Beef is a culinary name for meat which is obtained from animals such as buffalos and cows. Beef is one of the world most consumed meat after pork in terms of volume consumption. Beef can be harvested from bulls, cows, steers or heifers. Acceptability of beef as a food source varies in different parts of the world. Beef can be cooked in several ways such as grilling, roasting, broiling, griddle and barbeque.
Rise in the availability of cattle in regions such as Argentina, Paraguay, Uruguay and other countries is expected to serve as an opportunity to the global beef market. In addition, international demand for beef, sustained cattle prices and strong pasture conditions are also expected to serve as opportunities to the global beef market. By product, the global beef market can be segmented into ground beef, cubed beef and steaks. Ground beef holds the largest market share among the product types of the global beef market. Steaks are most popularly consumed in North America. Steaks are famous due to their fat content and taste. Steak has high quantity of vitamins, fats and protein.
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The major driving factor that is fuelling the demand for the global beef market is the rise in the disposable income of the consumers across the world. Rise in urbanization is another major factor that is driving the beef market across the world. Moreover, beef is high in protein, thus the increase in awareness of high protein consumption is met by beef. In addition, the food safety issues such as pathogen detection problems and chemical residue in meat products such as poultry and pork has increased the demand for the beef market across the world. The notable gap between demand and supply of beef due to its limited production because of several environmental and political factors is one of the major factors that is restraining the demand for the beef market globally. In addition, price rise of beef in the developed markets due to limited supply of beef from North America is another restraining factor of the beef market.
By product grade, the global beef market is segmented into Kosher and Halal. Kosher beef has been certified to have been processed according to the Jewish dietary laws. The consumers residing in North America consume Kosher beef due to several advantages such as gastronomy, food safety and quality. Halal beef is consumed by the Islamic community across the world. Since, any other form of meat is banned; beef is the preferred form of meat among the Islamic population.
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Asia Pacific is dominating the global beef market due to the increasing consumption of beef in countries such as India, China, and Japan. China is the world’s largest market for beef. Improving lifestyle of the consumers residing in China due to a significant rise in the disposable income of the consumers is the major factor fuelling the growth of the beef market in China. Middle East and Africa also accounts for a major part of the market share for the global beef market. In addition, countries such as Brazil and Argentina are also expected to show strong growth rate during the forecast period.