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The edible beef market is anticipated to witness robust growth in the market due to the rising global population, along with beef emerging as a vital source of protein. According to recently released data by Organisation for Economic Development (OECD) Agricultural Outlook 2019-2028, the demand for beef is expected to grow. In the developing economies, it is expected to be 17% in 2028 compared to 2019. Edible beef (24%) is the third most consumed meat in the world after pork (36%) and poultry (33%) in terms of volume, according to the United States Department of Agriculture (USDA), 2019. Edible beef can be consumed in various forms by roasting, grilling, broiling, and other techniques. Besides this, the increasing demand for kosher and halal cut edible beef has positively impacted in the market.
The edible beef other than being a rich source of protein contains fair amount of iron, zinc, vitamins, and monounsaturated fatty acids, making it an ideal choice of meat for consumers. Further, the availability of cattle for the production of edible beef in countries such as Brazil, China, India, and the U.S. offers several growth opportunities for the market. Along with this, the availability of organic and grass-fed edible beef in the market has also driven the market.
The changing consumers' taste preferences and their rising demand for high-protein red meat has mainly the edible beef market. Edible beefs contain 26 grams of protein per 100-gram serving, while pork has 24 grams of protein per 100-gram meat. Edible beef provides a highly desirable eating experience to the consumers in developed economies and, is increasingly being consumed in developing economies. Further, the demand for edible beef and red meat is rapidly growing in the emerging economies due to the economic growth and improvement in lifestyle, which in turn boosts in market growth.
Key Market Driver -
Increasing Consumers Demand for High Protein Meat
Key Market Restraint -
Carcinogenic Risks Associated with Red Meat Consumption
According to World Health Organization (WHO) in 2015, red meat such as beef and pork is classified under group 2A carcinogen, which indicates that consumption of red meat can cause increase the chance of colorectal cancer. This factor mainly restrains in market growth. In addition, the growing consumer preferences towards veganism and the availability of plant-based meat alternatives in the market is likely to further, dampen the market growth.
The key companies operating in the global edible beef market are, Cargill, Incorporated, Tyson Foods, Inc., St. Helen's Meat Packers Limited, OSI Group, LLC, Hormel Foods Corp., NH Foods Ltd., Vion Food Group, Danish Crown AmbA, JBS S.A., and Marfrig Global Foods S.A.
The brisket cut type segment is anticipated to emerge as the most consumed edible beef part as it has many healthful traits. The edible ground beef produced from the brisket, which is the meat from the breast or lower chest has high levels of oleic acids, which increases the good cholesterol levels in the body. Along with this, the fat in brisket has low melting point, which makes it juicy and tender. Thus, these factors are expected to cumulatively aid in market growth.
The supermarkets and hypermarkets are likely to account for the major share in the market due to the presence of dedicated shelves for edible beef. Along with this, their availability in various packaged format and numerous discount schemes on prices has significantly drawn consumers' attention, which is anticipated to fuel the market growth.
North America is anticipated to hold the major share in the market due to the wide consumption of edible beef in countries such as the U.S. and Canada due to its nutritional properties. According to the National Cattlemen's Beef Association, the amount of edible beef consumed in the U.S. was in 2018 was 26.767 billion pounds. The consumption of edible beef in the form of various processed foods such as burgers, barbequed steaks, pizzas, and others, positively influences the regional market growth.
Asia Pacific is likely to exhibit significant growth potential in the market due to the rapid urbanization and increasing population in the region. Improving living standards of consumers in countries such as India and China and their rising disposable incomes have supported the market growth. The consumers are willing to pay the premium prices of the beef and are shifting their preferences from poultry meat towards edible beef. Further, countries like Pakistan, Vietnam, and Thailand have widely started consuming beef, which is expected to aid in regional market growth.
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