Global beef production and consumption is expected to grow at a steady rate during 2016-2020. Increase in demand due to increasing status quo and awareness on beef protein content are driving the global supply.

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    Beef market frequently asked questions

    The global beef market size is currently valued at over $385 billion. According to Beroe experts, the global beef industry size is expected to grow at a CAGR of more than 3 percent until 2025. The US beef market size is approximately over $60 billion. The market size is expected to grow in the coming years as the demand for beef rises due to a variety of factors. Although there was an oversupply of beef in the past, this scenario will change in the future. The beef supply and demand will balance out thereby eliminating the oversupply of beef in the global market.

    The beef price cost is divided into three costs; feed cost, operating cost, and others. The feed cost accounts for 72 percent of the total beef cost while the operating cost accounts for 18 percent of the total beef cost. The other costs account for 10 percent of the total cost.

    The prices depend on the seasons. The climate can dictate the prices. When cattle spend their time in feedlots, the weather can have a big impact on them especially their weight. Hence, apart from the biological factors that can affect livestock, the season and weather matter too. Buyers can expect the beef prices to be much higher when the spring and summer arrive as the fast food industry relies on beef. However, during times when fast food isn't that popular, i.e. during the winter, prices can be much lower in comparison.

    The top suppliers of beef include JBS USA, Tyson Foods, National Beef Packing Co., and Cargill Meat Solutions Corp. according to the beef category intelligence report by Beroe.

    According to the beef trends and the Beroe research, the biggest beef exporters include New Zealand, India, the US, Australia, Argentina, and Brazil. Combined, these regions contribute to a total of 75 percent of beef exports globally. As per industry experts, India will continue to export more beef thereby leaving behind Australia and Brazil in the coming few years. The US and China are the biggest beef importers currently and this trend is likely to continue in the forecast period.

    As per the beef market report by Beroe, there are numerous beef market drivers. First, the demand for beef is increasing worldwide because of its high protein content. Secondly, certain regions such as China have witnessed an increase in demand for beef compared to other meat such as pork, etc. This push has helped the growth of the beef market. Thirdly, as beef is cheaper compared to other meats, people are preferring it.

    The US is known like many other regions for its agro commodities and ingredients. However, with the increase in demand for beef cuts and other beef products, the US might need to import more beef than before. From 2013 to 2018, the consumption of beef in the US grew at a CAGR of 0.79 percent. As per the industry experts, beef consumption in the US can increase by 1.3 percent. As for the supply in the US, it is expected to increase too. From 2013 to 2018, the beef supply in the US grew at a CAGR of 0.73 percent. This is expected to go much higher; by at least 2.9 percent compared to before. The favorable weather conditions will help boost supply in the US.

    Beef market report transcript

    Beef Global Market Outlook

    • The global beef market size was estimated at $385.7 Bn and is projected to grow at a 3.1% CAGR during 2019-2025. An increase in supply is driven by rising demand owing to the increasing status quo and awareness of beef protein content. 
    • The global beef production is driven by major beef producing regions, like the US, Brazil, the European Union (EU), China, India, and Australia, accounting for around 71% of the total production.
    • Beef prices exhibit seasonality due to the dependency of biological and market fundamentals on climatic conditions.
    • Cattle spend most of their time in outdoor feedlots before reaching the market (the last six months in the life cycle at the farm). The weather conditions during that period may affect the cattle's weight, and in turn, supply.
    • Scope for higher fast-food sales during spring and early summer can push beef prices higher; low fast-food sales in the winter may weigh on prices. Buyers can make use of such price seasonality to secure better prices.
    • The entry of different cold storage substitutes, a tremendous rise in the number of domestic butchers, and rising demand for protein-rich food items are some of the major factors that will fuel the global beef market growth during the forecast period.
    • While the beef demand continues to stay moderate, the rising prominence of vegan and plant-based food products is posing a huge challenge for market players.

    Global Beef Supply–Demand Analysis 

    • Global beef production and consumption were expected to grow at a 1.12% CAGR and 1.03% CAGR during 2012–2019, respectively. The beef market is expected to move from being oversupplied in 2018 to a balanced scenario post-2020. Consumption of beef is increasing in China as consumer preference is shifting to beef from other meat products.

    Market Outlook – 2018/2019

    • The global production is likely to witness an uptrend of about 2%, and India will play a major role in exporting the largest quantity of beef, overtaking Brazil and Australia.
    • Consumption of beef will continue to increase globally; the US and the EU are major drivers for beef consumption.
    • Currently, the beef market is oversupplied, where there is enough beef for everyone to have 12.25 pounds of beef/year.
    • As market players continue to cope with the preservation issues related to beef storage, the demand for both cured and non-cured beef products has surged considerably. 
    • The industrialization of the food sector in multiple regions across continents has changed gears over the recent past, as such, the production of beef has witnessed significant growth.

    Global Beef Trade Dynamics 

    India, Brazil, Australia, the US, New Zealand, and Argentina are the largest beef exporting countries, accounting for approx. 75 percent of the global exports, while the US is the largest importer of beef. Following the US, China has been increasing imports of beef of 14 percent of global imports.

    Supply-demand Analysis - The US

    • Increasing herd expansion will support domestic demand in the next 10 years.
    • Consumers consider beef worth their money, resulting in increasing beef consumption by 0.17% CAGR in the last six years. Increased consumption requires the US to import more beef to match its domestic demand.

    Demand Trends

    • The US beef consumption grew at a CAGR of 0.79 percent from 2012/13 to 2017/18. In 2018, the US consumption was expected to increase by 1.3 percent compared to the previous year
    • Since the 1950s, beef production per animal has increased 2.6 times, due to increased hormone injection into cattle to increase their carcass weight

    Supply Situation

    • The US beef market size expanded at a CAGR of 0.73 percent from 2012/13 to 2017/18. In 2018, the US supply is expected to increase by 2.9 percent compared to the previous year
    • Good climatic conditions are expected to drive steady growth in the US beef supply in the next five years, as good climatic conditions increase the availability of agro commodities and ingredients for the livestock.

    Trade barriers/regulations

    • The export demand for beef has been following a positive graph owing to increased awareness of protein content and consumption.
    • The trade war between the US and China witnessed higher domestic consumption of pork, resulting in an oversupply of beef cuts

    Why Buy This Report

    • The research study offers a holistic assessment of the present and emerging market trends and dynamics in the global beef industry.
    • An in-depth beef market analysis is conducted by calculating industry estimations for the major market segments between 2019 and 2025. 
    • Comprehensive assessment of the global beef market is carried out by following important product positioning and overseeing the key market players.
    • A 360-degree view of all regions along with the beef price trends to figure out the prevailing opportunities.
    • In-depth analysis of the beef market trends to elaborate the imminent investment pockets.
    • The global beef market size during 2019-2025 is analyzed in the report.
    • Key market players within the global beef market are profiled in this report and their strategies are examined extensively, which helps in understanding the competitive scenario.