The market share of processed beef is predicted to grow from USD 133.4 Billion in 2023 to over USD 314.5 Billion by 2033. This is expected to further drive the market share and register a CAGR of 9% between 2023 and 2033.
In the past few decades, consumption habits and lifestyles have changed drastically, increasing the demand for processed foods across the globe. As a result of globalization and the growing popularity of different cuisines, beef consumption has increased across the globe.
In addition to the increasing consumption of packaged foods, the manufacturing sector is expected to grow rapidly. Over the next ten years, increasing demand for halal and kosher beef products is predicted to create an opportunistic environment for both established and incoming processed meat companies.
Several processed beef manufacturers are also launching brand-new products, including ham cold cuts, dry-aged beef, salami cold cuts, and deli meats. To increase sales potential, processed beef manufacturers have been introducing various flavors to increase their sales. Since processed beef is healthy, natural, and sustainable, it is becoming increasingly popular.
The demand for ready-to-eat food products has grown due to the busy lifestyles of the millennial generation. The population of individuals living far from home for education and employment is on the rise globally.
Additionally, a growing number of beef manufacturers are adapting freezing techniques because it helps improve the quality of their meat products as well as improves periodic. Due to its sustainability and high quality, frozen processed beef is experiencing rapid growth due to consumers' growing concern about the quality, sustainability, and staple used in the assembly of outcomes.
Increasingly, consumers are seeking nutritious, healthy, organic, and affordable able-to-eat products due to their busy lifestyles. Due to the health-conscious consumer preference for meat products, which are rich in protein, vitamins, and minerals, and help develop muscle, processed beef has successively been in demand.
Growth of the market is, however, hampered by the high risk of side effects, such as cancer, that are associated with organic meats. Processed meats are preserved with nitrates, and excessive nitrate use can lead to cancer and other serious illnesses. Hence, people are adopting organic or plant-based foods as healthy alternatives, but this can negatively affect market growth.
| Attributes | Details |
|---|---|
| Processed Beef Market Value (2023) | USD 133.4 Billion |
| Processed Beef Market Expected Value (2033) | USD 314.5 Billion |
| Processed Beef Market Projected CAGR (2023 to 2033) | 9% |
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Driven by the growth of the food industry across the globe, the processed beef market is anticipated to rise at 9% CAGR from 2023 to 2033 in comparison to the 7.9% CAGR registered from 2017 to 2022.
FMI provides a half-yearly comparison study and evaluation of the worldwide market's growth rates as well as its future development potential. Some demographic and innovation aspects of the market are dominated by the subjective effect of macro and industry variables.
The necessity for animal-based protein and the overall rise in health consciousness are two major factors affecting the sector. As a result of shifting dietary habits, consumer preferences for foods with low calorie and fat content and high protein value are rapidly evolving.
Additionally, the food industry is using beef more frequently, which is contributing to market growth. Burgers, sausages, and steaks made of beef are regularly offered to clients at cafés and restaurants to serve them authentic and multi-cuisine dishes.
The first quarter of 2021 saw an increase of 7.5% in the worldwide market for processed beef. However, the distribution of this increase is uneven, with developing countries experiencing greater growth rates of 8.4%.
In the second half of the projection period, numerous other market segments are anticipated to perform reasonably and achieve attractive development possibilities.
Despite these promising developments, the business is still expected to face significant obstacles, such as shifting customer tastes, strict trade restrictions, and a lack of security in the supply of raw materials and other production inputs.
| Historical CAGR (2016 to 2022) | 7.9% |
|---|---|
| Historical Market Value (2022) | USD 122.1 Billion |
| Forecast CAGR (2023 to 2033) | 9% |
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 the 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.
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.
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.
Principal Consultant
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.
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.
According to FMI, sales of chilled processed beef are anticipated to grow at a CAGR of 8.4% 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.
In 2023, 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.
Based on buyer type, the household and residential buyer segments are estimated to account for a market share of 57.5% in 2023. A high preference for convenient breakfast food items will spur growth in this category with a CAGR of 8.1% growth.
