
Some of the major companies operating in the global Beef market are Tyson Foods, Inc., Danish Crown, Cargill, Incorporated, Marfrig Global Foods S.A., NH Foods Ltd., Minerva Foods, St Helen's Meat Packers, Hormel Foods Corporation, JBS USA, National Beef Packing Company, LLC., Vion Food Group, and Australian Agricultural Company Limited.
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