According to Future Market Insights (FMI), high demand for convenience food will push sales in the processed beef market by 7.6% CAGR between 2021 and 2031. Despite being at a nascent stage, competition is soaring in the market. As a result, companies are increasingly focusing on product innovation and ascertaining health claims in their food items to gain competitive edge.
|Processed Beef Market Size Value in 2020||US$ 103.45 Bn|
|Processed Beef Market Forecast Value in 2031||US$ 232.37 Bn|
|Global Growth Rate||7.6%|
global processed beef market recorded year-on-year (YoY) growth of 8.9% and is accounted for US$ 112.11 Bn in 2021 to reach the value of US$ 232.37 Bn in 2031.
In the global food and beverage industry, innovation and new product creation are based on strong natural, health, and sustainability credentials. Products manufactured with healthier components and labelled with assurances of little processing or demonstrable health advantages from natural ingredients appeal to consumers, particularly in developed economies with higher income and an ageing population. In reaction to this trend, of start-ups and established companies alike within the processed beef market are focusing on innovations.
Furthermore, the health halo surrounding plant-based components and goods, as well as consumer demand for natural and plant-based products might have a negative influence on the processed beef sales. While people are becoming more informed and savvy about their food choices, they are increasingly opting for chemical-free meals such as organic processed beef. As a result, customer preference for natural and organic processed beef is on the rise.
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Key Takeaways from the Processed Beef Market Study:
- North America processed beef market leads the global market, accounting for 31.9% of overall processed beef sales in 2021.
- Chilled processed beef will remain in high demand. It accounted for a share of 79.2% in the global market in 2021.
- Based on nature, demand for organic processed beef will grow at a CAGR of 9.2% during the forecast period (2021-2031).
- In terms of buyer type, household and residential segment accounted for 57.5% of the market share in 2021.
- Among sales channel, sales via supermarket/hypermarket is anticipated to grow at a CAGR of 6.3% during the forecast period.
“The top competitors in the processed beef market are introducing novel technologies to facilitate the production of processed beef with enhanced shelf life, texture, and flavor. Besides this, some are expanding their footprint in emerging nations to gain competitive edge,” said a lead FMI analyst.
Convenience Offered by Processed Beef is the Key Factor Driving Sales
The increasing income of consumers has fueled demand for processed beef products. Furthermore, consumers choose convenient foods that do not require additional time for cooking or preparation due to the hectic nature of city living. The increasing popularity of ready-to-eat meat is also a major driver of the global processed beef market.
Who is winning?
Some of the leading companies offering processed beef are 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 and others.
In order to gain competitive edge, manufacturers are focusing on making processed beef healthier. Besides this, they are focusing on acquiring international certification to woo consumers from around the world.
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- Shelf Stable
By Buyer Type
- Food Processor & Manufacturers
- HoReCa Sector
- Household and Residential Buyers
- Traditional Grocery Stores
- Internet Retailing
- Convenience Store
- Other Sales Channel
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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