Supermarkets/hypermarkets accounted for 44.6% of sales in 2023. 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 supermarkets/hypermarkets.
| Segment | Top Buyer Type |
|---|---|
| Attributes | Household and Residential Buyers |
| Historical CAGR | 7.3% |
| Forecasted CAGR | 8.1% |
| Segment | Top Form |
|---|---|
| Attributes | Chilled |
| Historical CAGR | 7.6% |
| Forecasted CAGR | 8.4% |
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| Region | North America |
|---|---|
| Country | United States of America |
| Historical CAGR | 6.7% |
| CAGR | 7.2% |
| Market Value (2022) | USD 35.1 Billion |
| Market Value (2033) | USD 69.7 Billion |
| Region | Europe |
|---|---|
| Country | United Kingdom |
| Historical CAGR | 10.8% |
| CAGR | 10.3% |
| Market Value (2022) | USD 6.3 Billion |
| Market Value (2033) | USD 10 Billion |
| Region | Asia Pacific |
|---|---|
| Country | China |
| Historical CAGR | 9.9% |
| CAGR | 10.4% |
| Market Value (2022) | USD 30.6 Billion |
| Market Value (2033) | USD 19.2 Billion |
| Region | Asia Pacific |
|---|---|
| Country | Japan |
| Historical CAGR | 4.1% |
| CAGR | 4.5% |
| Market Value (2022) | USD 1.3 Billion |
| Market Value (2033) | USD 3.6 Billion |
| Region | Asia Pacific |
|---|---|
| Country | South Korea |
| Historical CAGR | 9.7% |
| CAGR | 11.9% |
| Market Value (2022) | USD 13.2 Billion |
| Market Value (2033) | USD 3.6 Billion |
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. It is expected that sausages and salami will continue to be highly popular processes used in European countries like Italy and the United Kingdom to manufacture processed beef. The EU-4 processed beef market is dominating Europe with a market share of more than 50% in 2022.
Russian consumers are expected to demand organic processed beef throughout the forecast period.
United Kingdom Accounts for Substantial Processed Meat Demand
Over the next few years, the demand for convenience foods in the UK is expected to increase. This is due to a high migrant population and the growing consumption of convenience foods. Millennials' increasing desire for snacking and immediate consumption is also predicted to drive market growth in the country.
In 2023, the China-processed beef market is estimated to account for more than 54.6% of sales in Asia Pacific. According to FMI, the consumption of processed beef in India is expected to 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.
South Korea held a share of 30.0% in the Asia Pacific market. According to FMI, the demand for processed beef in South Korea is expected to grow at a CAGR of 11.9% 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.
According to FMI, the sales of processed beef in GCC Countries are estimated to account for 30.3% of the overall Middle East and Africa market. 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 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.
Some of the prominent players in the Processed Beef market are as follows:
Recent Development:
Companies operating in the processed beef market are aiming for expansions and strategic partnerships with other manufacturers to expand their product manufacturing capabilities, portfolios, and global presence. In the processed beef market, top competitors are introducing the latest technologies to enhance the shelf life, texture, and flavor of processed beef. Besides this, some firms are expanding their footprint into emerging nations to gain a competitive edge.
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD Million for Value and MT for Volume |
| Key Regions Covered | North America; Latin America; Europe; The Middle East and Africa; East Asia |
| Key Countries Covered | USA, Canada, Brazil, Mexico, Chile, Peru, Germany, UK, Spain, Italy, France, Russia, Poland, China, India, Japan, Australia, New Zealand, GCC Countries, North Africa, South Africa, and Turkey |
| Key Segments Covered | Form, Nature, Buyer Type, Sales Channel, 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 |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The market size of the processed beef market in 2023 is USD 133.4 Billion.
Asia Pacific is a lucrative processed beef market and is expected to dominate throughout the forecast period.
The global market of processed beef is projected to reach a valuation of USD 314.5 Billion by 2033.
The global market of processed beef is projected to grow at approximately a CAGR of 9%.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Form 5.1. Chilled 5.2. Frozen 5.3. Shelf Stable 6. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Nature 6.1. Organic 6.2. Conventional 7. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Buyer Type 7.1. Food Processor & Manufacturers 7.2. HoReCa Sector 7.3. Household and Residential Buyers 8. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Sales Channel 8.1. Traditional Grocery Stores 8.2. Supermarket/Hypermarket 8.3. Internet Retailing 8.4. Convenience Store 8.5. Discounters 8.6. Other Sales Channel 9. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. Asia Excluding Japan 9.5. Japan 9.6. Oceania 9.7. Middle East and Africa (MEA) 10. North America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 12. Europe Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 13. Asia Excluding Japan Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 14. Japan Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 15. Oceania Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 16. MEA Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 17. Key Countries Market Analysis 18. Market Structure Analysis 19. Competition Analysis 19.1. JBS SA 19.2. Hormel Foods 19.3. Harim Co Ltd 19.4. Tyson Foods Inc. 19.5. Danish Crown A/S 19.6. Cargill Meat Solution Corp. 19.7. WH Group 19.8. BRF SA 19.9. Smithfield Foods, Inc. 19.10. SYSCO Corp 20. Assumptions & Acronyms Used 21. Research Methodology
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Processed Beef Market
