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Beef Market Size, Share & COVID-19 Impact Analysis, By Cut Type (Ground, Roasts, Steaks, and Others), and Distribution Channel (Retail Sales, HoReCa, and Butcher Shops), and Regional Forecast, 2022-2029

Region : Global | Format: PDF | Report ID: FBI106640



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The global beef market size was valued at USD 395.22 billion in 2021 and is projected to grow from USD 414.98 billion in 2022 to USD 604.34 billion by 2029, exhibiting a CAGR of 5.52% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with beef products experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a rise of 4.60% in 2020 as compared to 2019.

This market is witnessing progressive growth due to increasing demand for steaks, ground cuts, and other similar products. An increasing number of young consumers prefer to consume burgers and rolls made of these products. The rapid change in dietary preferences among consumers, with consumer segments inclining more towards animal-based protein products, positively influences the market’s growth during the forecast period. 


Disruptions in Meat Production and Distribution amid COVID-19 to Hinder Market Growth

The COVID-19 crisis significantly impacted the production and supply of raw materials required for meat manufacturing. Due to disruption in logistics, the availability of animal feed materials decreased significantly. This increased the cost incurred by the farm owners to raise their feeder cattle and impacted farm production. On the production side, various meat processing facilities were either closed or operating at reduced capacity due to infections among the workers. Animal farm owners were thus left with limited options to sell their animals in various meat processing facilities. They were forced to euthanize the animals, which impacted their revenue generation in the cattle market. Hence, they reduced their animal production, causing an impact in cattle slaughtering in meat processing facilities and a hike in cattle prices.  

On the other hand, the meat demand in the retail market soared during the pandemic. The demand for different cuts among consumers increased significantly. This imbalance in the supply and demand for these products caused cash prices of these products to increase globally. For instance, as per the U.S. Department of Agriculture (USDA) data, the retail price was 8% higher than the pre-pandemic marketing price. Hence, governments in countries like Argentina were forced to ban export to other countries to curb inflation.


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Increasing demand for natural and antibiotic-free products to propel the market growth

In recent years, the demand for branded products has increased significantly. Consumers are becoming conscious of the negative health impacts caused by the consumption of meat products composed of growth-enhancing hormones and antibiotics. Hence, the demand for natural meat products among consumers is increasing rapidly. For instance, Raise American, a company based in the United States, launched 100% grass-fed organic products for flexitarian consumers.

The rules and regulations related to labeling meat products are projected to become stringent. Several countries like the European Union and the U.S. enforce strict regulations on providing detailed nutritional content about the products available in various retail stores. These laws are being enforced to build consumers' trust in these products and ensure that the products are safe to consume. 


Increase in Disposable Income Among Emerging Economies to Propel Market Growth

The rise in disposable income among the population is one of the major factors contributing to the increased demand for nutritious, protein-rich meat products among consumers. In emerging economies such as China and Thailand, there is an increase in such products consumption, especially among the middle-class population. The rise in living standards and growing awareness about the importance of animal protein drove consumers to include meat products in their diet.

Increasing Sales Through Distribution Channels to Propel the Market Growth

The ever-expanding meat distribution channel across the globe is projected to support the beef market growth in the upcoming years. The growing trend of dining out in cafes, hotels, and restaurants has led to the increased demand for meat preparations in the foodservice sector.

The rising popularity of online channels is expected to further increase the sales of fresh and chilled products due to their wide offering of product varieties and discount schemes. Furthermore, the growing knowledge regarding the healthfulness of fresh products has primarily supported meat sales through various retail distribution channels such as supermarkets, hypermarkets, specialty stores, and online retails. Supermarkets and hypermarkets are popular for fresh produce purchases due to the accessibility of a wide range of meat cuts and the assurance of the product's authenticity. The growing trend of buying through e-commerce has considerably propelled their sales through online retail stores. These stores offer the convenience of ordering multiple products and getting them delivered at home, hassle-free. Purchasing fresh cuts online ensures its safety and quality as the seller must display the product only when it is certified by certain food safety organizations.


