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Processed Beef Market

Processed Beef Market By Form (Chilled, Frozen, Shelf-Stable), Nature (Organic , Conventional), Application (Food Processor & Manufacturers, HoReCa Sector), Sales Channel (Traditional Grocery Stores, Supermarket/Hypermarket, Internet Retailing) & Region - Forecast to 2021 - 2031

Processed Beef Market By Form (Chilled, Frozen, Shelf-Stable), Nature (Organic , Conventional), Application (Food Processor & Manufacturers, HoReCa Sector), Sales Channel (Traditional Grocery Stores, Supermarket/Hypermarket, Internet Retailing) & Region - Forecast to 2021 - 2031

Processed Beef Market - Analysis, Outlook, Growth, Trends, Forecasts

Processed Beef Market Snapshot

[250 pages Report] According to Future Market Insights (FMI), the global processed beef market recorded year-on-year (YoY) growth of 8.9% and is accounted for US$ 112.11 Bn in 2021. The market is expected to exhibit a CAGR of 7.6% to reach the value of US$ 232.37 Bn in 2031.

Sales of processed beef will represent 37.9% of the overall demand in the global processed meat market. Increasing demand for convenience food with high shelf-stability will aid growth in the market.

Attribute

Details

Processed Beef Market Size Value in 2020

US$ 103.45 Bn

Processed Beef Market Forecast Value in 2031

US$ 232.37 Bn

Global Growth Rate

7.6%

Historical Outlook vs Future Projections of Global Processed Beef Market

As per FMI, the global market value for processed beef grew at a CAGR of around 7.2% between 2016 and 2021. Driven by surging convenience foods the market is poised to register a CAGR of around 7.6% over the forecast period

Processed meats have received a lot of attention recently. Processed meats, which have been modified from their natural state for convenience and safety reasons, are currently facing societal skepticism. On the one hand, food processing can improve overall food quality by preserving and extending shelf-life and improving flavor and consistency of food products.

The demand from a shelf-stable meat has skyrocketed after the recent pandemic wave. Chilled meat or chilled beef is also a huge part of the shelf-stable meat market and is very much in demand.

Will Innovations Remain Chief Processed Beef Market Driver?

The success of marketing meat depends on innovation and consistent production of high quality processed food products. The frozen processed meat trend is one of the key reasons behind the growth of the production and sales of processed beef. Additionally, the rise of internet retailing is boosting the sales of processed food as well as processed meat.

Increasing consumer knowledge about benefits of processed beef products is driving sales among household and residential purchasers. Processed beef is preferred by household buyers because it has a superior taste, flavor, appearance, and shelf life than unprocessed beef.

Furthermore, with the shifting taste palates and openness to try new goods, consumers in developed regions such as North America and Europe have begun to choose freshly processed meat products, particularly processed beef.

Moreover, consumers who are health and sustainability-conscious prefer natural, organic, and nutritional products, which is why the sale of organic meat or organic beef more specifically is fast expanding.

How Will Frozen Beef Demand Affect Sales of Processed Beef?

The trend of frozen foods has taken off owing to the new-age consumers’ desire for food traceability. With the convenience element linked with frozen food, consumers in various regions are expected to invest heavily in its purchase. Rapid developments in freezing procedures to increase the shelf life of processed beef products without sacrificing quality are driving frozen beef sales in the processed beef sector.

To stimulate the adoption of frozen beef and chilled beef or chilled meat products, manufacturers in the processed beef market are expected to offer fascinating innovations in terms of look, taste, packaging, and tastes, based on these rising consumer demands.

Furthermore, with the rise of fast food, food items like meat patty made of ground beef are in high demand. However, the trend of meat extenders may impact the processed beef market negatively.

Processed Beef Market Country-wise Analysis

What are the Factors Driving EU-4 Processed Beef Market?

The Europe market is expected to register impressive growth at a CAGR of 8.8% over the forecast period, owing to increasing demand for processed meat products. The EU-4 processed beef market is dominating the Europe with a market share of more than 51.9% in 2021,

Will China Continue Dominating Asia Pacific Processed Beef Market?

The China processed beef market is estimated to account for 54.6% of sales in Asia Pacific 2021. According to FMI, the consumption of processed beef in India is expected showcase a higher rate of growth at a CAGR of 12.7% over the forecast period.

Consumers' hurried and chaotic lifestyles have come from China's growing urbanization and industrialization. This fast-paced lifestyle has resulted in new eating patterns that deviate from the traditional three-square-meal dinner table.

Subsequently, the demand for convenience food is on the rise, which has resulted in high sales of processed beef in China.

What is Driving Sales of Processed Beef in South Korea?

