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The world meat production has increased by 58% over the last 20 years and is expected to grow owing to the rising population and increased meat consumption. Beef and veal are among the most consumed types of meat across the world. Beef is obtained from full-grown cattle, while veal is procured from the meat of the calves. According to the North American Meat Institute, 26.3 billion pounds of beef and 80.2 million pounds of veal were consumed by the U.S in the year 2017. The rising demand among the consumers for convenience food has aided in the increased consumption of beef and veal market.
Beef and veal are preferred over the other meats such as mutton or pork owing to their higher meat yield. The lower price of the beef as compared to goat meat have also nudged the consumers to shift towards beef, thereby increasing its consumption. The beef and veal are sold under the Halal and Kosher label-claims, which has also aided in wide acceptability among the middle-eastern consumers- leading to its market expansion.
Key Market Driver -
Increased Demand for High Protein Meat
Key Market Restraint -
Rising Trend of Veganism
The popularity and demand for beef and veal among the consumers are surging due to its flavourful taste than other meats along with its varied incorporation in several food products like burgers and pizzas. The inclination of the consumers towards processed and ready-to-cook food has also positively driven the global beef and veal market.
The rising trend of veganism among consumers across the world is pushing them to switch to plant-based meat replacements, which is a major restraint for the beef and veal market. The presence of poultry meat in the market is impeding the market growth. In developing countries like India, where poultry and goat meat are preferred over this trend has negatively impacted the sales of beef and veal products in the region.
The leading players operating in the beef and veal market are Tyson Foods, Inc., Danish Crown AmbA, Cargill, Incorporated, Marfrig Global Foods S.A., St Helen’s Meat Packers Ltd., National Beef Packing Company, LLC., Hormel Foods Corporation, JBS USA Food Company, Vion Food Group, OSI Group LLC., Australian Agricultural Company Ltd.
Beef is leading the market in the type segment. The consumption of veal is less as compared to beef due to the higher price and lower production of veal. Consumers are more inclined towards the supermarkets/hypermarkets due to the dedicated shelves' availability for beef and veal products—the discount schemes on bulk buying coupled with distinct meat sections for ease of purchasing. The online retail stores are gaining popularity among the consumers owing to the increased digitalization, along with the attractive discounts offered by online retailers and doorstep delivery convenience.
North America is one of the leading markets owing to its substantial consumer base for beef and veal products. The U.S along with China and Japan, account for 41% of global beef consumption in 2018. The increased demand of consumer for processed meat like sausages and pastrami also has aided in significant market growth. The improved supply chain of beef and veal is also expected to drive the market.
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Asia Pacific is anticipated to witness significant growth in the forthcoming years due to the presence of countries such as India and China that are among the leading producers of beef and veal. A considerable increase in the disposable income levels of the consumers, coupled with their changing taste preferences, is supporting the market growth in the region.
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