Growing Awareness Regarding Health Risks Associated with Over-consumption of Fat to Impede Market Growth

Several research organizations are conducting trials to determine the impact of the consumption of red meat. For instance, as per a study provided by the British Medical Association (BMJ),  consumption of red meat products cause cardiovascular disease, type 2 diabetes, and certain types of cancers. The over-consumption of unprocessed red meat products increases the mortality rate by 9%. Hence, nutritionists recommend that people reduce red meat consumption as a part of their regular diet. This has been one of the major factors that impacted the overall consumption of red meat products in developed countries like the U.S., Canada, and the European Union.

Environmental activists are launching protests to reduce animal consumption due to global warming and the rising threat of irreversible climate change. Animal farms are considered the major contributor to greenhouse gases, and reducing meat consumption will reduce the production of animals. Some consumers are also switching to a vegan diet and cutting off animal-derived protein products from their diets. Awareness campaigns are being launched to connect with meat lovers and help them understand the negative implications of meat consumption. Such steps have also contributed to the decline in the market's growth. 


By Cut Type Analysis

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Ground Cut Holds Major Market Share as it is Economical Compared to Other Cuts

There are different types of cuts available in the market, namely ground, steaks, roasts, and other cuts. Ground cut accounts for significant market shares during the forecast period. Compared to other cuts, ground cut is economical and hence it is affordable for different economical sections.

Other cuts available in the market, such as steaks and roasts, are used to prepare different kinds of cuisines. These cuts are used in fine-dining restaurants for people who prefer to enjoy premium and high-quality food products.   

By Distribution Channel Analysis

Retail Channels to Record Robust Beef Sales owing to Wider Availability

Beef holds a significant portion of household expenditure in a year. A majority of the purchase of meat products occurs in various retail outlets such as supermarkets and convenience stores, which house a wide assortment of these products. Moreover, the meat products are available in hygienic, attractive packaging materials that help draw customers’ attention to the products. This also helps to promote the growth in sales of these products. 

Additionally, new sales channels like online stores help consumers purchase these products from the comforts of their homes. Adopting such channels for purchasing meat increased during the COVID-19 pandemic, where lockdown restrictions were imposed on public places. The use of these alternate channels is expected to grow in the future.  


North America Beef Market Size, 2021 (USD Billion)

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North America is one of the largest consumers of in the global market. It has been an integral part of cuisines in countries like Canada and the U.S. Consumers enjoy a wide variety of cuts like steaks and roasts during the festive seasons. Hence, major meat manufacturing companies such as Tyson Foods and Cargill incorporated are continuously trying to roll out innovative product cuts and cater to the demand of various consumer segments. The popularity of meat-based fast food products such as burgers and hotdogs also contributed to the region's increased volume sales of such products. Furthermore, to help consumers make better purchasing decisions, lawmakers in the U.S. and Canada have adopted stringent regulatory policies that grade these products based on marbling and fat content on their surface.

Asia Pacific is the significant consumer of this meat in the global market apart from North America. Over the last decades, the region underwent rapid industrialization and urbanization, due to which the disposable income of the population rose significantly. This led to increased demand for protein-rich, high-quality, and nutritious meat products. Hence, the popularity of these products with a unique taste and flavor increased significantly among consumers. 

Brazil and Argentina are among the largest manufacturers of these products in the global market. Large pasturelands in the region enable animal farm owners to develop a wide range of cattle-based products. As consumers prefer to consume nutritious food products, it creates an opportunity for major manufacturing countries such as the U.S. to enter into a free trade agreement with meat manufacturers such as Colombia, Chile, and Peruto to expand their presence. Furthermore, the access to new markets such as China also helped the meat manufacturers in South America export their products in new markets and increase their presence.

Europe accounts for one of the largest cattle herds globally, amounting to 78 million as per data provided by European Union. Due to the wide variety of cow breeds in the region, it produces high-quality products for the growing consumer base. France, U.K., and Germany are some of the major consumers of these products. But the overall consumption of meat products in the region has declined significantly in recent years. As per the Organization for Economic Co-operation and Development (OECD), there has been a decline in overall consumption by 10%. Increasing animal health concerns and rising cardiovascular problems among the consumers are major factors contributing to the decline in overall sales of such products in the region. The outbreak of Bovine Spongiform Encephalopathy(BSE) disease also eroded consumer trust. Hence, a stringent regulatory framework has been established to maintain product safety and quality. 