In 2021, South Korea held a share of 30.0% in the Asia Pacific market. According to FMI, the demand for processed beef in ASEAN countries is expected to grow at 13.8% CAGR over the forecast period. As packaged processed beef products are sold by well-established corporations like the WH Group Godrej Tyson Foods Ltd in most countries in the Asia Pacific, they are deemed hygienic and of good quality. This will remain one of the chief factors driving sales of processed beef in South Korea.

What is Driving Processed Beef Sales in GCC countries?

According to FMI, the sales of processed beef in GCC Countries is estimated to account for 30.3% of the overall Middle East and Africa market in 2021. Processed beef with claims like halal and Kosher is gaining traction among consumers in the Middle East and Africa. This also is expected to remain a chief growth driver of the market in GCC countries.

Processed Beef Market Category-wise Insights

Chilled Processed Beef Gaining Traction

According to FMI, sales of chilled processed beef is anticipated to grow at a CAGR of 7.0% over the forecast period, owing to increasing demand for extended shelf life meat products. The storage life of chilled meat can be extended by packaging the product with N2 or CO2.

How Will Sales Conventional Processed Beef Fare?

In 2021, conventional processed beef accounted for approximately 85.4% of the global market, while the demand for organic processed beef is expected to rise at a CAGR of 9.2% during the forecast period.

Why is Processed Beef Demand Rising among Household and Residential Buyers?

Based on buyer type, household and residential buyer segment is estimated to account for a market share of 57.5% in 2021. High preference for convenient breakfast food items will spur growth in this category.

Sales via Supermarket/Hypermarket to Pick Up Pace

Supermarket/hypermarkets accounted for 44.6% sales in 2021. They are expected to continue dominating the market based on the sales channel. The ability to check and select their products in real-time draws meat buyers towards supermarket/hypermarket.

Processed Beef Market Competition Landscape

Processed beef manufacturers are focusing on developing novel and unique items that will appeal to consumers. They are introducing a variety of processed beef products with distinct aromas, shapes, flavors, and nutritional benefits. The global demand for chilled and frozen processed beef is growing. Modern trade and internet selling are boosting the availability of processed beef products.

Report Scope

Attribute

Details

Market Size Value in 2020

US$ 103,459.9 Million

Market Forecast Value in 2031

US$ 232,373.6 Million

Global Growth Rate

7.6%

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

MT for Volume and US$ Million for Value

Key Regions Covered

North America, Latin America, Europe, Asia Pacific, Oceania, MEA and Japan

Key Countries Covered

United States, Canada, Brazil, Mexico, Argentina, Chile, Rest of LATAM, EU-4, UK Nordic, BENELUX, Russia, Rest of Europe, Australia, New Zealand, India, China, South Korea, ASEAN Countries, Rest of Asia Pacific,  South Africa, GCC Countries, Turkey, Sub Saharan and Rest of MEA

Key Market Segments Covered

Form, Nature, Buyer Type, Sales Channel, and Region

Key Companies Profiled

  • JBS SA,
  • Hormel food 
  • Harim Co Ltd
  • Tyson Foods Inc.
  • Danish Crown A/S
  • Cargill Meat Solution Corp.
  • WH Group
  • BRF SA
  • Smithfield Foods, Inc.
  • SYSCO Corp
  • Others

Pricing

Available upon Request

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Market Segments Covered in Processed Beef Market Analysis

By Form

  • Chilled
  • Frozen
  • Shelf Stable

By Nature

  • Organic
  • Conventional

By Buyer Type

  • Food Processor & Manufacturers
  • HoReCa Sector
  • Household and Residential Buyers

Sales Channel

  • Traditional Grocery Stores
  • Supermarket/Hypermarket
  • Internet Retailing
  • Convenience Store
  • Discounters
  • Other Sales Channel

By Region

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Oceania
  • Middle East & Africa
  • Japan

Key Questions Answered in the Report

How big is the processed beef market?

Currently processed beef market is worth more than US$ 112.11 Bn.
Processed beef consumption is expected to grow at a CAGR of around 7.6% during he period 2021-2031.
In terms of revenue, processed beef market grew at a CAGR of around 7.2% during 2016-2020
Processed beef market is still at a nascent stage in developing countries, thus more attention towards marketing campaigns is needed to improve awareness about its various health benefits. Processed beef consumption is fast expanding as a result of its distinct flavor, long shelf life, and nutritional characteristics. Organic processed beef is becoming increasingly popular among health-conscious consumers.
Market players are focusing on merger and acquisition strategies, technological advancements to gain competitive edge in the global market.
The top 10 producers of processed beef hold around 25-40% of the market share.
The U.S., EU-4, Brazil, ASEAN countries, and China are exhibiting high demand for processed beef.
The demand for processed beef will rise at 6.2% CAGR in North America.

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