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In the Middle East, the demand for halal cuts increases rapidly. Halal meat is considered healthier as International Halal Accreditation Forum (IHAF) was established to issue halal certificates to meat manufacturers. Some of the major importers in the Middle East & Africa are Egypt, Iran, and Israel. Furthermore, due to ex-pat professionals in African countries, the demand for high-quality cuts is increasing rapidly. With the boom in the tourism sector and rising preference for western diets among young consumers, restaurants, and hotels that offer burgers and hotdogs are springing up, propelling the market’s growth in the region.


Major Market Players Employ Acquisition Strategies To Consolidate Market Position

The global market is highly consolidated with several large companies competing against each other to increase their overall revenue. Some major manufacturers are JBS SA, National Beef Packing Company, LLC, Tyson Foods, Inc., Cargill, Incorporated, and Danish Crown A/S. The companies are adopting product innovation strategies and geographically expanding their production units to achieve growth in the market. Companies are also working to integrate their supply chain and obtain better control over the production process. They also adopt the latest technology, such as blockchain, to trace cattle disease and ensure products are safely manufactured.  With the growing demand for innovative meat products, the manufacturers are thus working on identifying innovative solutions to suit the taste and preferences of different consumer segments across geographies. 



  • March 2021 – National Beef Packing Company, LLC announced its plans to expand its production capabilities in the region of Iowa. With the launch of such production facilities, the company can access high-quality grain-fed cattle in the region.

  • April 2021–Tyson Foods invested in a cattle traceability program to detect the disease and ensure that such outbreaks do not hamper their production operations.


An Infographic Representation of Beef Market

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The market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, beef cuts, and leading product distribution channels. Besides this, the report offers insights into the beef market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.

BEEF MARKET Report Scope & Segmentation:



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period



Value (USD billion)

By Cut Type

  • Ground

  • Roasts

  • Steaks

  • Others

By Distribution Channel

  • Retail Sales

  • HoReCa

  • Butcher Shops

By Geography

  • North America (By Cut Type, By Distribution Channel, and By Country)

    • U.S. (By Distribution Channel)

    • Canada (By Distribution Channel)

    • Mexico (By Distribution Channel)

  • Europe (By Cut Type, By Distribution Channel, and By Country)

    • France (By Distribution Channel)

    • Germany (By Distribution Channel)

    • Italy (By Distribution Channel)

    • Spain (By Distribution Channel)

    • U.K. (By Distribution Channel)

    • Rest of Europe (By Distribution Channel)

  • Asia Pacific (By Cut Type, By Distribution Channel, and By Country)

    • China (By Distribution Channel)

    • India (By Distribution Channel)

    • Japan (By Distribution Channel)

    • Australia (By Distribution Channel)

    • Rest of Asia Pacific (By Distribution Channel)

  • South America (By Cut Type, By Distribution Channel, and By Country)

    • Brazil (By Distribution Channel)

    • Argentina (By Distribution Channel)

    • Rest of South America (By Distribution Channel)

  • The Middle East & Africa (By Cut Type, By Distribution Channel, and By Country)

    • South Africa (By Distribution Channel)

    • Turkey (By Distribution Channel)

    • Rest of Middle East and Africa (By Distribution Channel)

Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 395.22 billion in 2021 and is projected to reach USD 604.34 billion by 2029.

In 2021, the North America market value stood at USD 154.72 billion.

Growing at a CAGR of 5.52%, the market will exhibit steady growth in the forecast period (2022-2029).

Ground cut is expected to be the leading cut type segment in this market during the forecast period.

Increasing demand for nutritious, protein-rich meat products is the key factor driving the markets growth is a key driver.

JBS SA, National Beef Packing Company, LLC, and Tyson Foods, Inc. are the major players in the market.

North America dominated the market share in 2021.

The rise in disposable income among the population is expected to drive the overall product sales in the global market.

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